In this article, we will list the 20 countries with the highest cryptocurrency adoption. If you wish to skip our detailed analysis, you can go to the 5 Countries with the Highest Cryptocurrency Adoption.
Trends In Cryptocurrency Adoption
According to calculations by Bitstamp, trends in cryptocurrency adoption have shown an all-time high in developing countries across the globe, predominantly concentrated in Latin America, Africa, and Asia, as of 2022. This trend can be corroborated by the fact that Bitcoin became a recognized currency in the Central African Republic and El Salvador in 2022 and 2021, respectively. Both countries expressed interest in the benefits of doing so which included the augmented financial opportunities and diminished expense of cross-border remittances.
On March 5, Forbes reported that the cryptocurrency market is undergoing a prominent shift, especially after the dip of 2023 caused by the overall macroeconomic situation. Bitcoin itself underwent a high of $45,208 at the beginning of 2024, with the world crypto market reaching $1.74 trillion on January 3, 2024. According to statistics by Forbes, it stands at $2.72 trillion, as of March 9, 2024. Both Bitcoin and Ethereum have shown a remarkably stable rise in trading since the beginning of 2024, making it a promising year for cryptocurrencies.
How Much is the Increase in Global Cryptocurrency Ownership?
According to the computations of the Crypto Market Sizing Report put forward by Crypto.com, global cryptocurrency ownership increased by 34% in 2023 alone. Out of the 580 million people who bought cryptocurrency in 2023, Ethereum ownership increased by 39%, while a 33% increase was attributed to Bitcoin users.
This surge holds even more importance since it materialized against various global macroeconomic challenges, including the ongoing conflicts in the Middle East and Europe, financial constraints imposed by central banks in the West to combat inflation, and the ripple effects of the pandemic still evident.
Bitcoin users went from 222 million to 296 million between January 2023 and December 2023, while Ethereum users increased from 89 million to 124 million between the same time frame. Primary factors that fueled this growth include the rise of Bitcoin exchange-traded funds (ETFs), as well as the role of Bitcoin Ordinals protocols which allow for the seamless minting of fungible and non-fungible tokens (NFTs) on the Bitcoin network. An increased interest from institutional investors is further driving the popularity of cryptocurrencies.
Bitcoin Crosses $70,000: An All-Time High
The world’s most dominant cryptocurrency, Bitcoin, made history by reaching an all-time high of $70,000 on March 8, 2024. With a 2% uptrend, Bitcoin surpassed this benchmark for the first time in history, albeit momentarily. It had reached $69,300 on March 5, which is seldom considered the point of high resistance which results in high volatility once surpassed.
With a momentary touch to the $70,000 mark, Bitcoin dropped to $68,000. It is uncertain what the timing of its position above the high resistance mark was, but market observers and crypto enthusiasts are keeping a close eye on Bitcoin’s movement.
Notable Names in the Crypto Market
The crypto market is highly volatile, however it is a high-growth market with major companies working on technological advancements to support it. Some of the top companies making strides in the crypto market include Coinbase Global Inc. (NASDAQ:COIN), PayPal Holdings, Inc. (NASDAQ:PYPL), and CME Group Inc. (NASDAQ:CME).
Coinbase Global Inc. (NASDAQ:COIN) ranks among the top companies in the crypto market. It provides a secure, easy-to-use platform for users to buy, sell, exchange, store, and deal in cryptocurrencies and is one of the top cryptocurrency trading platforms in the world, with a market share of 6.30% as of January 30, according to data from CoinGecko. On February 15, Coinbase Global Inc. (NASDAQ:COIN) reported earnings for the fiscal fourth quarter of 2023. The company reported earnings per share of $1.04 and beat estimates by $0.84. The company’s revenue for the quarter grew by 51.61% year over year and amounted to $953.80 million, ahead of Wall Street consensus by $135.43 million. Here are some comments from Coinbase Global Inc.’s (NASDAQ:COIN) Q4 2023 earnings call:
“So highlights from 2023 include significant growth in our subscription and services revenue through a down market, materially lower expenses, a return to profitability, a stronger balance sheet, we have more U.S. dollar resources and less debt as we enter 2024, and we did this all while accelerating our product velocity. Let’s dive deeper and start in the details of full-year 2023. We generated $95 million of net income and nearly $1 billion in adjusted EBITDA. Our total revenue was $3.1 billion, down $86 million year-over-year.”
