How Well Is Global Crypto Adoption Progressing? The Merchant Machine platform is trying to evaluate itself. Bitcoin2Go shows which countries are the global leaders in this assessment.
Global Crypto Index: The Rating Categories
If you evaluate the crypto adoption only by the proportion of crypto users in the population, Nigeria is the undisputed winner, according to data from Merchant Machine. In the African country, 42 percent of all residents owned cryptos in 2021.
However, in their global crypto index, the authors pursue a different plan. The success of crypto adoption is evaluated according to the following categories:
- Number of crypto users
- Companies that accept payments with crypto
- Number of available Bitcoin ATMs
- average search volume of certain crypto terms
- Growth in the DeFi sector (DeFi index)
The United States is the world leader in crypto adoption
From the comparison, the USA emerges as the winner. In the North American state, around 27.5 million people use Bitcoin and other cryptocurrencies – 8.31 percent of all citizens.
By comparison, in Germany it is only 2.62 percent, i.e. about 2.2 million people. Nevertheless, another portal even named the Federal Republic the most crypto-friendly country on Earth.
In an international comparison, the USA can score with two elements in particular: the Google searches for crypto terms and the sheer mass of crypto ATMs. According to both ratings, the USA is the world’s top.
With more than 33,200 devices, the USA has by far the best developed network of Bitcoin ATMs. This is followed by Canada with 2,500 machines and Spain with 229 machines.
In terms of search queries, India ranks just behind the USA in absolute numbers. However, in terms of the number of inhabitants, the USA is also clearly ahead here. Overall, the United States of America receives a rating of 7.75 out of 10.
Merchant Machine also relies on data from Chainalysis, which proves that
more Americans invest a higher proportion of their purchasing power in cryptocurrencies than residents of almost any other country.
Ukraine: Europe’s Crypto Nation
The second place is occupied by Ukraine, a European country. Almost 13 percent of the country’s residents are crypto users. However, many other metrics are very small compared to the US.
A good development can be shown in the support by companies. Among the top three, Ukraine tops the list with 26 different companies. Merchant Machine only summed up the crypto adoptees of the respective capital.
The global leader is Colombia’s capital Bogota. However, if you take a look at a map of Bitcoin.com this impression seems to be deceptive.
Ljubljana (Slovenia) or Caracas (Venezuela), for example, perform much better there. The number of crypto acceptance points reaches high three-digit to four-digit numbers in both cities.
The Ukrainian government has developed a strong penchant for cryptocurrencies, especially since the invasion of Russian troops. On the other hand, the state is not so enthusiastic about the use of citizens for a long time.
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Crypto in the UK: UK wins Bronze
The third place is also occupied by a European country, Great Britain. In fact, you have recently heard positive news from the island. The strict crypto regulation, which is required by the FATF, is not followed by the local legislation.
In the EU, the FATF’s travel Rule led to the controversial expansion of the TFR by a crypto segment. Nevertheless, the mood in the UK is not without exception positive. Only in March we reported on the fight against Bitcoin ATMs there.
Are Bitcoin machines banned in the UK?
All previously active Bitcoin ATMs in the UK are now banned. Is this the end of the vending machines or does their regulation begin with this?
Again and again assessments of this kind take place. A list compiled by Chainalysis in 2021 listed Vietnam, India and Pakistan as the winners. Crypto exchange Gemini, on the other hand, considers Indonesia to be the crypto country par excellence.
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