Vietnam Ranks 1st in Crypto Adoption and USA is 5th
New York City: According to the most recent report by the blockchain analysis company Chainalysis, emerging markets generally dominate the global adoption list. However, when it comes to the top 10 list, three developments stand out: Vietnam taking the crown again, the United States climbing to fifth place, and China re-entering the list. All of these developments were found in the top 10 list.
According to ‘The 2022 Geography of Cryptocurrency Report,’ Vietnam, the Philippines, Ukraine, and India, in that order, are the top five nations on the global crypto adoption index. The United States of America comes in at number one. The framework was developed by the World Bank, and it divides nations into high-income, upper-middle-income, lower-middle-income, and low-income categories according to their levels of income and economic development. This framework was used in this research.
For the second year in a row, Vietnam has been rated first in the world when it comes to the adoption of cryptocurrencies. According to the sub-rankings, it was said in the research that the nation has “very high buying power and population-adjusted adoption across centralized, DeFi [decentralized finance], and P2P [peer-to-peer] cryptocurrency platforms.”
During this time, the United States of America advanced up the rankings. It moved up from eighth position in 2021 to sixth place in 2020, and now it is in fifth place this year. Surprisingly, despite the fact that the nation is in the top three for a number of other sub-indices, its P2P exchange use rates a dismal 111th when population and buying power are taken into account. The adoption of cryptocurrencies on a global scale has “leveled out” in the last year. Since the middle of 2019, it has been steadily increasing, and it hit its all-time high in the second quarter of 2021. After that, it started to move “in waves,” fluctuating between decreasing and rising from quarter to quarter.