The year 2023 started promisingly for most cryptocurrencies. We’ll show you where people are most accepting of cryptocurrencies in Europe
Crypto, the buzzword in the financial world. According to the estimates of the cryptocurrency payment portal TripleA, there are currently around 31 million users of these digital assets in Europe.
We ask the question: In which European countries are cryptocurrencies the most popular?
Chainalysis, a blockchain data platform based in New York, has developed a code that aims to give us an answer. On a scale of 0 to 1, the indicator shows where most people put most of their wealth in cryptocurrencies.
In Europe it looks like this: Ukraine (0.215) tops the list, followed by Turkey (0.142) and Russia (0.140).
Attention turns to the West. The United Kingdom (0.121) is fourth and Spain (0.062) fifth.
However, if you look at the global situation, Europe fades into the background. Cryptocurrencies are particularly popular in the Southern Hemisphere.
India is in the lead
India leads the world in cryptocurrency adoption, scoring high on the index (1). It is followed by Nigeria (0.642) and Vietnam (0.568).
At less than 0.5, the United States (0.367) and Ukraine (0.215) are fourth and fifth. Ukraine is the only European country in the world’s top ten countries.
According to Chainalysis, the region with the highest cryptocurrency penetration is Central and South Asia. Six of the top ten countries are located here.
Although cryptocurrencies have rebounded from the turmoil of late 2022, cryptocurrency adoption is still declining and far from its peak, according to Chainalysis.
But not everywhere. Low- and middle-income countries have experienced higher incomes than other countries.
According to Chainalysis, this is a promising opportunity for cryptocurrencies. Chainalysis explains that low- and middle-income countries, with their growing and dynamic economies, industries and populations, are likely to be the next major players in the global race for power.
As a result, and because they are big users, cryptocurrencies will be a significant part of that future, Chainalysis predicts.
Let’s say that El Salvador Already one step ahead. In September 2021, it became the first country to accept Bitcoin as legal tender, requiring all businesses in the country to accept the cryptocurrency.
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