Global crypto adoption up 881% from a year ago: Here are the top 20 countries where cryptocurrency use is most common

In May, a study conducted by crypto exchange company Gemini found that 14% of American adults — roughly 21 million people — now own cryptocurrency. The sudden rise in crypto ownership coincided with Elon Musk’s appearance on Saturday Night Live (SNL) when he promoted the popular meme cryptocurrency Dogecoin on May 10.

However, the popularity of cryptocurrency is not limited to the United States. In fact, the United States slipped from sixth to eighth place in the 2021 Global Crypto Adoption Index report recently released by blockchain data firm Chainalysis.

The study found that the worldwide adoption of cryptocurrency jumps over 880% from a year ago.  Chainalysis found that P2P platforms driving cryptocurrency usage in emerging markets with Vietnam, India, and Pakistan in the top three spots.

The 2021 Global Crypto Adoption Index Top 20

Below is a table that shows the top 20 countries in our 2021 Global Crypto Adoption Index, as well as their rankings in the three-component metrics that make up the overall rankings.

As you can see from the table above, most of the top 20 countries are emerging economies, including Ukraine, Nigeria, Togo, Colombia, and Afghanistan. China is almost at the bottom of the list partly due to the recent crackdown this spring, dropping from fourth to 13th place.

Chainalysis added many people from these countries turn to cryptocurrency to preserve their savings in the face of currency devaluation. They also use cryptocurrency to facilitate remittances and carry out business transactions.

Based on The Chainalysis 2021 Global Crypto Adoption Index, below is a map of where cryptocurrency is taking off around the world.

Countries are scored on three metrics: Total crypto activity, trading activity of non-professional users, and peer-to-peer exchange trade volume. All are weighted by purchasing power parity per capita.

Credit: CNBC (click here to see the interactive map)