Vietnam Reaffirms Global Leadership in Crypto Adoption: Chainalysis

Chainalysis’s recent report, “The 2022 Global Crypto Adoption Index”, revealed that although digital asset adoption has declined in the last 12 months due the crypto winter, it remains well above pre-bull markets levels.

Vietnam, the leader since 2021, was re-inducted as the first place winner. The Philippines and war-torn Ukraine came in close second. Not surprisingly, China, where bitcoin interest plummeted significantly after the ban in 2021, was re-entered the top 10.

The New Trends

Chainalysis’s recent research revealed that the global adoption rate for cryptocurrency has dropped after growing steadily since mid-2019.

It applied its index methodology in 154 countries, and found that Vietnam was again the global leader in crypto adoption with a score above 1.000. The country’s second consecutive win could have been due to the high interest in blockchain-based gaming in the South East Asian region.

Chainalysis also found that 21% Vietnamese consumers had used or owned digital assets in their lifetimes. Nigeria is the first country to rank, with 32% of locals having transacted using bitcoin or altcoins.

The Philippines is second in the “The 2022 global crypto adoption index” with a score 0.753, and Ukraine is third with 0.694. Some residents chose to use digital currencies rather than fiat currency because of the disruption caused by the conflict with Russia.

The majority of the countries in the top 20 include both lower-middle income economies (Vietnam and the Philippines, Ukraine, Nigerian, Indonesia, Nigeria, Indonesia, and Nigeria) as well as higher-middle income ones (Brazil. Thailand. Argentina., Turkey).

Two high-income countries, the USA and the UK, still hold a spot on the leaderboard. They are respectively 5th-17th.

China has made some progress, it is worth noting. China was 13th in 2021 due to the complete ban on all crypto by the national government. However, in the last 12 months it has moved up the ladder and is now 10th.

HODLers remain committed despite the market plunge

Chainalysis also observed how the global adoption rate for cryptocurrency has changed over the past quarter. It was at an all-time high in Q2 2021, due to the increasing prices of digital assets.

The numbers changed in waves after that period. Global crypto adoption declined when prices plummeted in Q3 2021. However, bitcoin and other coins tapped new ATH in Q4, and consumers’ interest in this sector rebounded.

2022 has been a slow year due to the bear market, which has ruled for the greater part of the year. Chainalysis reported that worldwide cryptocurrency adoption is still higher than it was in 2020, despite this negative trend.

The entity found that many HODLers don’t see the downturn as a major challenge and they do not plan on selling their assets.

“Big, long-term cryptocurrency investors have held on through the bear markets. Their portfolios have suffered, but they aren’t yet locked in because they haven’t sold. On-chain data indicates that these holders believe the market will rebound, which is keeping market fundamentals healthy.”

The first CryptoPotato article was “Vietnam Reaffirms Global Leadership In Crypto Adoption: Chainalysis”

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the””  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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