Crypto Adoption Index 2020 and Unusual Leader

Cryptocurrencies are quite popular around the world. According to the Global Crypto Adoption Index 2020, Ukraine is a global leader when it comes to crypto adoption. The second place belongs to Russia and third place to Venezuela. 

It is worth mentioning that, Chainlysis looks at three on-chain metrics. The first one is the total value of on-chain crypto transactions weighted by purchasing per capita or PPP. Also, the second one is the value of on-chain retail weighted by PPP and the last one is the number of on-chain crypto deposits weighted by the number of internet users.

Importantly, the index also takes into account the volume of trades made on peer-on-peer crypto exchanges weighed the number of users as well as PPP. 

People should take into consideration that, no western European countries rank among the top ten countries. Interestingly, the report shows uneven levels of development across the crypto sectors of many countries. 

For example, China’s number of on-chain deposits and P2P trade is not good, due to its large population. As a result, China was not able to become a global leader. However, the country has the best result when it comes to on-chain rankings by both retail and total value.

Crypto adoption in various countries

Interestingly, the two top-performing nations by P2P exchange volume, Venezuela and Kenya are among the top five countries. However, they are not in the top ten by any other metric. 

According to a blockchain analysis company, Venezuela is a perfect example of the forces that drive cryptocurrency adoption among emerging countries. The local population is using cryptocurrencies to mitigate economic instability. 

It is worth noting that, the report offers some unexpected insights. For example, Vietnam is in second place when it comes to the value of both retail and all on-chain transactions. 

The United States, Nigeria, South Africa, Colombia rank among the top ten countries apart from Ukraine, Russia, Venezuela, China, Kenya, and Vietnam.