Chainalysis has released a report on global crypto adoption for 2022. Research shows that Vietnam has the highest crypto adoption in the world. The bear market has impacted cryptocurrency adoption worldwide.
Chainalysis published a research on Global Cryptocurrency Adoption for 2022 on September 14. According to the report, Vietnam has the highest adoption of cryptocurrencies, with the Philippines and Ukraine coming in second and third, respectively, and the United States coming in fifth.
According to the survey, emerging nations continued to dominate the adoption index this year as they did the year before. Vietnam, the Philippines, Ukraine, India, and Pakistan are classified as lower-middle-income nations by the World Bank. On the other side, upper-middle-income countries include China, Brazil, Thailand, Russia, and Thailand.
In the top 10, the only nation with a high income is the United States.
This year marked Vietnam’s second consecutive year at the top of the leaderboard, coming in first for crypto adoption. One reason for the country’s second consecutive win could be the significant interest in blockchain-based games in the South East Asian region.
Another Chainalysis study found that 21% of Vietnamese consumers have used or owned digital assets at one point during their lives. The first place goes to Nigeria, where 32% of the locals have transacted with bitcoin or altcoins.
The report’s adoption rate was another noteworthy aspect. The bear market has generally slowed the adoption of cryptocurrencies, but it has managed to stay above pre-bull market levels.
The adoption rates have been continuously rising since mid-2019, the research claims. The adoption rate has been fluctuating since it reached an all-time high in the second quarter of 2021.
“[adoption rates] have fallen in each of the last two quarters as we’ve entered a bear market. Still, it’s important to note that global adoption remains well above its pre-bull market 2019 levels.”The report states
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