Blockchain data platform, Chainalysis have just released its crypto adoption index for 2024. India and Nigeria have held onto the top two positions in the world for grassroots crypto adoption. However, Indonesia is the fastest growing, jumping four places from last year.
Our 2024 Global Crypto Adoption Index is here! The top 10 countries spanned 5 continents, but Central & Southern Asia and Oceania (CSAO) dominated the list. Read on to see the top 20 countries and learn about global adoption trends: https://t.co/F2nqkELtd2 pic.twitter.com/bbuG1lQ8vB
— Chainalysis (@chainalysis) September 11, 2024
Indonesia Breaks into The Top 3, Russia Climbs 6 Places From Last Year Due To Ongoing Sanctions Due To Ukraine Conflict
The report shows that within the Central & Southern Asia and Oceania (CSAO) Region, Indonesia has the highest year-over-year growth at nearly 200% and the highest cryptocurrency value received, at approximately $157.1 billion.
To further boost the region, seven of the top 20 countries for crypto adoption are listed as CSAO countries.
While most countries in the top 20 would be seen as underdeveloped, the US, Russia, UK, Canada, South Korea, and China are included at 4th, 7th, 12th, 18th, 19th & 20th, respectively.
For the second year running, the US holds 4th place, making it one of two developed countries inside the top 10, alongside Russia.
Interestingly, Russia jumped 6 places this year from its spot at 13 in the 2023 index by Chainalysis. This is likely due to the emerging use of digital assets to circumvent the many sanctions on them by the West due to its ongoing invasion of Ukraine.
Trials began on September 1 in using cryptocurrency exchanges for cross-border payments.
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The report also claims that Indonesia’s crypto market is not being driven by regulatory progress but by trading opportunities through alternative investment opportunities such as meme coins to make quick profits and a “higher share of both decentralized exchange (DEX) and decentralized finance (DeFi) activity than those of other countries in the region, as well as the global average.”
This is the fifth year running that Chainalysis has conducted a crypto adoption report. The methodology used to produce the index is listed as follows; “We rank all 151 countries for which we have sufficient data on each sub-index, weight the rankings by characteristics including population size and purchasing power, take the geometric mean of each country’s ranking in all four, and then normalize that final number on a scale of 0 to 1 to give every country a score that determines its overall ranking. The closer the country’s final score is to 1, the higher the rank.”
Chainalysis’ Crypto 2024 Adoption Top 20:
- India Central & Southern Asia and Oceania (CSAO)
- Nigeria Sub-Saharan Africa
- Indonesia Central & Southern Asia and Oceania (CSAO)
- United States North America
- Vietnam Central & Southern Asia and Oceania (CSAO)
- Ukraine Eastern Europe
- Russia Eastern Europe
- Philippines Central & Southern Asia and Oceania (CSAO)
- Pakistan Central & Southern Asia and Oceania (CSAO)
- Brazil Latin America (LATAM)
- Turkey Middle East & North Africa (MENA)
- United Kingdom Central, Northern & Western Europe (CNWE)
- Venezuela Latin America (LATAM)
- Mexico Latin America (LATAM)
- Argentina Latin America (LATAM)
- Thailand Central & Southern Asia and Oceania (CSAO)
- Cambodia Central & Southern Asia and Oceania (CSAO)
- Canada North America
- South Korea Eastern Asia
- China Eastern Asia
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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