Blockchain data analytics firm Chainalysis has finalized its latest Global Crypto Adoption Index. India, Nigeria, and Vietnam hold the top three positions, followed by the U.S., Ukraine, Philippines, and Indonesia. “The Central & Southern Asia and Oceania (CSAO) region dominates the top of the index, with six of the top ten countries located in the region,” Chainalysis noted.
Chainalysis Previews Latest Crypto Adoption Index
Blockchain analytics firm Chainalysis published an excerpt from its upcoming 2023 Geography of Cryptocurrency report on Tuesday, which featured the firm’s fourth annual Global Crypto Adoption Index. The complete report is scheduled for release next month.
“We combine on-chain data and real-world data to measure which countries are leading the world in grassroots crypto adoption,” Chainalysis explained, noting that there were 154 countries with sufficient data for evaluation. “We’ve designed the Global Crypto Adoption Index to identify countries where the most people are putting the greatest share of their wealth into cryptocurrency.” Moreover, the firm detailed that its Global Crypto Adoption Index is made up of five sub-indexes, adding that each of those sub-indexes is based on countries’ usage of different types of cryptocurrency services.
According to the index, India ranks first overall, followed by Nigeria, Vietnam, the U.S., Ukraine, the Philippines, and Indonesia.
The first key takeaway here is that the Central & Southern Asia and Oceania (CSAO) region dominates the top of the index, with six of the top ten countries located in the region.
While noting that “Worldwide grassroots crypto adoption is down,” the blockchain data firm pointed out that many of the top countries on its Global Crypto Adoption Index are in the “lower middle income (LMI)” category, with per capita incomes ranging from $1,086 to $4,255. The firm stressed: “Taken together, LMI countries have seen the greatest recovery in grassroots crypto adoption over the last year.”
In Chainalysis’ Global Crypto Adoption Index for 2022, Vietnam ranked first, followed by the Philippines, Ukraine, India, the U.S., Pakistan, and Brazil.
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