Last updated on November 4th, 2024 at 04:43 am
Cryptocurrencies have been booming worldwide, but where are they used the most? Read on to find out!
If we combine all cryptocurrencies and tokens currently listed in the market today, they go as high as over $1 trillion in value.
Staggering? Yes! It was as high as $2.48 trillion in value until the recent dip (not to mention that it topped $3 trillion at some point in the close of 2021).
And if you are a cryptocurrency enthusiast like me, you must have been wondering which countries are feeding the ecosystem with the most users and support base.
Yes, electronic coins on blockchain technology are now more popular than ever before, and, banned or not, there’s scarcely a country or region of the world where it is not in use at some level.
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But who are the biggest holders in the industry? Where is cryptocurrency most popular and used? Are there countries where crypto is nearly matching fiats in how they are held in high esteem? What countries give us the most vibes and unflinchingly assure us that cryptocurrency is the present or future of money?
We have seven (7) of them here, and I wager some of them will throw your mouth open. These countries are a push to every blockchain fanboy and girl, reasons to hope and dive straight in with both legs and hands.
Some countries have shot broad smiles at cryptocurrency (Malta, for instance. Malta has created a crypto-friendly environment and is largely considered to be pioneering its future. Perhaps if a country will be called the capital city of digital currencies, it would be Malta).
However, some haven’t failed to let stern frowns spread (Egypt, Colombia, Nigeria, India, Iran, etc.).
But as Cocaine, Cannabis, and their likes have proven, a ban or restriction is no synonym for prevention or stoppage (the irony of the day: some crypto-unfriendly nations make it to our list of top users).
Crypto-unfriendly nations often emphasize policy and regulatory issues, volatility, crime support, and other related financial risks when lashing out at the cryptocurrency ecosystem. Notwithstanding, the ‘new’ money has ditched governments for the warm embrace of citizenries across the world.
Here are the top 7 countries with the most cryptocurrency users:
- India
- The USA
- Russia
- Nigeria
- Brazil
- Ukraine
- Pakistan
INDIA
7.30% of Indians own cryptocurrency. That’s estimated to be over 100 million people of the entire population, making India top of our list.
The figures stand as no surprise, seeing that Indian content creators, software developers (and other tech guys), etc., especially in the freelancing space, have resorted to getting paid with electronic currencies.
Cryptocurrency has made it easier to receive, transfer, and store money while combating high transaction fees and the bottlenecks associated with central financial authorities—highly populated or not-so-developed countries are buying into crypto because of its ease.
Although the Indian government once pronounced restrictions and firm distrust for the system, nothing stopped or slowed down throngs from patronizing Bitcoin and its siblings. Who knows, maybe the restrictions, once announced, served further as an advertisement (remember, no publicity is bad publicity. Every publicity serves in some way).
USA
8.3% of the American populace is estimated to own one form of cryptocurrency or another (about 27 million people).
Cryptocurrency is relatively popular among American youths, as is the case everywhere else. Cryptocurrency is also more owned by the rich because its volatility and presence as an investment opportunity make it a risky venture. It’s typical to find risk-taking, strategizing, and commitment of capital with the rich.
Also note that 58% of Americans who own cryptocurrency are between 18-44 years, and only 5% of crypto owners are 55 or more.
From all indications, American crypto users are mostly youthful and financially advantaged. Worthy of mention is the fact that most of them have a penchant for technology and digital assets.
Related: Top NFT Marketplaces to Trade NFTs
RUSSIA
About 11.9% of Russians have used or are using cryptocurrency in some way (that makes around 17.3 million Russians).
Digital currencies are the new gold in Russia, as the investment avenue tops gold at 17%, a tad ahead—gold is rated at 16%.
Russia is a tech-inclined nation with many innovative geniuses. It’s no shocker they haven’t been left lagging in the crypto chase. Although the Putin-led government of Russia indeed warned against the illicit use of digital assets, it is truer that Russians have been floating in the crypto pool.
NIGERIA
It’s up to you if you find it a surprise that 2nd and 3rd-world countries tend to be more in the cryptocurrency game than the so-believed frontrunning nations of the world.
Based on a Statista survey in 2020, 32% of respondents from Nigeria reported they had used cryptocurrency or were using cryptocurrency in one way or another. That’s nearly 1 in every 3 persons. With such staggering data, the Nigerian government is sure to hide their tails between their legs—can a ban or restriction be more out of place (note that it came after crypto had gone viral in the country)?
Nigerians have resorted to crypto trading and investing as a deterrent to a terrible economy, lack of job creation, and the intimidating bureaucracy that comes with the financial institutions in the country.
BRAZIL
4.9% of Brazilians own cryptocurrency. That’s over 10 million people from the entire population. Brazil is easily one of the most populated countries in the world and is considered the crypto hub of South America given its staggering number of active crypto owners.
UKRAINE
About 12.7% of Ukraine’s total population currently own cryptocurrency. That sums up to over 5.5 million people. From July 2019 to June 2020, Ukraine was recorded to have transferred $8.2 billion worth of digital currency and received $8 billion worth of the same.
PAKISTAN
Pakistan is a large nation with over 9 million cryptocurrency users, about 4.1% of the total population. Pakistanis suffer similar problems to Nigerians. They neither rely on their government nor trust financial institutions. Pakistanis are resorting to digital currencies to ease their aching spine. What is more, cryptocurrency grows daily in patronage—it is here and here to remain.
Disclaimer: The above blog post contains the thoughts of the contributor who authored it. It is no publicity or advert for any token or cryptocurrency whatsoever—the contributor vouches for none. What you do with the cryptocurrency information above and how it affects your investment choices is your sole decision and is at your own risk.
Fredrick Agaga
Fredrick Agaga is a blog writer and sales Copywriter with an uncanny obsession for cryptocurrency white papers. You may think that's an unpleasurable way to go, but not so for him. He lives for simplifying 'complex' ideas and sparking conversations with readable, engaging, and easy-to-understand content.