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.

What Do the New Crypto Regulations Mean?

The United States is home to one of the most crypto owners. However, this does not exclude the American market from the wrath of uncertainty and volatility of currencies. On August 25, Reuters reported new crypto regulations introduced by the Biden administration. According to the new tax reporting rules, crypto brokers must report sales and exchanges of all digital assets to the Internal Revenue Service (IRS). The new tax reporting regulations were primarily aimed at countering tax evasion. On the bright side, the new tax regulation makes processing easier for regular crypto taxpayers. The regulation aligns with the administration’s efforts to bring in more money from taxes. With the new bill in action, the estimated tax revenue for the next decade is almost $28 billion. To shed light on the importance of tax regulations for the future of the economy, the treasury reported:

“This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules.”

While regulation is a prerequisite for the mass acceptance of crypto or Bitcoin as a mainstream payment method, stringent laws may limit user’s willingness to invest in cryptocurrencies. The impact of the new tax regulations can only be judged in the coming months.

Are Large Corporations Withdrawing Interest in Crypto?

Are large companies with significant stakes in the crypto market distancing themselves from the crypto industry? Is this because of stringent laws or the falling prices of Bitcoin?

On August 25, CNBC reported that Mastercard Incorporated (NYSE:MA) recently ended its partnership with Binance. Mastercard Incorporated (NYSE:MA) will not offer branded Binance cards in Latin America and the Middle East anymore. Users used these cards to purchase commodities directly with their crypto assets. Visa Inc. (NYSE:V) also ended its partnership with Binance in July. Such indicates the growing concerns of holding partnerships with companies currently surrounded by intense regulatory scrutiny.

However, this does not mean that companies are withdrawing interest crypto as a mainstream payment method. Mastercard Incorporated (NYSE:MA) and Visa Inc. (NYSE:V) still offer a range of crypto cards, allowing people to make hassle-free payments using their crypto assets.

Mastercard Incorporated (NYSE:MA) offers prepaid cards funded by Tap, Nexo, and Gemini. The company’s efforts in transforming the crypto landscape continue, regardless of the scrutiny around the crypto market. On August 17, Mastercard Incorporated (NYSE:MA) announced its new Central Bank Digital Currencies (CBDCs) Partner Program. To kick-start the program, the company involved a group of leading blockchain providers to join the program. These include Ripple, Consensys, Fluency, Idemia, Consult Hyperion, Giesecke+Devrient, and FireBlocks. The company understands the importance of having a government-mandated public digital currency. Raj Dhamodharan, head of digital assets and blockchain at Mastercard Incorporated (NYSE:MA), spearheading the program, stated:

“We believe in payment choice, and that interoperability across the different ways of making payments is an essential component of a flourishing economy. As we look toward a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”

Similarly, Visa Inc. (NYSE:V) is also making leaps in the crypto market. On September 5, Visa Inc. (NYSE:V) announced it is expanding its stablecoin capabilities. The company will now introduce the USDC stablecoin on the Solana blockchain network. The company has been experimenting with the USDC stablecoin since 2021 and has now integrated the Solana network due to its efficient and speedy systems. Cuy Sheffield, Head of Crypto, Visa, stated:

“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to send or receive funds from Visa’s treasury easily. Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve how we move money.”

Block, Inc. (NYSE:SQ) is a leading financial technology and software firm based in the United States. The company formerly began the development of Bitkey, a crypto product. This product is made to store all your digital assets in a physical wallet. The company is making leaps in the industry and reports strong earnings, which reflects that the crypto industry is far from declining. On August 3, Block, Inc. (NYSE:SQ) reported results from the second quarter of 2023. The company reported earnings per share of $0.39 and outperformed EPS estimates by $0.02. The company’s revenue for the quarter jumped 25.67% year over year and amounted to $5.53 billion, ahead of market consensus by $433.36 million. Jack Dorsey, head of Block, Inc. (NYSE:SQ), also discussed the company’s plans and important partnerships to boost the integration of cryptocurrencies in the business. He stated:

“Earlier this year, we shared plans for the public beta testing of our bitcoin wallet, Bitkey. And in June, we announced our first two global partners, Coinbase and Cash App, to allow customers to buy and immediately transfer bitcoin from those custodial platforms into Bitkey’s self-custody wallet.”

Large corporations investing in the development of crypto is a positive sign for cryptocurrencies, especially Bitcoin. However, crypto-friendly laws are essential to boost crypto ownership and establish crypto as a primary payment method. With that, let’s take a look at the 20 countries that use crypto and Bitcoin the most.

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.