Bitcoin and Crypto Adoption Soars 880% in 2021
These numbers are huge if you ask me – massive adoption of Bitcoin and cryptocurrency globally – and people are still on the fence about it
Bitcoin And Crypto Adoption Soars 880% In 2021, This Is What’s Driving It
“Analysis firm Chainalysis has disclosed its 2021 Global Crypto Adoption Index part of a more detailed report to be released in September, it claims Bitcoin and cryptocurrencies are seen high levels of adoption. The Index follows a methodology that digs deeper, beyond metrics such as transaction volumes, to determine those territories embracing the digital crypto economy.
Therefore, Chainalysis claims that its results on Bitcoin and crypto adoption include those countries that have professionals and institutions driving it, but also those where “ordinary people” rely on them. Thus, the Index attempts to measure real use cases, and not just “trading and speculation”.
Chainalysis studied data from 154 countries and measures their Bitcoin and crypto adoption by three metrics: on-chain cryptocurrency value received and transferred, measuring crypto activity. In addition to peer-to-peer (P2P) exchange trade volume, measuring activity especially on emerging markets.
The closes a country’s Index score is to 1, the highest its adoption. As seen below, according to the 2021 Global Crypto Adoption Index, Vietnam occupies the first position with a 1 score on the index. The rest of the countries in the top 10 by cryptocurrency adoption have emerging economies and their Index scores are far from that obtained by the one occupying the main position.
India (0.37), Pakistan (0.36), Ukraine (0.29), Kenya (0.28), Nigeria (0.26), and Venezuela (0.25), follow Vietnam on the ranking. Only the United States (0.22) has a position in the top 10 at number 8 with a high level of on-chain value received and on-chain retail value, but a low P2P exchange trade volume, as illustrated hereunder.”