Lower-middle income countries lead in crypto adoption, but not volume: Chainalysis
Oct 23. 2023
By Derek Andersen
India leads the world in crypto adoption, followed by Nigeria and Vietnam, according to a new Chainalysis report. Nonetheless, North America accounts for nearly a quarter of all value received by cryptocurrency exchanges, with the United States leading by far.
To calculate adoption, Chainalysis used web traffic data from 13 billion web visits to track five categories of activity, weighted by purchasing power parity per capita. That is, “if two countries received equal amounts of cryptocurrency at centralized services, the country with lower PPP per capita would rank ahead.” That will help determine where “everyday people are embracing crypto the most.”
Crypto adoption is down worldwide, with the exception of lower-middle income (LMI) countries, such as India, Nigeria and fifth-ranked Ukraine, the report found. Those countries, where 40% of the world’s population lives, have been the greatest crypto adopters since the second quarter of 2022, when world usage began to plummet:
“This could be extremely promising for crypto’s future prospects. LMI countries are often countries on the rise, with dynamic, growing industries and populations. […] If LMI countries are the future, then the data indicates that crypto is going to be a big part of that future.”
Central and Southern Asia and Oceania; Central, Northern and Western Europe; and North America group together as the top originators of transaction value received.
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