Merchant Machine have conducted research into the global adoption of cryptocurrency by investigating which countries and cities have the highest growth in cryptocurrency use, as well as which types of businesses are accepting crypto as a method of payment.
USA, Ukraine and UK lead the way for overall cryptocurrency use
Merchant Machine’s research revealed the USA, Ukraine and the United Kingdom as the countries with the highest overall crypto use.
The top 10 countries for overall cryptocurrency use
Country
City
Total number of crypto owners in the country
Number of crypto owners
(Percentage of the population)
Global Decentralised Finance Adoption Index
Number of businesses that accept crypto payments – Cafe, shops, sports, transport, lodging
Number of Bitcoin ATMs
Monthly search volume of cryptocurrency terms
Overall crypto Score (out of 10)
USA
Washington, D.C.
27,491,810
8.31%
9.63
6
33,212
35,468
7.75
Ukraine
Kyiv
5,565,881
12.73%
9.26
26
42
2,894
5.96
United Kingdom
London
3,360,591
4.95%
9.38
23
32
21,183
5.79
India
New Delhi
100,740,320
7.30%
10.00
3
2
35,448
5.52
Thailand
Bangkok
3,629,713
5.20%
9.51
39
5
1,875
5.30
Russia
Moscow
17,379,175
11.91%
8.64
27
50
0
5.16
France
Paris
2,179,654
3.34%
8.15
46
3
9,326
4.90
Netherlands
Amsterdam
521,404
3.04%
7.90
34
20
784
4.83
Vietnam
Hanoi
5,961,684
6.12%
9.75
0
8
953
4.69
Colombia
Bogotá
3,122,449
6.14%
7.66
86
41
2,262
4.65
The USA is one of the most powerful economies in the world, so it’s not surprising to see it top the list when it comes to cryptocurrency use.
Ukraine has a far less powerful economy in comparison to the USA. It is ranked as the poorest country in Europe in terms of GDP per capita.
Ukraine’s emerging market may explain its high crypto use. Many emerging markets struggle with currency devaluation, which may push residents to invest in crypto as a way to preserve their savings.
Nigeria predicted to use the most crypto over the next three years
By investigating the percentage of people who either owned or used cryptocurrencies over the past three years in 50 different countries, Merchant Machine were able to predict the percentage who would be using crypto over the next three years.
Nigeria is at the top of the list, with an estimated 100% by 2030. This means that if crypto use continues to grow at its current rate, the entire population of Nigeria will be using cryptocurrencies!
Top 10 countries for predicted cryptocurrency use
Percentage of people who either owned or used cryptocurrencies (%)
Prediction Data (%)
Country
2019
2020
2021
2023
2025
2030
Nigeria
28
32
42
55
69
100
Philippines
15
20
28
41
54
86
Thailand
23
18
31
36
44
64
Malaysia
6
12
16
26
36
61
India
7
9
15
22
30
50
Pakistan
6
6
14
21
29
49
Vietnam
22
21
27
31
36
48
Turkey
20
16
25
28
33
45
United States
6
6
13
19
26
43
South Africa
16
18
21
26
31
43
Bogotà, Colombia has the highest number of businesses accepting crypto payments
The capitals of Colombia, Venezuela and South Korea came out on top for the number of businesses accepting crypto payments.
In Bogotà, Colombia, an impressive total of 86 businesses accept crypto payments. Caracas, Venezuela came just behind at 58, and Seoul, South Korea totalled 47.
The post USA leads the way for crypto payments, study reveals appeared first on Fintech News.
Read More <img src="” title=”USA leads the way for crypto payments, study reveals” /> Fintech News