- Global crypto ownership rates at an average of 4.2%, with over 420 million crypto users worldwide.
- Grassroot crypto adoption is majorly centered in Central and South Asia.
- India and Nigeria top the list of the global crypto adoption index.
The crypto industry has incessantly made progress in creating awareness and encouraging its adoption. However, the collapse of FTX and significant changes in crypto values over the years have aroused a sense of hesitance within the masses.
According to BanklessTimes.com, global crypto adoption declined significantly by nearly 60% since Q2'21.
The site's financial analyst, Alice Leetham, comments:
The index, examining crypto adoption across the globe, indicates a notable decrease since 2021. Although the decline has raised major concerns across the globe, the world should also shift their lens to the escalating popularity of crypto in countries like India, Vietnam and South Africa. The popularity change is bound to bring a paradigm shift for the crypto space as adoption grows substantially.BanklessTimes Crypto analyst Alice Leetham
The Global Crypto Adoption Index 2023
The current crypto adoption data was achieved with the following metrics: the received country's on-chain cryptocurrency value, retail value, and Peer-to-Peer exchange trade volumes. Considering the country's purchasing power parity, the number of users, and web traffic, these metrics were used in ranking around 154 countries.
The data, however, focused on the grassroots adoption of crypto, highlighting the ordinary average people who use it. Overall, the list was taken over by central and south Asia countries and Oceania, including India, Vietnam, Indonesia, and the Philippines, which made it to the top 10.
While the global adoption index settled at 0.3 in Q3 23, India's adoption index score stood at 1, making it at the top of the list, followed by Nigeria, Vietnam, the United States, and Ukraine.
Moreover, the lower-middle-income countries had the most grassroots crypto adoption, considering 40% of the total global population resides in LMI countries. These countries, however, were the only group with a higher adoption rate than in 2020. Their rising crypto adoption is a good sign for the future of the crypto industry.
Why are LMI countries Dominating the Global Crypto Index?
2023 marked the start of several regulatory changes for most African and Asian countries. The increased regulatory clarity pushed more people to adopt crypto and incorporate it into their daily lives. For instance, India is leading in the current index due to crypto regularities prioritization during its term as G20's president.
The crypto space is consistently evolving, and while global adoption is in decline, the new crypto figures in low, middle-income countries indicate promising changes in the industry's future.
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