Chainalysis published a report on Global Cryptocurrency adoption for 2022 on Sept. 14. According to the research, Vietnam is the country with the highest adoption of cryptocurrencies, followed by the Philippines and Ukraine, respectively, while the United States ranks fifth.
According to the report, the dominance of emerging countries in adoption index continued this year. This was evident after it had been a strong year last year. According to the World Bank’s income categorizations Vietnam, India, Pakistan, Ukraine and India are lower-middle income countries. On the other hand, China, Russia, Thailand, and Russia are higher-middle income countries.
The United States is the only country that ranks among the top 10 highest-income countries.
Source: World Bank
The last year has seen changes
Vietnam was second in a row at the top of this year’s leaderboard. It also came first for crypto adoption.
The U.S. ranked sixth in 2020 and eighth in 2021. It was fifth in 2022. The U.S. is still ranked in the middle of the pack and has the highest adoption rate, despite a slight decline from 2020-2021.
China was ranked 13th in last year’s rankings, but it rose to the top 10 this year. China’s strong performance in central services is what drove higher adoption. According to the World Bank, the ban on cryptocurrency trading in China was either ineffectively or not enforced at all. This didn’t stop the adoption surge.
Despite the bear market, adoptions are on the rise
Global Index Score per Quarter
The adoption rate was another highlight of the report. The bear market has caused crypto adoption to slow worldwide, but it managed to stay above pre-bull markets levels.
The report shows that adoption rates have increased steadily since mid-2018. The adoption rate topped its all-time peak in the second quarter 2021, and has continued to rise and fall since. According to the report:
“Adoption rates have declined in the last two quarters because we are now in a bear market. It’s worth noting that global adoption is still well above the pre-bullish 2019 levels.
Global crypto adoption leads to Vietnam, while the U.S. is fifth in CryptoSlate.
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