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Vietnam leads global crypto adoption, U.S. comes fifth

Vietnam leads global crypto adoption, U.S. comes fifth

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On September 14, Chainalysis released a report on global cryptocurrency adoption for 2022. The study revealed that Vietnam has the highest number of cryptocurrencies, followed by the Philippines and Ukraine in second and third place, and the United States in fifth place.

The report stated that the dominance of developing countries in the adoption index, which stood out last year, remained this year as well. According to the World Bank’s income classification, Vietnam, the Philippines, Ukraine, India and Pakistan are low-middle income countries. Brazil, Thailand, Russia and China, on the other hand, are upper middle income countries.

Only the United States stands out among the top 10 as a high-income country.

Global Crypto Adoption Index Top 10
Source: World Bank

Changes from last year

This year marked Vietnam’s second consecutive year at the top of the leaderboard and ranked first in terms of crypto adoption.

The United States ranked sixth in 2020, eighth in 2021, and fifth in 2022. Although it recorded a slight decline from 2020 to 2021, the United States remains in the middle line and stands out as the only high-income country with such high adoption.

China ranked 13th last year, but managed to break into the top 10 this year. According to the report, China is particularly strong in centralized services, which boosted adoption. The World Bank says the country’s ban on crypto trading was either ineffective or loosely applied because it didn’t prevent adoption at all.

Adoption peak despite the bear market

Global index scores quarterly
Global index scores quarterly

Another highlight of the report was the adoption rate. Overall, crypto adoption slowed globally due to the bear market, but managed to stay above bull market levels.

According to the report, adoption rates have steadily increased since mid-2019. The adoption rate hit an all-time high in the second quarter of 2021 and has been up and down ever since. The report states:

“[adoption rates] have declined in each of the last two quarters since we entered the bear market. Still, it’s important to note that global adoption is still well above the 2019 market.”

Posted by: Adoption, Bear Market

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