Tech
Global Capitals for Cryptocurrency Adoption Revealed – Technology | Business
Quick look
- Argentina is the most crypto-friendly country in the world
- America ranks second in cryptocurrency adoption
- The United Arab Emirates, with the largest number of cryptocurrency holders, is in third place
Cryptocurrencies are on the rise popularity in recent yearswith the number of cryptocurrency owners growing from 432 million to 580 million in 2023 alone, according to Crypto.com.
While many countries have sought to regulate and suppress technological advances, others have accepted and supported the growth of these new industries.
Argentina tops the list as the most cryptocurrency-friendly country in the world, with a large percentage of the population holding cryptocurrencies and offering some of the best conditions for both miners and traders.
Research conducted by cryptography experts on Cryptocasino analyzed 10 metrics to determine which countries around the world have adopted cryptocurrencies more than all others, making them the most crypto-friendly nations.
The parameters chosen are the percentage of the population that holds cryptocurrency, the cost and profit of mining one bitcoin, and the search volume per 100,000 inhabitants of cryptocurrency-related keywords.
The data also includes each country’s percentage share of traffic to each of the major cryptocurrency exchanges BinanceCoinbase, BitFinex, Kraken, Kucoin and OKX.
Countries with the highest cryptocurrency adoption rates
Cryptocurrency-friendly countries
Argentina it is the most crypto-friendly country. One in ten people (9.7%) own cryptocurrencies, more than triple the global average of 3%.
The low energy costs make it a perfect place to mine Bitcoin, with an estimated cost of $14,647 to mine 1 Bitcoin, which means a profit of $51,261 (based on a BTC price of $65,908). Argentina also has one of the largest traffic volumes (6.3%) to Binance (the largest cryptocurrency exchange in the world).
America has a high percentage of the population owning a cryptocurrency, at 15.6%. However, higher average energy costs mean Bitcoin mining costs more in some parts of the states ($87,885).
Americans visited Coinbase over 48 million times in March, accounting for 59% of the website’s traffic. The US also accounted for 23.3% of traffic to Kraken, showing that the US is actively embracing cryptocurrencies and investing through these exchanges.
Colombia ranks third for cryptocurrency adoption; the increase in blockchain activity is partly due to the depreciation of the Colombian peso in recent years (as reported by Bloomberg in 2022); Cryptocurrencies offer wealth protection from currency depreciation.
Five percent (5%) of the population holds cryptocurrencies, and Colombians account for 5.8% of global web traffic for the largest exchanges, on par with many of the other countries on this list.
Ukraine it is the fourth most crypto-friendly state. Over 10% of the population holds cryptocurrencies and mining costs are particularly low, averaging around $19,530 per bitcoin.
Based on the previously indicated price, this would mean that the profit would be $46,378. Ukraine also accounts for 4.8% of web traffic to Binance, the world’s largest cryptocurrency exchange.
The United Arab Emirates ranks fifth in cryptocurrency adoption globally, with the largest percentage of the population holding cryptocurrencies at 30.4% (the average across all countries is 3%), only Vietnam comes close at 21%.
The search volume for cryptocurrency-related terms is also the highest, with 1,415 searches per 100,000 inhabitants.
The UAE has fostered a robust and flexible ecosystem to attract businesses and foster technological innovation, making the nation at the forefront of digital adoption, as reported by Forbes in 2023.
Vietnamin sixth place, it has continued to see its economy become increasingly digitalized over the past decade, becoming one of the world’s most crypto-adopting nations and is currently the most crypto-friendly Asian country.
Twenty million (21.2%) of the population hold cryptocurrencies. Vietnam directs 4.9% of web traffic to cryptocurrency exchange OKX and 6.3% to Binance.
Turkey it ranks seventh in cryptocurrency adoption, which may be due to the fact that the Turkish lira has, at times, proven more volatile than bitcoin. Turkey’s inflation rate exceeded 83% in 2022 and is currently around 67%.
For this reason, over 4.8 million (5.6%) of the population choose to hold cryptocurrencies.
Turkey makes up 6.6% of web traffic on Binance and mining operations may be slightly cheaper, with an average cost of $39,060 per Bitcoin.
Canada it is eighth in this ranking for cryptocurrency adoption. Seven percent of the nation currently holds cryptocurrencies, and there are 1,204 cryptocurrency-related keyword searches per 100,000 residents each month.
Canada is also responsible for 8.4% of website traffic to Kraken.
Singapore it ranks ninth in terms of cryptocurrency adoption. Having earned a reputation as one of the world’s key financial centers, it is no surprise that Singapore has begun to establish itself as a global cryptocurrency hotspot.
[Featured Image by Kanchanara: Credit]
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