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In which countries is crypto used the most

After years of stagnation, global crypto adoption is back on the rise.

By Finst News
• 2 min read
In which countries is crypto used the most

After years of stagnation, global crypto adoption is back on the rise. Bitcoin and co. owe this largely to the recent bull run.

Every year in September, the blockchain analysis platform Chainalysis publishes a report on global crypto adoption. In what is now the 5th edition, the experts at the American company found that global use of Bitcoin and other cryptocurrencies has grown significantly.

The Global Crypto Adoption Index from Chainalysis covers 151 countries. In general, the research measures how often people interact with crypto applications. Bitcoin and crypto adoption is especially high in Central- and South Asia. Seven countries from this region are in the top 20. The frontrunner is India, followed by Nigeria and Indonesia.

Global crypto adoption rising The Chainalysis analysts generally saw a strong uptick in crypto adoption. Between Q4 2023 and Q1 2024, the use of Bitcoin and other crypto even surpassed the values of the 2021 bull market.

While crypto adoption last year was driven by middle- to low-income countries, this distribution diversified with the start of the 2024 bull market, according to the experts.

This development was largely thanks to the launch of Bitcoin ETFs in the U.S. In Bitcoin’s case, it was mainly large institutions that added the assets to their balance sheets. Adoption among these market participants rose by more than 200 percent year over year.

Stablecoins were another story. Institutional players tended to stay away from Tether and the like, while crypto adoption among retail investors increased.

Decentralized finance services were especially popular in lower-income regions. The frontrunner here was South America, followed by Sub-Saharan Africa and Eastern Europe.

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