The 2021 Geography of Cryptocurrency report from Chainalysis reveals some interesting statistics about the use of cryptocurrency across different nations. The report examines regionally how many cryptocurrency transactions are taking place. In this year’s report, Chainalysis focuses on dynamic trends in emerging markets.
From the beginning of 2020, cryptocurrency use shot up in various parts of the world. One of the main reasons behind this is the heavy investments done by institutional investors in the crypto space. Between January 2020 and January 2021, we saw a 45% increase in the number of people registering for cryptocurrency wallets. The total number now stands at an estimated 66 million.
In August, Chainalysisi published global cryptocurrency adoption index, which showed an 880% increase in the global cryptocurrency adoption rate. The stunning increase in adoption rate was fueled by peer-to-peer trading and nascent markets like that of African countries. From the 7000 crypto-related service providers that Chainalysis studied, they found that there was considerable crypto trading in at least 158 countries.
The cryptocurrency adoption index shows some surprising stats in relation to countries with the highest adoption rate. Many people might think the United States has the highest adoption rate fueled by constant technological innovations, but they are wrong. Vietnam tops the list, followed by India and Pakistan. In another round of interesting revelations, it was seen that 6 out of the top 20 countries were from Africa. These revelations indicate that Asia and Africa will be at the forefront of further innovations in the crypto space.