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Vietnam Reaffirms Global Leadership in Crypto Adoption: Chainalysis

Vietnam Reaffirms Global Leadership in Crypto Adoption: Chainalysis

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A recent report by Chainalysis, titled “The 2022 Global Crypto Adoption Index,” revealed that digital asset adoption has slowed over the past 12 months due to crypto winter, but remains above pre-market levels.

The 2021 leader – Vietnam – was again ranked first, while the Philippines and war-torn Ukraine followed shortly after. Interestingly, China (where interest in bitcoin dropped significantly due to the 2021 crypto ban) returned to the top 10.

New trends

The global adoption rate of cryptocurrencies has grown steadily since mid-2019, Chainalysis said in a recent study.

The entity applied its index methodology to 154 countries and estimated that Vietnam is once again the global leader in crypto adoption with a score of 1,000. One reason for the country’s second consecutive win may be the significant interest in blockchain-based games in the Southeast Asian region.

Another study by Chainalysis found that 21% of Vietnamese consumers have used or owned digital assets at some point in their lives. The first place is Nigeria, where 32% of locals have traded bitcoins or altcoins.

The second place in the 2022 Global Crypto Adoption Index with a score of 0.753 belongs to the Philippines, and the third is Ukraine with a score of 0.694. The military conflict with Russia severely disrupted Ukraine’s economy, which may explain why some residents chose to use digital currencies instead of fiat.

Overall, most of the top 20 countries include lower-middle-income economies (Vietnam, Philippines, Ukraine, Nigeria, Indonesia) and upper-middle-income economies (Brazil, Thailand, Argentina, Turkey).

Still, two high-income countries – the USA and Great Britain – have also found their place in the Leaderboard, ranking 5th and 17th respectively.

It is worth noting that China has shown some improvement. Due to the total crypto ban imposed by the domestic government last year, the country was 13th in 2021, while in the last 12 months it has moved up the ladder and is now 10th.

HODLers are still committed despite the market collapse

In addition to the aforementioned figures, Chainalysis found how the global adoption rate of cryptocurrencies has changed since the second quarter of 2021. At that time, it was at an all-time high, which was mainly due to the increase in the prices of most digital assets.

After this period, the figures moved in waves. As prices collapsed in Q3 2021, global crypto adoption also declined, while in Q4 Bitcoin and many other coins showed a new ATH, and logically, consumer interest in the industry grew again.

So far, 2022 has not been so dynamic due to the bear market that dominated most of the year. Despite this negative trend, Chainalysis noted that global adoption of cryptocurrencies as of 2020 is higher than pre-bull market levels.

Many HODLers do not see the recession as a significant challenge and do not intend to sell their assets, the community noted:

“Large, long-term cryptocurrency holders have continued to dominate the bear market, so even though their portfolios have lost value, these losses are not yet locked in because they haven’t sold – on-chain data suggests that holders are optimistic that the market will recover, which keeps market fundamentals relatively healthy.”

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Source: https://cryptopotato.com/vietnam-reaffirms-global-leadership-in-crypto-adoption-chainalysis/

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