A new analysis from blockchain researchers Chainalysis shows which countries use cryptocurrencies like Bitcoin and Ethereum the most. Where is Germany? And: Who is number 1 in crypto adaptation?
Crypto Ranking: Cryptocurrencies Are Booming In These Countries
In which countries are cryptocurrencies such as Bitcoin or Ethereum most commonly used, and where are citizens open to digital assets? Blockchain analyst firm Chainalysis 2022 has now investigated these questions for the third time – and the result is amazing.
In its new “2022 Cryptocurrency Geography Report,” Chainalysis ranks all “grassroots” countries by cryptocurrency adoption. This means that instead of ranking countries based on their pure crypto trading volume, the report looks at which countries people invest the most of their wealth in cryptocurrencies. Chainalysis added:
“While institutional activity is important, we also want to highlight the countries where non-professional individual investors are using digital assets the most.”
The resulting Global Crypto Adoption Index consists of five sub-indices, each based on countries’ use of different types of cryptocurrency services. The clues are:
- On-chain value of cryptocurrencies received on major exchanges weighted by purchasing power parity (PPP) per capita
- Retail value obtained on blockchain on central exchanges, weighted by purchasing power parity per capita
- Volume of peer-to-peer (P2P) exchange transactions weighted by PPP per capita and the number of Internet users
- On-chain cryptocurrency value received from DeFi protocols weighted by PPP per capita
- On-chain retail value obtained from DeFi protocols weighted by PPP per capita
Chainalysis ranks the 146 countries for which sufficient data is available on each of these five parameters, takes the geometric mean of each country’s ranking in the five areas, and then normalizes this final number on a scale of 0 to 1, a score that determines the overall score. The closer the country’s final score is to 1, the higher the ranking. Who is ranked 1?
Use of crypto: China ahead of Germany
Result: Vietnam occupies the first place by far, followed closely by the Philippines, Ukraine and India. The United States landed in fifth place, followed by Pakistan, Brazil and Thailand.
Russia and China also entered the top 10, ranking 9th and 10th respectively, well ahead of Germany. He didn’t even make the top 20.
Indonesia brings up the rear. Coins such as BTC and ETH are still used a little more in Ecuador and Kenya.
Also surprising: Great Britain is in 17th place – after Nepal and Colombia. Within Europe, England are the favorites and the only country in the ranking – Germany follows directly behind, but no longer appears in the list. Nevertheless, Germany is one of the leading crypto countries in Europe, ahead of France, Spain, Portugal and the Netherlands.
According to Chainalysis, the data suggests that many of those attracted to higher prices in 2020 and 2021 have stuck to it and continue to invest a significant portion of their wealth in digital assets.
This would also be consistent with previous studies. Display: Crypto markets have been “surprisingly resilient” during recent declines. Bullish chain analysis:
“Large, long-term cryptocurrency holders have weathered the bear market. Although their portfolios have lost value, these losses are not yet locked in as they have not yet been sold – on-chain data suggests these holders are optimistic about the market recovery, reflecting relatively relatively weak market fundamentals. healthy.
Cryptonews Tip: IMPT Token – Green Cryptocurrency
Europe does not yet play a major role in the rankings in terms of crypto usage. However, this may soon change – as given the overall regulatory intentions within the EU, eco-friendly cryptocurrencies may play an increasingly important role. The new ecological cryptocurrency IMPT Token (IMPT) is now entering this market. The project enables the tokenization of CO2 certificates – and this as part of everyday purchases. IMPT Token is currently in presale, so it offers the earliest possible entry into the project!