Of 154 countries analyzed by blockchain data platform Chainanalysis, India ranks the highest in grassroots cryptocurrency adoption by a wide margin.
While countries with higher purchasing power would naturally score better when looking at transaction volumes, according to Chainalysis experts, the index measures where “average, everyday people are embracing crypto the most.”
As Statista’s Florian Zandt shows in the chart below, based on Chainalysis’s Global Crypto Adoption Index, only three countries score higher than 0.5 out of 1.0. Apart from India, residents of Nigeria and Vietnam are most likely to utilize cryptocurrencies, while the United States and Ukraine rank fourth and fifth with scores of 0.37 and 0.22, respectively.
Of the countries with the highest marks on the index, nine out of the top 20 are in Asia, three in Latin America and two in Africa.
Material prepared by Sherman Portfolios, LLC