In this article, we will be talking about the 20 countries that use crypto and Bitcoin the most. We will also discuss the recent trends in the crypto market along with the major players in the industry.
Will Bitcoin Grow to an All-Time High by 2024?
On September 7, Forbes analyzed what the future holds for Bitcoin. According to the report, Bitcoin has witnessed significant price improvements in 2023. After a rough period for the crypto market in 2022, Bitcoin reported a strong comeback in 2023. In July, Bitcoin climbed to $31,000.
While the price for one Bitcoin slightly deteriorated to $25,956 on September 13, experts expect a recovery soon. According to the report, Bitcoin seems to be under inflationary pressure. Inflationary pressures forced the Fed to raise interest rates.
Such has contributed to a major resistance in the trade of Bitcoin at the price of $28,900. The report informs readers that, as per the Indian government, all transactions of digital assets would be regulated by the Prevention of Money Laundering Act (PMLA). While crypto laws are necessary, stringent regulations may limit the growth of the cryptocurrency market.
Despite the turmoil surrounding the current status of Bitcoin, the reports hint at 2024 being a game-changer for the cryptocurrency. The Bitcoin halving event is expected in 2024, which brings the hope of a boost in the price of Bitcoin.
The halving event takes place every four years. During the halving event, the price reward to Bitcoin miners is cut by 50%. Such helps contract the supply and is a positive sign for Bitcoin’s price.
Uncertainty and volatility surrounding Bitcoin have been a common trend this year. Stringent regulations in countries and a worsening global macroeconomic condition limit the ability of experts to predict the future of Bitcoin.
Nevertheless, experts hold high expectations for the coming year. Take a look at the most valuable currencies in the world.
Our Methodology
To determine the countries that use crypto and Bitcoin the most, we integrated three different metrics. These included the total population from the World Bank, the percentage of the total population that owns cryptocurrencies by Triple A, and the crypto adoption index by Chainanalysis.
We considered data as of 2022 for consistency across all our metrics. The crypto adoption index by Chain Analysis is based on five different metrics.
These metrics are a combination of the retail value of the cryptocurrencies, the value of cryptocurrencies at centralized exchanges, and trade volume.
We shortlisted the top 50 countries from each of the three data sources. The crypto adoption index and percentage of the total population that owns crypto were given a higher priority.
Of the two databases, we chose the first 20 common countries for our list. The figures for the total population were included as reference figures to add credibility to our data.
According to our hypothesis, high crypto usage will translate as high bitcoin usage. We have ranked the 20 countries that use crypto and Bitcoin the most in ascending order.
20 Countries that Use Crypto and Bitcoin the Most
20. China
Total Population as of 2022: 1.41 Billion
Percentage of Total Population That Owns Crypto as of 2022: 4.08%
Crypto Adoption Index as of 2022: 10
China ranks 20th as the country with the highest crypto and Bitcoin usage. The country has a crypto adoption index of 10 and a crypto ownership rate of 4.08%.
Companies that are forging partnerships with crypto platforms and companies include Visa Inc. (NYSE:V), Mastercard Incorporated (NYSE:MA), and Block, Inc. (NYSE:SQ).
19. Germany
Total Population as of 2022: 84.08 Million
Percentage of Total Population That Owns Crypto as of 2022: 4.19%
Crypto Adoption Index as of 2022: 21
Germany is among the countries that use crypto and Bitcoin the most. The country is one of the most crypto-friendly countries in the world. It is no surprise that almost 4.2% of Germans own crypto.
18. Indonesia
Total Population as of 2022: 0.28 Billion
Percentage of Total Population That Owns Crypto as of 2022: 4.55%
Crypto Adoption Index as of 2022: 20
Indonesia ranks 18th with the highest crypto and Bitcoin ownership. Of the total population, 4.55% people in Indonesia own crypto. The country boasts a crypto adoption rank of 20.
17. United Kingdom
Total Population as of 2022: 66.97 Million
Percentage of Total Population That Owns Crypto as of 2022: 6.2%
Crypto Adoption Index as of 2022: 17
The United Kingdom is among the countries that use crypto and Bitcoin the most. The country is one of the most crypto-friendly countries in the world. It is no surprise that almost 6.2% of people in the United Kingdom own crypto.
