The latest 2023 crypto adoption index by Chainalysis is out and lists Nigeria in second place and Morocco in 20th place in a top 20 that is dominated by countries from Asia.
Chainalyis has a unique methodology that attempts to establish areas where regular people are adopting cryptocurrency and use cases in place of raw transaction volumes.
“Grassroots crypto adoption isn’t about which countries have the highest raw transaction volumes – anyone could probably guess that the biggest, wealthiest countries are far ahead there. Instead, we want to highlight the countries where average, everyday people are embracing crypto the most.”
In any case, grassroots adoption is down compared to recent years, Chainalysis said, providing the following illustration:
Despite the decline, Low Middle Income (LMI) countries like Nigeria, India, and Ukraine have shown the strongest recovery from the crypto slump which can be traced back to late 2022, around the time FTX imploded.
“LMI countries have seen the greatest recovery in grassroots crypto adoption over the last year. In fact, LMI is the only category of countries whose total grassroots adoption remains above where it was in Q3 2020, just prior to the most recent bull market,” Chainalysis said in a post.
If LMI countries are the future, then the data indicates that crypto is going to be a big part of that future. That, combined with the fact that institutional adoption – primarily driven by organizations in high-income countries – continues to gain steam even during the ongoing crypto winter, paints a promising picture of the future.
We could see a combination of bottom up and top down cryptocurrency adoption in the near future if these trends hold, as digital assets fulfill the unique needs of individuals in both segments.
– Chainalysis
While Nigeria has been a mainstay in the top 20 of the Chainalysis’ Global Crypto Adoption index now in its 4th year, Morocco appeared in the list of top 20 countries for the first time in 2022 edition.
Kenya, the other African country in the 2022 top 20, did not make it in the 2023 list. Below is the full list ranked in order from the highest adoption rate:
- India
- Nigeria
- Vietnam
- United States
- Ukraine
- Philippines
- Indonesia
- Pakistan
- Brazil
- Thailand
- China
- Turkey
- Russia
- United Kingdom
- Argentina
- Mexico
- Bangladesh
- Japan
- Canada
- Morocco
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