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According to Bitstamp's calculations, trends in cryptocurrency adoption have shown all-time highs in developing countries around the world, mostly concentrated in Latin America, Africa, and Asia, as of 2022.
This trend can be reinforced by the fact that Bitcoin became a recognized currency in the Central African Republic and El Salvador in 2022 and 2021 respectively.
Both countries expressed interest in the benefits of doing so, which included increased financial opportunities and lower costs of cross-border money transfers.
On March 5, Forbes reported that the cryptocurrency market is witnessing a significant shift, especially after the 2023 decline caused by the general macroeconomic situation.
Bitcoin itself saw a high of $45,208 at the start of 2024, with the global cryptocurrency market reaching $1.74 trillion on January 3, 2024.
According to Forbes statistics, it is worth $2.72 trillion, as of March 9, 2024. It has shown a remarkably stable rise in trading since the beginning of 2024, making it a promising year for cryptocurrencies.
Here are the top 10 countries with the highest adoption rates for digital currencies
According to Bitstamp's calculations, trends in cryptocurrency adoption have shown all-time highs in developing countries around the world, mostly concentrated in Latin America, Africa, and Asia, as of 2022.
This trend can be reinforced by the fact that Bitcoin became a recognized currency in the Central African Republic and El Salvador in 2022 and 2021 respectively.
Both countries expressed interest in the benefits of doing so, which included increased financial opportunities and lower costs of cross-border money transfers.
On March 5, Forbes reported that the cryptocurrency market is witnessing a significant shift, especially after the 2023 decline caused by the general macroeconomic situation.
Bitcoin itself saw a high of $45,208 at the start of 2024, with the global cryptocurrency market reaching $1.74 trillion on January 3, 2024.
According to Forbes statistics, it is worth $2.72 trillion, as of March 9, 2024. It has shown a remarkably stable rise in trading since the beginning of 2024, making it a promising year for cryptocurrencies.
Here are the top 10 countries with the highest cryptocurrency adoption rates
Tenth place: Russia
Total population until 2023: 144.4 million
Percentage of total population that owns cryptocurrencies in 2023: 6.06%
Number of people who own digital currencies: 8,749,780
Read also: Russia ranks second as the largest Bitcoin mining country in the world
Russia ranks 10th on our list of countries with the highest cryptocurrency adoption, with approximately 8.74 million Russians owning cryptocurrencies. Despite the country's ongoing macroeconomic turmoil due to its conflict with Ukraine, the popularity of cryptocurrency does not appear to be waning.
Ninth place: Indonesia
Total population until 2023: 277.5 million
Percentage of the total population that owns cryptocurrencies in 2023: 4.40%
Number of people who own digital currencies: 12,205,132
About 4.40% of Indonesia's total population, which amounts to about 12.2 million people, own cryptocurrencies, ranking ninth despite its statistics declining by less than 1% between 2022 and 2023.
Eighth place: Nigeria
Total population until 2023: 223.8 million
Percentage of the total population that owns cryptocurrencies in 2023: 5.93%
Number of people who own digital currencies: 13,261,259
Nigeria ranks eighth on our list of countries with the highest cryptocurrency adoption rate, and is on its way to becoming one of the major crypto players in Africa. About 6% of Nigeria's total population owns cryptocurrencies as of 2023.
Seventh place: Philippines
Total population until 2023: 117.3 million
Percentage of total population who own cryptocurrencies in 2023: 13.43%
Number of people who own digital currencies: 15,761,549
The Philippines is a prominent player in the cryptocurrency space and ranks seventh on our list of countries with the highest cryptocurrency adoption due to a 7.3% increase in the number of cryptocurrency owners between 2022 and 2023. This change resulted in 13.43% of its total population. Own digital currency as of 2023.
Sixth place: Pakistan
Total population until 2023: 240.4 million
Percentage of the total population that owns cryptocurrencies in 2023: 6.60%
Number of people who own digital currencies: 15,879,216
Pakistan does not recognize cryptocurrencies as an authentic means of payment, yet around 15.8 million of its citizens own one type of cryptocurrency or another. This number rose from 9.0 million in 2022. Pakistan ranks sixth among the countries with the highest cryptocurrency adoption rate.
Fifth place: Vietnam
Total population as of 2023: 98.8 million
Percentage of total population that owns cryptocurrencies in 2023: 21.19%
Number of people who own cryptocurrencies: 20,945,706
About 20 million residents of Vietnam own some form of cryptocurrency, making the country fifth on our list. As of 2022, about 70% of cryptocurrency holders in the country are between 18 and 34 years old, showing a great disparity between the contradictions in the interests of different generations.
Fourth place: Brazil
Total population until 2023: 216.4 million
Percentage of the total population that owns cryptocurrencies in 2023: 11.99%
Number of people who own digital currencies: 25,955,176
Brazil ranks fourth on our list of countries with the highest cryptocurrency adoption, and is among the friendliest countries in the world when it comes to using cryptocurrencies. This is one of the main reasons why the country has seen a significant increase in digital currency adoption over the course of a year.
Third place: United States
Total population until 2023: 339.9 million
Percentage of total population that owns cryptocurrencies in 2023: 15.56%
Number of people who own cryptocurrencies: 52,888,108
The United States ranks third on our list of countries with the highest cryptocurrency adoption, with most cryptocurrency owners falling in the 18-34 age group. About 15.56% of people in the country own some form of cryptocurrency out of a total population of 333.9 million.
Second place: China
Total population until 2023: 1.425 billion
Percentage of the total population that owns cryptocurrencies in 2023: 4.15%
Number of people who own cryptocurrencies: 59,134,683
About 5.5% of China's population of 1.42 billion own cryptocurrencies as of 2023. The country ranks second on our list of countries with the highest cryptocurrency adoption rate. The numbers rise to 59 million in 2023, showing a positive adoption of cryptocurrencies in the country.
First place: India
Total population until 2023: 1.428 billion
Percentage of total population that owns cryptocurrencies in 2023: 6.55%
Number of people who own digital currencies: 93,537,015
India tops the charts for the highest adoption of cryptocurrencies in the world, with about 93.5 million people out of its 1.42 billion population owning cryptocurrencies as of 2023. Despite the Indian government's inclination to impose a blanket ban on the trading and use of cryptocurrencies, the country has 1st place in our index ranking due to its population’s growing interest in digital currencies supported by the thriving IT industry.