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- 1 India is ranked first in crypto adoption in 2023 and it also holds first position in service value ranking.
- 2 Nigeria is second, followed by Thailand.
- 3 Adoption rate in lower middle-income (LMI) countries is high.
The report by Blockchain data analysis platform Chainalysis focuses on crypto adoption in countries worldwide. The report is prepared with the help of on-chain data, transaction volume data of centralized exchanges and output provided by the authorities working in these countries.
According to this detailed report, India is ranked first in terms of crypto adoption and it also holds first position in service value ranking. Nigeria is ranked second in crypto adoption and third in centralized service value received ranking.
Dozens of countries on the Chainalysis Global crypto adoption index are in the LMI category. Cumulatively, lower middle income countries have seen the greatest recovery in grassroots Crypto adoption since the last year.
Many of them have undergone significant economic development in the last few decades. It is important to note that 40% of the world’s population live in LMI countries, more than any other income category.
Crypto is expected to be part of the growth journey of LMI countries. The surge in crypto adoption is most significant for the category of 23 year olds and above.
There are more than 420 Million cryptocurrency owners globally. The report of Chainalysis highlighted that Thailand is third in terms of crypto adoption. Thailand’s status as a summer vacation destination is believed to be a primary reason for the high adoption rate.
Despite some of the most populous countries featuring in the index, global crypto adoption is relatively low. For this report, Chainalysis only evaluated crypto adoption in 154 nations and majority of them are from UMI, LMI and LI categories.
Slow Global Crypto Adoption Behind Crypto Winter?
Numerous market analysts believe that slow global crypto adoption might be the reason behind the volatility in the crypto market in the past few months. Crypto adoption in developed countries is growing as expected but developing countries seem to be more open to digital currency.
In the past few months many leading companies came forward to help the crypto sector to gain its real recognition. Some of the leading crypto exchanges are sponsoring and organizing crypto awareness programs on a global level.
El Salvador’s adoption of Bitcoin as legal tender could have encouraged other countries with a similar economic status to adopt or accept digital currencies. At the time of writing this article, more than 50 universities in the world are now offering the degree as well certificate program in blockchain and cryptocurrencies.
Summary: Crypto adoption in developing countries is increasing steadily. As per a recent report of Chainalysis in terms of crypto adoption India holds the first position followed by Nigeria and Thailand on the third position.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
