Blockchain analysis company Chainalysis released its fourth annual global crypto adoption index derived from its Geography of Cryptocurrency 2023 report.
Chainalysis combines on-chain and real data to measure which countries lead the world in crypto adoption. There are 154 countries that are sources for evaluation.
“We have designed a global crypto adoption index to identify countries where the majority of the population invests the majority of their wealth in crypto,” Bitcoin quoted Thursday (14/9/2023).
In addition, the company detailed a global crypto adoption index consisting of five sub-indices adding that each sub-index is based on the use of various types of crypto services in a country.
According to the index, India ranks first overall. Then followed by Nigeria, Vietnam, the United States, Ukraine, the Philippines and Indonesia.
“The main conclusion that can be drawn from this is that the Central and South Asia and Oceania (CSAO) region dominates the top position of the index, with six of the top 10 countries located in the region,”
Amidst worldwide crypto adoption being on the decline, Chainalysis shows that many of the top countries in the global crypto adoption index are in the middle and lower income categories with per capita income ranging from USD 1,086-USD 4,255.
“Overall, middle and lower income countries have seen the greatest recovery in crypto adoption over the past year,”
In Chainalysis’ global crypto adoption index in 2022, Vietnam ranked first, followed by the Philippines, Ukraine, India, the United States, Pakistan and Brazil.
