Digital currency has overtaken global finance. It is now possible to purchase the currency created from Blockchain technology. Presently, most countries have joined the digital race and adopted digital currency openly. According to a study, Cryptocurrency adoption will increase by 2300% in 2022 compared to 2019.
The cryptocurrency industry is vast today. Cryptocurrency has been a popular investment option and an alternative currency over the past decade. However, cryptocurrency usage isn’t always the same around the globe. While some countries ban crypto, others have created an enormous industry out of it. So, here in this article, we will discuss which countries use crypto most often? Also, visit this site to know more about crypto trading.
Japan is the country with the most prolonged history of crypto investments. This is because it has been investing in digital currency since the beginning. In 2018, there were 3.5 million cryptocurrency investors in Japan. At present, Japan is the second biggest country worldwide using Cryptocurrency. This is possible because the Japanese government legalized Cryptocurrency early and began regulating it.
The Japanese crypto market grew exponentially in 2021. Between Autumn 2022 and Winter 2021, the volume of crypto traded in Japan increased nearly six times. Only 4% of Japanese citizens have used Cryptocurrency in any way. However, this is still a significant number at 6.29 million, which is not insignificant.
Although it is easy to say that Japan’s rapid growth in crypto markets is remarkable, others are now wondering if this will continue. It is possible that Japan’s crypto market may be stunted by strict regulations on crypto managers and the stability of the national currency. It’s impossible to predict how the future will play out over the next few years, but it appears that Japan is determined to keep its crypto industry in check.
2. United States
The USA has the most significant cryptocurrency market globally and allows people to buy, sell and spend digital currency in the country. There is no doubt that the demand is increasing every year. Pew Research revealed that 16% of USA citizens have used, invested in, or traded Cryptocurrency. Gemini’s 2021 State of Crypto report estimates that between 30-50m Americans have engaged in crypto in some way. However, it is impossible to know if this count will rise, decrease, or double over the coming years.
Gemini’s investigation found that there are a lot of crypto-curious Americans. Almost 63% of Americans said they had not yet invested in crypto but were interested and would like to.
India is now a leader in Cryptocurrency. After the supreme court lifted the RBI ban, Indian retail investors have started to invest in Cryptocurrency. It is estimated that more than 8 million people invested in Cryptocurrency after June 2021. Most of these are younger generations. Forty percent of Indian crypto users are between 18 and 34 years old.
Ukraine is a country to be on the lookout for in the crypto world. Around 5.5 million people in Ukraine own Cryptocurrency at the moment. This is a staggering 12.7% of the country’s total population and the highest level of ownership anywhere.
The use of cryptocurrencies is a big way for Ukraine to make it big in the financial world. There are also favorable conditions for bitcoin mining and earning even more. The nation also wants to make the country a recognized cryptocurrency destination. The country’s cryptocurrency users are also growing. The export of agricultural products and metals is the mainstay of Ukraine’s economy. Now, they adopt Cryptocurrency as the best option to boost the economy.
5. United Kingdom
With nearly one million people saying they own some cryptocurrency asset, the British crypto market is on the rise. The ownership pace has increased six times in the last three years, which indicates that digital currency is becoming more popular among UK citizens. Many British citizens are now considering Cryptocurrency as a responsible investment since crypto is legal in the UK. This market is booming and will go to new heights in the near future.
Vietnam isn’t far behind in the digital market. It is one of the top countries for cryptocurrency investments worldwide. According to the Finder US consultancy survey, 20% of Vietnamese residents have bought Bitcoin in Vietnam. Vietnam is 53rd when you compare the Gross Domestic Products. Vietnam is in 13th place if you add the Bitcoin gains. This growth was possible even though cryptocurrencies are not legal for purchase. It is being considered a significant investment.
In Peru, around 3.7% of its population claims to own assets currently (amounting roughly to 1.2 million). The country also saw an 18.3% rise in cryptocurrency wallet usage between June 2022 and July 2022. Peru’s government doesn’t plan to let things continue as they are. Authorities announced that they are conducting investigations into Cryptocurrency to determine the best laws and regulations. Peruvian crypto-owners could be in trouble, as many believe crypto should not be regulated.
8. El Salvador
El Salvador is the most committed to the Cryptocurrency of all the countries on this list. The government of El Salvador has invested millions of dollars in Bitcoin now, and it will be taken as legal tender.
Nayib Bukele, the president of El Salvador, announced that the decision was taken to reduce transaction fees for sending money internationally to family and friends. This is quite common in El Salvador. Furthermore, nearly 3/4th of El Salvadorians do not have their bank account. This makes it much easier to conduct transactions with Cryptocurrency.
3.3% of French citizens invested in Cryptocurrency. France’s wealthiest citizens own more Cryptocurrency. France is the country that has the highest use of Cryptocurrency. This is because of its heightened awareness about Cryptocurrency. France has a crypto exchange license that allows businesses to use Cryptocurrency.
It is impossible to predict which nation will be the next leader in crypto ownership and use. Because cryptocurrencies are booming worldwide these days, many countries are already adopting digital currency, and many countries are planning to do so. Government bans and restrictions don’t seem to be preventing citizens from buying or selling crypto. Crypto is, by its nature, unpredictable!