PayPal Holdings, Inc. (NASDAQ:PYPL) is another major player contributing to the growth of the crypto industry. The company recently launched its own cryptocurrency, PayPal USD, on August 7, 2023, and became one of the first significant online payment services in the United States to release its own stablecoin backed by the U.S. dollar. The company currently allows users to transact in PayPal USD, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Another leading company in the crypto space is CME Group Inc. (NASDAQ:CME), a derivatives marketplace that allows electronic trading across the globe. The company’s cryptocurrency exchange tools allow users to personalize their crypto trading, including their execution method. Users can regulate their roll strategy with the company’s daily updates and analytics put together by experts. The CME CF Cryptocurrency Real-Time Index and CME CF Crypto Reference Rate indicators further provide data for informed crypto trading strategies. On February 19 CME Group Inc. (NASDAQ:CME) announced the expansion of its cryptocurrency offerings and said it plans to launch Micro Bitcoin Euro and Micro Ether Euro futures on March 18. According to the company, 24% of its Bitcoin and Ether futures volume is transacted from the EMEA region, so this move will enable clients to hedge their cryptocurrencies more efficiently.
Our Methodology
We integrated three different metrics to determine the countries with the highest cryptocurrency adoption. These included the total population, the percentage of the total population that owns crypto, and the number of people that own crypto, all sourced from Triple A, and updated as of 2023.
Our primary metric is the number of crypto owners, our secondary metric is the percentage of total population that owns crypto, and our tertiary metric is the total population. We have ranked our list in ascending order of our metrics, based on priority. If needed, tie-breaking was done, again, based on priority. We have ranked the 20 countries with the highest crypto adoption in ascending order of the aforementioned metrics on a priority basis.
20 Countries with the Highest Cryptocurrency Adoption
20. Morocco
Total Population as of 2023: 37.8 million
Percentage of the Total Population that Owns Crypto in 2023: 5.08%
Number of People that Own Crypto: 1,921,753
1.92 million Moroccans own cryptocurrency, making up 5.08% of the total population. However, the country has had a turbulent relationship with digital currencies in the past, according to a report by Binance. There is a dire need for financially inclusive regulations to allow seamless regulation and use of such currencies in the country. Morocco is ranked 20th among the countries with the highest crypto adoption.
19. Canada
Total Population as of 2023: 38.7 million
Percentage of the Total Population that Owns Crypto in 2023: 7.00%
Number of People that Own Crypto: 2,714,177
Canada boasts a favorable environment for cryptocurrency, with around 2.71 million Canadians owning one form of digital currency or the other. As per a survey by CoinTelegraph, people aged between 18 to 35 are the most prominent owners.
18. Ukraine
Total Population as of 2023: 36.7 Million
Percentage of the Total Population that Owns Crypto in 2023: 10.57%
Number of People that Own Crypto: 3,885,037
Around 10.57% of Ukraine’s population owns cryptocurrency and the country ranks 18th on our list of countries with the highest crypto adoption despite an approximately 5% decrease in the percentage of cryptocurrency owners between 2022 and 2023. This is primarily because of the ongoing conflict in the country, bringing about serious macroeconomic consequences, as per a report by Global Conflict Tracker.
17. United Kingdom
Total Population as of 2023: 67.7 million
Percentage of the Total Population that Owns Crypto in 2023: 5.74%
Number of People that Own Crypto: 3,888,092
The United Kingdom is one of the countries with the highest crypto adoption, observing a positive adoption increase between 2022 and 2023. It is one of the friendliest countries in the world regarding cryptocurrency use and regulation and is even pushing forward its plans of a digital pound, or “Britcoin.”
16. Bangladesh
Total Population as of 2023: 172.9 million
Percentage of the Total Population that Owns Crypto in 2023: 2.50%
Number of People that Own Crypto: 4,318,791
Bangladesh houses 4.31 million cryptocurrency owners, about 2.5% of its entire population. Its fintech industry is growing due to the central government’s initiatives geared towards financial inclusivity and the normalization of blockchain technology.
