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- According to a Chainalysis report, Asia leads the world in crypto adoption among retail investors
- In the last year, global crypto use has increased by more than 881 percent
- The Global Crypto Adoption Index for 2021 looked at 154 nations and ranked them based on three factors
According to a recent survey, Vietnam tops the world in cryptocurrency adoption, with 41% of respondents claiming to have purchased Bitcoin and other cryptocurrencies. According to a survey by US-based financial consultant Finder, 20% of Vietnamese indicated they have purchased Bitcoin, the highest among 27 countries polled with 42,000 respondents. According to the survey, global crypto use has increased by more than 881 percent in the last year due to a variety of factors. The number of people turning to cryptocurrencies to preserve their savings amid a jump in inflation and to send and receive remittances from relatives overseas has fueled growth in emerging nations, according to the report.
Vietnam tops the list when it comes to crypto adoption
Finder’s poll validated earlier statistics demonstrating that Vietnam is punching above its weight when it comes to crypto adoption. Despite having only the 53rd largest country in terms of GDP, Vietnam placed 13th in realized Bitcoin gains for 2020, according to the reports. According to the Finder report, remittance payments may have played a big influence in these numbers, with bitcoin serving as a viable option for migrants looking to send money home while avoiding exchange fees.
Since the outbreak of the epidemic, there has been a boom in interest in cryptocurrencies, owing to significant increases in digital tokens such as Bitcoin and Ether. In the last year, the Bloomberg Galaxy Crypto Index has increased by nearly 380 percent. Three major parameters were used to rank 154 nations in Chainalysis’ Global Crypto Adoption Index. China and the United States also plummeted in the rankings, owing to a decrease in peer-to-peer trading volume. China was placed fourth last year, while the United States was ranked sixth. The United States is ranked eighth this year, while China is ranked thirteenth.
The Global Crypto Adoption Index for 2021
According to the Finder’s poll, adoption was especially high in Asia, with 30% of respondents in Indonesia and India claiming to have purchased cryptocurrencies. This proportion was 29 percent in Malaysia and 28 percent in the Philippines, respectively. For each country studied, there were between 1,160 and 2,511 respondents.
In February, Statista reported that Vietnam had the second-highest rate of cryptocurrency adoption among the 74 economies surveyed, owing to remittance payments. In Vietnam, Bitcoin and other cryptocurrencies are not accepted as genuine payment methods. The State Bank of Vietnam has issued a warning that owning, trading, and utilizing cryptocurrency is dangerous and unregulated.
Peer-to-peer trading, unlike on-chain measures, isn’t recorded on blockchains, but it nevertheless accounts for a large portion of total bitcoin activity, according to the study. This is why the study prioritized nations with lower purchasing power parity per capita and fewer internet users by ranking them by peer-to-peer trade volume.
According to the report, countries without centralized cryptocurrency exchanges frequently use peer-to-peer platforms like LocalBitcoins and Paxful, which is why several emerging markets topped the list due to high transaction volumes on those platforms. According to the survey, P2P networks have a higher proportion of overall transaction volume made up of smaller, retail-sized purchases under $10,000 worth of cryptocurrencies.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
