The top 10 countries with the most crypto users.
Cryptocurrencies are becoming increasingly popular as a means of payment and savings. We show you the top 10 countries with the most users. Find out why so many emerging countries are among them - and where Switzerland ranks.
The rapid evolution of our financial systems cannot be overlooked. More and more people around the world are turning to digital currencies such as Bitcoin and other cryptocurrencies. These are not only increasingly accepted as a means of payment, but are also seen as a safe form of investment. The appeal lies in their independence from conventional bank accounts and their global accessibility at any time.
The acceptance and use of cryptocurrencies vary from country to country and are influenced by various factors. Let's first take a look at the countries in which cryptocurrencies are particularly popular:
This is the proportion of respondents who stated that they would either own or use cryptocurrencies in 2022:
Inflation hedging
The increasing spread of alternative currencies such as Bitcoin, Ethereum and other cryptocurrencies is influenced by various factors. One of the main reasons is that cryptocurrencies offer a store of value for some people compared to their own national currency. Particularly in countries such as Argentina and Turkey, where inflation rates are high and confidence in the stability of the local currency is declining, people are looking for alternative ways to secure their assets. As a result, they are increasingly turning to cryptocurrencies to hedge against the loss in value of their national currency.
In Nigeria, mobile money transactions are increasingly being carried out without a bank account, as many people in these countries do not have access to traditional bank accounts. The proliferation of cryptocurrencies such as Bitcoin and Ethereum has opened up new opportunities for Nigerians to earn money and conduct financial transactions. This development has also led to cryptocurrencies being seen as an alternative to unstable local currencies, especially in times of high inflation. The use of cryptocurrencies allows people in developing countries to protect their savings from devaluation due to inflation while gaining access to global financial markets.
Very many small savers
The Philippines, Singapore, the United Arab Emirates and Brazil are leading the way in creating a crypto-friendly environment through their governments. These countries are striving to be at the forefront of digital innovation and are actively promoting the use of cryptocurrencies and blockchain technology. A strong affinity for the internet and cryptocurrencies can also be observed in Asian countries such as Vietnam, Thailand and India. Especially in emerging markets, small savers often use cryptocurrencies as an alternative to the traditional banking system, as they offer them a simple and secure way to invest assets and transfer money.
In Switzerland, the use of cryptocurrencies was already quite high in 2023 at around 21% of the Swiss population. On the one hand, this is due to the fact that many large crypto companies are based in the Swiss crypto valley and Switzerland is considered a kind of blockchain hub. On the other hand, more and more Swiss financial providers are striving to facilitate access to crypto transactions by offering corresponding services. In light of these developments, it is expected that the use of cryptocurrencies in Switzerland will continue to grow as interest in digital assets such as Bitcoin and Ethereum and their integration into the financial market increases.
The acceptance of Bitcoin and other cryptocurrencies increased by over 800% in 2022. Today, 10% of the world's population owns some form of cryptocurrency.
There are a few more crypto-friendly countries, but they didn't make it into the top ten:
● El Salvador: The only country to date where Bitcoin is already an official national currency is El Salvador. In September 2021, the country passed a law recognizing Bitcoin as legal tender alongside the US dollar. This decision has attracted worldwide attention and led to discussions about the future of cryptocurrencies as a means of payment. Find out more about the innovative Latin American country and the impact of cryptocurrencies as an official means of payment here.
● USA: In the home of Silicon Valley, it is no wonder that payment with cryptocurrencies is widespread. With the slogan "Bitcoins are welcome here", many companies and businesses in this region signal their openness to digital currencies. This attitude reflects the innovative spirit and technological avant-garde of Silicon Valley, where many companies and individuals were early adopters of cryptocurrencies.
● Japan: Japan has always been a pioneer when it comes to new technologies. As the pseudonym "Satoshi Nakamoto" of the still anonymous Bitcoin inventor suggests, the whole crypto story may have started here in the first place. The country has a long tradition in the technology sector and is known for its innovative strength. It is therefore not surprising that Japan plays an important role in the development and acceptance of cryptocurrencies such as Bitcoin.
The popularity of cryptocurrencies is constantly growing. Crypto-friendly governments and legal frameworks with investor protection contribute to this. The same applies to the innovative, decentralized and secure technology, which also allows democratization of access for small savers. Experts believe that cryptocurrencies have great potential as alternative financial instruments and will continue to drive the transformation of our payment systems. The increasing acceptance and use of cryptocurrencies worldwide could fundamentally change the financial system by breaking down traditional barriers and making financial services more accessible to a broader section of the population.
Sources and further reading:
- Statista: Cryptocurrency is gaining popularity as an investment product
- Statista: Share of respondents who indicated they either owned or used cryptocurrencies in 56 countries and territories worldwide from 2019 to 2023
This article does not constitute investment advice or a solicitation to buy or sell digital assets or other financial instruments or to enter into any other financial transaction. The main purpose of this article is to provide general information. No representations or warranties, express or implied, are made regarding the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. Therefore, it is advisable not to rely on the fairness, accuracy, completeness, or correctness of this article or the opinions contained herein. Some statements in this article may contain forward-looking expectations based on our current views and assumptions. These statements are subject to uncertainties and may lead to actual results, performance, or events differing from the statements made in this article.
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