2023: Europe’s Embrace of Cryptocurrency
2023 started off on the right foot for most cryptocurrencies. Check out where in Europe people are embracing crypto the most.
Europe’s Crypto Adoption
Crypto, the buzzword in the world of finance. There are currently around 31 million users of these digital assets in Europe, according to estimations from cryptocurrency payment gateway TripleA.
Which countries are leading Europe in grassroots crypto adoption?
Chainalysis, a blockchain data platform based in New York, has designed an index to give us the answer. On a scale from 0 to 1, the indicator shows where most people are putting the greatest share of their wealth into cryptocurrency.
- The European top three are all in the east. Ukraine (0.215) leads the way, followed by Turkey (0.142) and Russia (0.140).
- The focus then shifts to the west. The UK (0.121) comes fourth and Spain (0.062) takes the fifth spot.
However, when looking at the globe as a whole, Europe takes a backseat. The so-called “Global South” is the shining crypto star.
Asia dominates the global picture
India leads grassroots crypto adoption worldwide, taking the maximum score on the index (1). Nigeria (0.642) and Vietnam (0.568) come next.
Coming in at under 0.5, the US(0.367) and Ukraine (0.215) are on the fourth and fifth places. The latter is the only European country on the world’s top five and 10.
According to Chainalysis, Central and South Asia is the region where crypto adoption is the highest. In fact, six of the top 10 countries are located there.
While cryptocurrencies have been recovering since the turbulence of late 2022, crypto adoption is still down, and well off its all-time highs, Chainalysis says.
But that isn’t true everywhere. Lower middle income (LMI) countries have seen a much stronger return than anywhere else.
This is an extremely promising opportunity for crypto, according to Chainalysis. It explains that, since LMI countries often have emerging, dynamic economies, industries and populations, they might be the next main actors in the global power play.
As a result, and because they are big users, crypto is going to be a considerable part of that future, Chainalysis predicts.
It could be said that El Salvador is already one step ahead. In September 2021, it became the first country to make Bitcoin legal tender, requiring all businesses in the country to accept the cryptocurrency.