16. Kenya
Total Population as of 2022: 54.03 Million
Percentage of Total Population That Owns Crypto as of 2022: 10.71%
Crypto Adoption Index as of 2022: 19
Kenya ranks 16th with the highest crypto and Bitcoin ownership. Of the total population, 10.71% of people in Kenya own crypto, and the country boasts a crypto adoption rank of 19.
15. Nepal
Total Population as of 2022: 30.55 Million
Percentage of Total Population That Owns Crypto as of 2022: 4.43%
Crypto Adoption Index as of 2022: 16
Nepal ranks among the countries with the highest use of crypto and Bitcoin. The country still has a long way to go in terms of introducing crypto-friendly regulations and accepting it as a mainstream form of payment.
14. Colombia
Total Population as of 2022: 51.87 Million
Percentage of Total Population That Owns Crypto as of 2022: 4.81%
Crypto Adoption Index as of 2022: 15
Colombia ranks 14th with the highest crypto and Bitcoin ownership. Of the total population, 4.81% people in Colombia own crypto and the country boasts a crypto adoption rank of 15.
13. Morocco
Total Population as of 2022: 37.46 Million
Percentage of Total Population That Owns Crypto as of 2022: 4.90%
Crypto Adoption Index as of 2022: 14
Morocco ranks among the countries with the highest use of crypto and Bitcoin. However, the country still has a long way to go in terms of introducing crypto-friendly regulations and accepting it as a mainstream form of payment by the government and the public alike.
12. Turkey
Total Population as of 2022: 85.34 Million
Percentage of Total Population That Owns Crypto as of 2022: 5.46%
Crypto Adoption Index as of 2022: 12
Turkey ranks 12th with the highest crypto and Bitcoin ownership. Of the total population, 5.46% of people in Turkey own crypto, and the country boasts a crypto adoption rank of 12.
11. Argentina
Total Population as of 2022: 46.23 Million
Percentage of Total Population That Owns Crypto as of 2022: 5.56%
Crypto Adoption Index as of 2022: 13
Argentina is among the countries that use crypto and Bitcoin the most. The country is growing to become one of the most crypto-friendly countries in the world. It is no surprise that almost 5.6% of people in Argentina own crypto.
10. Nigeria
Total Population as of 2022: 0.22 Billion
Percentage of Total Population That Owns Crypto as of 2022: 10.34%
Crypto Adoption Index as of 2022: 11
Nigeria is slowly growing to become a crypto-friendly state. With a crypto adoption rank of 11, it is not a surprise that 10.34% of Nigerians own crypto.
9. Philippines
Total Population as of 2022: 0.12 Billion
Percentage of Total Population That Owns Crypto as of 2022: 6.13%
Crypto Adoption Index as of 2022: 2
The Philippines ranks 9th on our list of countries with the highest crypto and Bitcoin ownership. Of the total population, 6.13% of people in the Philippines own crypto, and the country boasts a crypto adoption rank of 2.
8. Russia
Total Population as of 2022: 0.41 Billion
Percentage of Total Population That Owns Crypto as of 2022: 5.87%
Crypto Adoption Index as of 2022: 9
Based on our methodology, Russia ranks among the countries with the most crypto and Bitcoin users. Almost 6% of the population owns any form of crypto and boasts a crypto adoption index of 9.
7. Pakistan
Total Population as of 2022: 0.24 Billion
Percentage of Total Population That Owns Crypto as of 2022: 6.40%
Crypto Adoption Index as of 2022: 6
Pakistan ranks among the countries with the highest use of crypto and Bitcoin. However, the country still has a long way to go in terms of introducing crypto-friendly regulations and accepting it as a mainstream form of payment.
6. Brazil
Total Population as of 2022: 0.22 Billion
Percentage of Total Population That Owns Crypto as of 2022: 7.8%
Crypto Adoption Index as of 2022: 7
Brazil is among the countries that use crypto and Bitcoin the most. The country is one of the most crypto-friendly countries in the world. It is no surprise that almost 7.8% of Brazilians own crypto.