According to data in 2021, there are around 300 million crypto users, and crypto users only make up 4% of the world's population. Five countries stood out as a result of a recent survey that evaluated many countries by crypto usage.
In 2021, we saw several tools that drove adoption and recognition of crypto. Let's talk about these.
All-Time Highs for Bitcoin and Altcoins
While Bitcoin fell to $4,000 in 2020, it unexpectedly increased rapidly. The record high of 2020 was the rapid burst that took the price of BTC above $60,000 in May. With this boom, other altcoins started to grow rapidly, causing people to see this as an opportunity.
However, interest in crypto has grown and new avenues have opened up for people, thanks to innovations like DeFi (decentralized finance), NFTs (non-comparable tokens), and more.
Unlike in previous years, the adoption of crypto by companies is one of the biggest factors. At the top of the list, companies such as Tesla began to declare their Bitcoin reserves. On top of that, El Salvador started accepting Bitcoin as legal tender.
As a result, crypto trading has driven this rise, thanks to people who trade, sell, and trade crypto in their daily lives. According to current data in TripleA, the world highlighted that crypto is driving more adoption among people as more than 18,000 businesses accept crypto payments, from mom-and-pop stores to global companies like Tesla.
Is This The Summit Or The Beginning Of Things To Come?
While 300 million crypto users are seen as a huge success, it is still far from what the crypto industry envisioned. According to the targets, when crypto reaches 50% usage worldwide, it is expected to become one of the most widely used technologies in the world.
Top Five Countries for Crypto Adoption
Due to various factors found in every country in the world, from the economy to the regulators, there are countries that are further along the curve in terms of crypto usage. These countries are highlighted below, with rankings based on a recent Statista survey.
Nigeria - 32%
Nigeria has an estimated 200 million people, mostly young and tech-savvy. While most Nigerians can use their phones to send and receive money, almost a third of Nigerians surveyed by Statista have used or owned crypto at least once in their lives.
Vietnam - 21%
From trading and P2P to payments, crypto, along with other programs, has seen a huge demand in the Southeast Asian country, which is economically booming. According to Chainalysis, crypto traders earned $400 million in crypto in 2020.
Philippines - 20%
Another Southeast Asian country with similar characteristics to Vietnam has proven adept at adopting crypto. The country's central bank has licensed crypto companies, while even its government has begun issuing bonds via a blockchain app.
Turkey - 16%
In this country, which acts as a bridge between Europe and Asia, the crypto market is so large that they sponsor national football teams and football clubs offer blockchain-based fan tokens.
Peru - 16%
At least six Latin American countries have seen crypto adoption rates hit double digits, while Peru is the most developed of these nations.
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