Chainalysis Releases Sneak Peek of Crypto Adoption Index
Blockchain analytics company Chainalysis gave a preview of its upcoming 2023 Geography of Cryptocurrency report, including the fourth annual Global Crypto Adoption Index. The full report will be published next month.
The Global Crypto Adoption Index combines on-chain and real-world data to assess which countries are leading in grassroots crypto adoption. The index is composed of five sub-indexes that measure countries’ usage of different cryptocurrency services.
India takes the top spot in the index, followed by Nigeria, Vietnam, the U.S., Ukraine, the Philippines, and Indonesia.
Crypto Adoption Dominated by Central & Southern Asia and Oceania Region
Chainalysis highlights that six out of the top ten countries in the index are located in the Central & Southern Asia and Oceania (CSAO) region. This region shows strong dominance in crypto adoption.
Although global grassroots crypto adoption has decreased overall, many of the top-ranking countries on the index fall into the lower middle income (LMI) category, with per capita incomes ranging from $1,086 to $4,255. LMI countries have experienced significant recovery in grassroots crypto adoption over the past year.
Previous Rankings: Vietnam Leads in 2022
In Chainalysis’ 2022 Global Crypto Adoption Index, Vietnam claimed the first position. It was followed by the Philippines, Ukraine, India, the U.S., Pakistan, and Brazil.
Hot Take: India Takes First Place in Global Crypto Adoption Index
The latest preview from Chainalysis reveals that India is currently leading in global crypto adoption. The country’s strong position can be attributed to its increasing usage of various cryptocurrency services. Notably, the Central & Southern Asia and Oceania region has emerged as a dominant force in the adoption of cryptocurrencies. Despite the overall decline in grassroots crypto adoption worldwide, lower middle income countries have shown significant recovery. This indicates the growing interest and participation of individuals in these nations in the crypto space. It will be interesting to see how these trends continue to evolve in the coming years.
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