Now that bitcoin (BTC) and many other cryptocurrencies are gaining ground in the field of adoption, the question arises; what is the state of crypto adoption in the world? Statista sorted it out and listed the results!
Turkey is in the first place. No less than 20% of the respondents say they have come into contact with cryptocurrencies in the past by using them or simply having them in a cryptocurrency wallet. That Turkey is at the top is perhaps not entirely unexpected. The country is being hit by an ever-decreasing fiat currency, and confidence in the banks is therefore becoming lower. In many similar situations you see people grabbing crypto to protect their money.
Brazil and Colombia, two South American countries, are in second and third place. Like Turkey, Brazil is plagued by high inflation. For example, inflation was at its highest point in four years in April. In the same month, more than 100,000 bitcoins ($ 500 million) were traded by Brazilians.
The government of Colombia has a very friendly attitude towards cryptocurrencies. Another fact that makes crypto adoption so high in this country is possibly the million Venezuelans who have fled to the country. Cryptocurrencies such as bitcoin are perfect for sending money internationally. Refugees and immigrants often use crypto to send money to the family in their home country.
Finally, we see Argentina and South Africa in fourth and fifth place. At 16%, crypto adoption is significant in these two countries. In Argentina, this is mainly due to high inflation, but also to the fact that, for example, public transport tickets can be purchased with crypto.
In South Africa, interest remains high, despite recent government measures to combat crypto. However, South Africans continue to use crypto for international payments and as an investment option.