A new study about the adoption of digital currency worldwide has revealed interesting facts about not just the popularity of cryptos but their utility as well.
The latest crypto survey is the largest study ever carried out about the global use of cryptocurrency, which involves 54,534 participants and spans 27 countries; it aims to show how the global adoption of crypto is growing and the percentage of people using crypto.
Surprisingly, the United States has the sixth-lowest percentage of crypto ownership among the countries involved in the survey; only 10.5% of U.S. citizens owned cryptocurrency wallets.
Vietnam emerged as the country with the highest number of crypto owners with 28.6%, followed closely is India with 23.4%, and Australia took the third spot with 22.9%.
However, analysts argue that a cursory evaluation of India’s percentage will likely give 200 million cryptocurrency owners, but this is due to the lack of supporting metrics to validate the statement.
A previous study has placed India’s crypto users at 100 million, an optimistic estimate going by the recent growth of crypto adoption in India, which has been widely noticed and referenced upon.
Crypto Adoption and Corruption Index
It has been argued that the more corrupt a country is, the more the people shift toward digital assets to carry out transactions.
The breakdown of crypto owners in corrupt countries placed Nigeria at the top of the chart. Nigerian adults who viewed cryptocurrency as a valuable investment are 87%, followed by Venezuela with 81%, Ghana with 78%, Kenya with 77%, and the Philippines with 73%.
Meanwhile, the country with the least enthusiastic adults who showed indifference to crypto ownership has Germany with 17%, Sweden with 18%, Norway with 20%, and Canada and Japan have 24%, respectively.
The important question is from the primary data: Is there any correlation between a country with a less developed civil service and the likelihood of seeing Bitcoin as a solution?
The answer is “yes,” depending on the perspective the question is answered. Because even with a fiat currency, Bitcoin competes with the national currency to give the people a sense of financial freedom without restriction. With the low trust in the governing authorities, people look for alternative ways to build wealth while sidestepping the government’s regulations on finance.
Global Perception of Cryptocurrency
The number of people who currently subscribed to the crypto movement has increased significantly, but a surprising as[ect of this is that it has drastically reduced in Russia by 13%.
Amid the financial sanctions imposed on Russia, there has been a relative increase in people using crypto in Russia, from 6.4% in October to 19.6% in December.
Overall, in assessing the global adoption of crypto, it can be deduced from the study that digital assets adoption is moving at an unprecedented speed. Still, there is a significant gap between the early adopters of crypto, who are in the majority, and the present owners of digital tokens.