15. Argentina
Total Population as of 2023: 45.7 million
Percentage of the Total Population that Owns Crypto in 2023: 9.73%
Number of People that Own Crypto: 4,451,944
Argentina’s population stands at 45.7 million, of which around 4.45 million own cryptocurrency as of 2023. The country has been showing positive signs in terms of the adoption of Bitcoin and other digital currencies since 2019. Argentinians are also flocking to cryptocurrency due to uncertain microeconomic conditions, including a shortage of U.S. dollars, economic instability, increasing inflation, and uncertainty surrounding its own currency.
14. Turkey
Total Population as of 2023: 85.8 million
Percentage of the Total Population that Owns Crypto in 2023: 5.62%
Number of People that Own Crypto: 4,825,626
According to a report by CoinDesk, digital currencies are hailed as “saviors” in the financial landscape of the highly volatile Turkish lira, so around 4.82 million people in the country own cryptocurrencies. The Turkish government is also pushing forward plans to introduce its own digital lira in the near future. Turkey is ranked 14th among the countries with the highest crypto adoption.
13. Japan
Total Population as of 2023: 123.2 million
Percentage of the Total Population that Owns Crypto in 2023: 4.13%
Number of People that Own Crypto: 5,096,970
More than 4% of Japan’s total population owns cryptocurrency, estimated at around 5 million people. The country boasts a strong arm of support from its financial sector and government, allowing it to stand at the forefront of revolutions in fintech and digital currency adoption. Japan is one of the countries with the highest crypto adoption.
12. Thailand
Total Population as of 2023: 71.8 million
Percentage of the Total Population that Owns Crypto in 2023: 9.61%
Number of People that Own Crypto: 6,902,630
As reported by Bloomberg, Thailand has had its ups and downs with the use of cryptocurrency, and yet around 6.9 million people from among 71.8 million in the country own it. This comes up to about 9.61% of the total population.
11. Mexico
Total Population as of 2023: 128.4 million
Percentage of the Total Population that Owns Crypto in 2023: 6.55%
Number of People that Own Crypto: 8,409,115
Mexico ranks 11th on our list of the countries with the highest crypto adoption, with around 8.4 million people in the country owning one form of digital currency or the other. These statistics show an increased affinity of the country for cryptocurrency, hinting at a positive potential trajectory.
10. Russia
Total Population as of 2023: 144.4 million
Percentage of the Total Population that Owns Crypto in 2023: 6.06%
Number of People that Own Crypto: 8,749,780
Russia ranks tenth on our list of countries with the highest crypto adoption, with around 8.74 million Russians owning crypto. Despite the ongoing macroeconomic disruptions in the country due to its conflict with Ukraine, cryptocurrency’s popularity does not seem to wane.
9. Indonesia
Total Population as of 2023: 277.5 Million
Percentage of the Total Population that Owns Crypto in 2023: 4.40%
Number of People that Own Crypto: 12,205,132
Around 4.40% of Indonesia’s total population, which comes up to about 12.2 million, owns cryptocurrency, holding the ninth spot despite a less than 1% decrease in its statistics between 2022 and 2023.
8. Nigeria
Total Population as of 2023: 223.8 Million
Percentage of the Total Population that Owns Crypto in 2023: 5.93%
Number of People that Own Crypto: 13,261,259
Nigeria ranks eighth on our list of countries with highest crypto adoption, and is well on the path to becoming one of the key players of digital currencies in Africa. About 6% of the total population of Nigeria owns cryptocurrencies as of 2023.
7. Philippines
Total Population as of 2023: 117.3 Million
Percentage of the Total Population that Owns Crypto in 2023: 13.43%
Number of People that Own Crypto: 15,761,549
The Philippines is a prominent player in the cryptocurrency realm and holds the seventh spot on our list of countries with the highest cryptocurrency adoption because of a 7.3% increase in cryptocurrency owners between 2022 and 2023. This change has resulted in 13.43% of its total population owning cryptocurrency as of 2023.
6. Pakistan
Total Population as of 2023: 240.4 Million
Percentage of the Total Population that Owns Crypto in 2023: 6.60%
Number of People that Own Crypto: 15,879,216
Pakistan does not recognize cryptocurrencies as an authentic mode of payment, and yet around 15.8 million of its citizens own one sort of digital currency or the other. This number increased from 9.0 million in 2022. Pakistan is ranked 6th among the countries with the highest crypto adoption.
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Disclosure: None. 20 Countries with the Highest Cryptocurrency Adoption is published on Insider Monkey.