Interest in cryptocurrencies has surged since the onset of the pandemic, in part because of substantial gains by digital tokens like Bitcoin and Ether
Global cryptocurrency adoption among individual investors has surged in the past year, according to crypto-analysis firm Chainalysis.
Using factors like peer-to-peer exchange trading volume and value received, Chainalysis said global crypto adoption rose some 881% in the past 12 months.
The firm sees institutional markets as crucial but aimed to highlight the countries with the greatest crypto adoption by retail investors. It focused on use cases related to transactions and individual saving, rather than trading and speculation. Top-ranked countries are Vietnam, India, Pakistan, and Ukraine.
“In emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions,” Chainalysis said in the report. It added that “adoption in North America, Western Europe, and Eastern Asia over the last year has been powered largely by institutional investment.”
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