According to recent data published by Binance, the largest cryptocurrency platform by trading volume, Nigeria ranks 1st globally as the leading country per capita for Bitcoin and cryptocurrency adoption, with nearly one-in-three Nigerians indicating they used or owned crypto assets in 2020.
Topping the list, the African nation of almost 200 million people, mainly on the younger, more tech-savvy side. Most Nigerians are adept at sending money and paying through their phones. The survey also showed that around 300 million people globally in 2021 have owned or used crypto at some point in their lives.
One key factor in driving mass adoption of crypto is the availability of stablecoins such as BUSD that act as a bridge between fiat and crypto.
Other countries are ranked below, (with rankings based on a recent survey by Statista)
Vietnam – 21%
This economically fast-rising Southeast Asian nation of nearly 100 million has also seen huge demand in crypto, with activities varying from trading and P2P to payments and other utilities. According to Chainalysis, crypto traders raked in $400 million in crypto earnings in 2020.
Philippines – 20%
Another Southeast Asian country with an economic and demographic situation similar to Vietnam’s, the island-nation has shown that it is adept at adopting crypto. The country’s central bank has provided licenses to crypto companies, while its government is distributing bonds through a blockchain app. On the grassroots level, the nation is becoming a hotspot for blockchain-based play-to-earn games.
Turkey – 16%
At the crossroads of Europe and Asia, in this country, crypto companies have become so big that they sponsor national football teams, while football clubs also offer blockchain-based fan tokens. Some Turkish people have gone on the record to say Bitcoin is their primary alternative for investment, which is unsurprising given that the nation recorded $300 million in Bitcoin gains last year.
Peru – 16%
Latin America has been a hotbed for crypto adoption, with countries like Brazil, Argentina, and Venezuela seeing major activity on the crypto front in response to their respective economic situations. While at least six Latin American countries saw crypto adoption reach percentages in the double digits, Peru is the most advanced of these nations.