Crypto adoption has risen on a year-on-year basis, and so has the market cap and price of Bitcoin. But where do we stand now? A recent study by TripleA, a Singapore-based firm, shows that the global crypto adoption rate is at 4.2% in 2022. That roughly translates to around 320 million users. The survey done by TripleA also segregated the data by country and continent to see the reach of crypto in different parts of the world.
Global crypto adoption rates
Among continents, the largest one had the most users— Asia has 130 million digital asset adopters and was followed by Africa with 53 million users and North America with 51 million users. Finally, we had Europe, South America, and Australia with 43 million, 27 million, and 1 million users, respectively. If we consider the population difference in these continents, then the actual adoption rates will be clearer.
From a global point of view, the report suggests that the total number of crypto users right now is almost equal to internet users in 1998. This shows we are on the right path, and more adoption is just a matter of time. But we should also note that the internet and crypto assets are two very different things, and we might see things play out differently this time.
Countries leading in crypto adoption
In terms of the total number of crypto users, the USA has the most, with 46 million, and surpasses the second spot by quite a lot. As in number 2 place, we have India with 27 million users. The next 3 countries are Pakistan, Nigeria, and Vietnam, with 26 million, 22 million, and 20 million users, respectively. However, if we take into consideration the huge population of India, its crypto adoption rate is very low.
While 13.74% of the US population holds crypto, this number only stands at 2% for India. It is also much higher for the other countries in the top 5 list, with Vietnam at the top with 20.27% adoption. Pakistan has an adoption rate of 11.5%, and Nigeria has 10.34%. There are some other nations that didn’t make the top 5 list because of a lower population but have high crypto adoption rates. We have Ukraine at 15.72%, Russia at 10.10%, and South Africa at 12.45%.
What are your thoughts as the TripleA study shows that the global crypto adoption rate is at 4.2%? And do you think crypto will have a similar growth trajectory as the internet? Let us know in the comments below. And, if you found our content informative, share it with your friends.
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