Key Points
- India and Nigeria lead global crypto adoption, despite regulatory hurdles and high trade taxes.
- Bitcoin ETFs have significantly spurred BTC activity worldwide, driving growth in high-income regions.
The fifth annual Chainalysis Global Crypto Adoption Index report has been released, revealing valuable insights into grassroots crypto adoption worldwide.
The report, which covers data from Q3 2021 to Q2 2024, has introduced a refined methodology that focuses on DeFi activity and excludes P2P cryptocurrency exchange trade volumes.
Chainalysis Crypto Adoption Report
The latest findings show India and Nigeria leading in global crypto adoption, with Indonesia emerging as the fastest-growing market.
Despite a challenging legal environment and high trade taxes, India has maintained its position as the global leader in cryptocurrency adoption for the second consecutive year.
The country has been operating under stringent regulations since 2018, including recent actions by the Financial Intelligence Unit (FIU) in December 2023. However, these regulatory measures have not discouraged Indian investors from participating in the global cryptocurrency market.
US Crypto Adoption
In contrast, despite significant media attention, the United States only ranks 4th in global crypto adoption, falling behind India, Nigeria, and Indonesia.
However, the report noted that the launch of the Spot Bitcoin (BTC) ETF in the United States has significantly spurred BTC activity worldwide, leading to substantial growth in institutional transfers and high-income regions like North America and Western Europe.
Bitcoin Dominates
As expected, Bitcoin has emerged as the most popular cryptocurrency and a key driver of crypto adoption.
From the surge in interest around Bitcoin ETFs to its growing relevance in political discussions, BTC consistently attracts attention and impacts the broader crypto market.
