Global Crypto Adoption Surges 2,300% in the Past 2 Years, Retail Adoption Growing in Emerging Markets: Report

2021-8-20 22:32

Global cryptocurrency adoption among individual investors surged 881% in the past year and over 2300% since Q3 2019, according to crypto analysis firm Chainalysis. Instead of trading and speculating, the firm focused on use cases related to transactions and individual saving.

Based on three factors: peer-to-peer exchange trading volume, the on-chain crypto value received, and on-chain retail value transferred, the firm found that the greatest crypto adoption by retail investors happened in emerging markets, with Vietnam ranking the first followed by India, Pakistan, and Ukraine. Chainalysis said in the report,

“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.”

It added that unlike the retail adoption in emerging markets, adoption in North America, Western Europe, and Eastern Asia over the last year had been powered largely by institutional investments.

The Chainalysis Global Crypto Adoption Index ranked 154 countries by three main metrics. Both the US and China saw their rankings dropping primarily because peer-to-peer trading volume declined. China ranks 13th, down from 4th last year, while the US is at 8th, from 6th.

This time, the firm took out one factor, the number of deposits by country weighted by the number of internet users, which is found to be skewing the rankings towards countries with comparatively more DeFi users, for which it has now created a completely separate DeFi Adoption Index, to be available in the coming weeks.

It is due to the “explosive growth” of DeFi along with centralized services that are primarily driving the crypto usage in the developed countries where there is already substantial adoption, as per the report. In emerging markets, P2P platforms are the ones driving new adoption.

“Cryptocurrency adoption has skyrocketed in the last twelve months, and the variation in the countries contributing to that show that cryptocurrency is a truly global phenomenon.”

The post Global Crypto Adoption Surges 2,300% in the Past 2 Years, Retail Adoption Growing in Emerging Markets: Report first appeared on BitcoinExchangeGuide.

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