over 2 years ago • 1 min
Vietnam, India, and Pakistan top a ranking of the world’s most enthusiastic cryptocurrency adopters, suggesting the technology is most valued in parts of the world with the weakest financial infrastructure, according to a report released on Thursday by data platform Chainalysis.
To compile the ranking, Chainalysis ranked nations on three yardsticks: total crypto trading activity; level of crypto trading among small retail investors; volume of trading on so-called peer-to-peer (P2P) crypto exchanges. All three metrics were also weighted to the country’s overall level of wealth, with the goal of finding the countries with the greatest crypto adoption by ordinary people rather than financial institutions.
Put in those terms, the US – the world’s biggest economy – ranks 8th on the list and China – the second-biggest – ranks just 13th. No Western European country made the top 20.
“In emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions,” Chainalysis reckons. “In North America, Western Europe, and Eastern Asia, by contrast, adoption over the last year has been driven largely by institutional investment.”
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