Vietnam Reaffirms Global Leadership in Crypto Adoption: Chainalysis

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Chainalysis’ current report, referred to as “The 2022 Global Crypto Adoption Index,” revealed that digital asset adoption has slowed down in the previous 12 months as a result of crypto winter however stays above pre-bull market ranges.

The chief from 2021 – Vietnam – was positioned first once more, whereas the Philippines and war-torn Ukraine adopted shortly after. Interestingly, China (the place the curiosity in bitcoin plunged considerably as a result of crypto ban in 2021) re-entered the highest 10.

The New Trends

After rising constantly since mid-2019, the cryptocurrency international adoption price has cooled off, mentioned Chainalysis in its recent research.

The entity utilized its index methodology to 154 international locations and estimated that Vietnam is once more the world’s crypto adoption chief, with a rating of 1.000. One motive for the nation’s second consecutive win might be the numerous curiosity in blockchain-based video games in the South East Asian area.

Another Chainalysis research discovered that 21% of Vietnamese customers have used or owned digital property at one level throughout their lives. The first place goes to Nigeria, the place 32% of the locals have transacted with bitcoin or altcoins.

Second place in “The 2022 Global Crypto Adoption Index” with a rating of 0.753 belongs to the Philippines, whereas third is Ukraine with 0.694. The navy battle with Russia severely disrupted the Ukrainian financial system, which might clarify why some residents determined to work together with digital currencies as an alternative of fiat.

Overall, nearly all of nations in the highest 20 record embrace lower-middle-income economies (Vietnam, the Philippines, Ukraine, Nigeria, Indonesia) and upper-middle-income ones (Brazil, Thailand, Argentina, Turkey).

Still, two high-income international locations – the USA and the UK – have additionally discovered a spot on the leaderboard and are respectively fifth and seventeenth.

It is price noting that China has proven some enchancment. Due to the entire ban on all the pieces crypto imposed by the home authorities final yr, the nation was thirteenth in 2021, whereas in the previous 12 months, it has climbed the ladder and is now tenth.

HODLers Remain Committed Despite the Market Plunge

In addition to the aforementioned figures, Chainalysis noticed how the worldwide cryptocurrency adoption price has modified since Q2 2021. Back then, it was at its all-time excessive, prompted primarily by the rising prices of most digital property.

After that interval, the numbers moved in waves. When prices tumbled in Q3 2021, so did international crypto adoption, whereas in This autumn, bitcoin and plenty of different cash tapped new ATH, and logically customers’ curiosity in the sector surged once more.

So far, 2022 has not been that dynamic due to the bear market that has reigned for the larger a part of the yr. Despite that adverse development, Chainalysis said that international cryptocurrency adoption stays greater than pre-bull market ranges from 2020.

Many HODLers don’t discover the downturn as a big problem and don’t plan to promote their ownings, the entity concluded:

“Big, long-term cryptocurrency holders have continued to carry via the bear market, and so whereas their portfolios have misplaced worth, these losses aren’t locked in but as a result of they haven’t bought— the on-chain knowledge suggests these holders are optimistic the market will bounce again, which retains market fundamentals comparatively wholesome.”

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