Fresh data under the report titled “Cryptocurrency Adoption Index” has been compiled and published by Chainalysis for the year 2021 which examined and then ranked about 154 countries of the world according to their crypto adoption ratios. The firm’s findings reveal that crypto adoption globally has increased by about 2,300% and that too in less than the past 22 months. The last year’s crypto adoption average too has been provided which shows an increase of about 881%.
Cryptocurrency Adoption Index for the year 2021 has been sent out in the crypto industry. It has been compiled and then published by a blockchain firm that works independently namely Chainalysis. The index was published very recently on 18th July 2021 and contained astonishing results. However, the conclusive report will be made available in the month of September, told Chainalysis.
It has been told by Chainalysis that global crypto adoption has increased tremendously. The firm said that to form a conclusive index it has examined the adoption of cryptocurrencies in 154 countries. All of these countries have been ranked in the index based upon their crypto adoption averages. The findings of Chainalysis reveals that in terms of crypto adoption, the Asian region is the top region in the world. None other regions even came close to Asia where crypto adoption remained at its highest peak. Asian countries which put the region in the top seat included India, China, South Korea, Singapore, Iran, Bangladesh, Sri Lanka, Kazakhstan, etc.
However, in terms of individual country adoption, the top country was found to be Vietnam. Vietnam has therefore been ranked at the number one spot in the index. After Vietnam, the top countries in crypto adoption were found to be India, Nigeria, Venezuela, Pakistan, the US, Kenya, and Ukraine.
Both the economic giants of the world i.e. the US and China were dropped in crypto adoption ranking. In the year 2020, the US was at number six spot while China was in the fourth position. However, both countries failed to even make their way into the top five countries as well. This year, the US has been able to attain the sixth position while China moved down to the thirteenth position.
The firm also provided the reasons why such a massive drop was witnessed in the Chinese and US crypto markets. The reasons explained to be the discussion of crypto regulation and the wide use of decentralized finance.
However, the firm detailed that overall the crypto adoption in the past 22 months has increased about 2,300%. Even if the adoption is to be examined in the past year, there is an increase of almost 881%. According to Chainalysis, virtual assets have undoubtedly become a worldwide phenomenon. Even though the worldwide governments are trying put reigns on crypto, still the adoption is increasing against the odds.