In a recent survey that evaluated dozens of countries according to crypto usage, Nigeria ranks 1st as the country with the highest crypto adoption in the world.
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.
With around 300 million users as of 2021, crypto is more ubiquitous than ever. That being said, there’s still plenty of room for crypto to grow and spread worldwide; despite the growing numbers, 300 million crypto users is only 4% of the world’s population.
Here are the Top Five Countries for Crypto Adoption
1. Nigeria – 32%
Topping the list is the African nation of almost 200 million people, mainly on the younger, more tech-savvy side. With most Nigerians adept at sending money and paying through their phones, almost a third of Nigerians surveyed by Statista have used or owned crypto at some point. 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.
2. 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.
3. 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.
4. 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.
5. 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.