Research: Middle-Income Countries Play an Important Role in Global Crypto Adoption

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Chainalysis reports that the global crypto adoption trend is driven by middle-income countries. Chainalysis's 2022 Global Crypto Adoption Index ranks Vietnam first as the country with the highest adoption.

Global Crypto Adoption

The World Bank classifies countries based on income levels into four groups, namely high income, upper middle income, lower middle income and low income. Two middle income groups are at the center of crypto adoption.

The Philippines is ranked second in the Chainalysis report, followed by Ukraine, India and the United States, which control the top five countries in terms of adoption.

Bitcoinist reports that 10 of the top 20 countries belong to the lower middle income group, namely Vietnam, the Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia.

Eight countries including upper middle income, namely Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador. Only two of the top 29 countries are high-income groups, namely the United States and the United Kingdom.

Despite the sluggish adoption of crypto in the bear market, the Global Crypto Score Index shows the adoption rate is still higher than before the bull market that ran during 2021.

Interest in crypto is still high but lower than the all-time high reached in the second quarter of 2021. This suggests investors enter the crypto market when prices are rising and flee when prices are not attractive.

Even though the crypto market is experiencing a bear market where retail investors are leaving the sector, the investor retention rate is still higher than the previous bear market.

The rate of adoption in continents such as Africa and Asia looks promising. Nigeria emerges as the country with the highest percentage, with 32 percent of the country's population using or owning crypto.

Vietnam occupies the second position with a percentage of 21 percent.

Brazil, which ranks seventh in terms of global adoption rate, has the largest crypto market in the Latin American region. The US has risen three places from 2021, moving from eighth last year to fifth this year.

The Chainalysis report analyzes millions of crypto transactions, web traffic and other on-chain measures to determine the countries with the highest crypto adoption rates.

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