NEW YORK—Bitcoin’s explosion over the past year has driven an 880% growth in adoption as accepted tender, amid a staggering 2,300% wave of cryptocurrency adoption since 2019, according to Chainalysis, which released the figures in its annual Global Crypto Adoption Index.
Coin Rivet reported the independent data review of global cryptocurrency growth uses three key metrics to determine a national crypto adoption score. The main factor is on-chain value received, which is then weighted by purchasing power parity per capita.
“This works as an attempt to determine the total crypto activity volume in a country,” Coin Rivet explained. “It also produces figures that are directly comparable to its neighbors.”
The results show that the top three countries pushing forward crypto adoption are Vietnam, India, and Pakistan.
Other major players are Ukraine, United States and Venezuela. Toga and Tanzania also appear to have received the most On-chain value, Coin Rivet said.
‘Abundantly Clear’
“One thing that is abundantly clear from the report is that the developing world is adopting cryptocurrencies rapidly, with the digital payment systems serving a valuable function in remittance payments from migrant workforces,” Coin Rivet said. “For citizens in economically unstable countries – especially with large rural bankless populations – excluded from traditional central finance products, such as in Vietnam, Kenya, Nigeria, and Venezuela, it is becoming clear that digital currencies such as Bitcoin are an attractive alternative.”