While global adoption has slowed due to the chilling winds brought by crypto winter, emerging markets appear to be on fire when it comes to cryptocurrency adoption, outperforming higher-income countries on an index that measures adoption.
In a message titled Global Cryptocurrency Adoption Index 2022, blockchain data platform Chainalysis analyzed millions of crypto transactions worldwide, web traffic and other on-chain metrics to determine which countries are at the top in terms of cryptocurrency adoption.
The results show that emerging markets are at the forefront in terms of cryptocurrency adoption. According to the data, lower-middle-income countries such as Vietnam, the Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia hold the top 20 countries in terms of overall index scores, with Vietnam holding the number one spot.
Upper-middle-income countries such as Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador also made the list, while the United States and the United Kingdom are the only high-income countries represented in the index.
In addition to ranking adoption, the report also showed that while adoption has slowed in the bear market, adoption levels are still higher than what the industry witnessed before the 2020 bull run.
On September 9, two bitcoins he went on a mission getting UK merchants to accept Bitcoin (BTC). British BTC advocates James Dewar and MSW went to town in England to speak to restaurants and cafes in an attempt to convince them to accept Bitcoin. Out of 63 stores, 3 were convinced and accepted BTC on the spot.
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