25 Countries with the Highest Cryptocurrency Ownership
In this article, we will be taking a look at 25 countries with the highest cryptocurrency ownership. If you want to skip our detailed analysis of the cryptocurrency market, you can go directly to see 5 Countries with the Highest Cryptocurrency Ownership.
According to a report by Grand View Research, the global cryptocurrency market was valued at $4.67 billion in 2022. The global cryptocurrency market is expected to grow to $11.71 billion by 2030 at a compound annual growth rate of 12.5%. The cryptocurrency market is gaining immense popularity across the globe. Increasing adoption of ledger distributed technology and widening acceptance of crypto as a credible payment method have contributed to the industry’s growth.
According to the report, the Asia Pacific is expected to experience the highest compound annual growth rate in the forecast years from 2023 to 2030. This is primarily due to the rising awareness of crypto and increasing investment in blockchain technology in China, Japan, and South Korea.
A Rising Crypto Startup Amidst Stringent Regulations
What does the future look like for the crypto industry? This is an interesting question for cryptocurrency holders and crypto companies alike. Do the bans limit the crypto industry's growth, or do investments by large companies in crypto paint a rosy picture countering any adverse impact by bans?
On September 6, Forbes discussed the recent regulations against crypto in Australia. Australia's Senate Economics Legislation Committee recently rejected the Digital Assets (Market Regulation) Bill. The bill propagated establishing licensing systems for crypto exchange, custody services, and stablecoin issuers. This not only prevents crypto companies from expanding in Australia but also hampers people from participating in the digital asset economy.
On September 7, Reuters reported that Britain's Financial Conduct Authority is set to establish stringent rules against marketing cryptocurrencies by early October. However, for the moment, the state has allowed companies to navigate their way through the regulations by enabling them to apply for a 24-hour cooling-off period. The state is set to implement these rules to protect British citizens from the illegal sale and marketing of crypto assets by firms around the world. The penalty for going against the new regulations could result in unlimited fines and up to two years in prison.
Acceptance demands time. Such is the case with crypto. While governments continue to navigate through the industry, companies and startups are on their way to becoming global leaders.
On July 24, Forbes discussed a crypto startup on its way to deanonymize blockchain. Miguel Morel is a 23-year-old running his very own startup, Arkham's Intelligence. The startup is an Austin-based startup revolutionizing blockchain data. Miguel insists that, eventually, people will have to stop hiding behind anonymous users on cryptocurrency marketplaces. Arkham's Intelligence is an online marketplace operating as a platform to buy and sell information. This information is based on users' transaction history and personal wallet ownership.
His primary goal is to establish transparency in his online systems. To shed light on this, Miguel states:
"Eventually, everyone's blockchain identity will be linked to their real-world identity. My goal for the marketplace, the intel exchange, is for anybody to make requests and post information that could be very meaningful in this space, either because it provides alpha for trading and investment or because it helps with risk management, exposing some major fraud. The crypto space needs transparency and accountability. There needs to be a mechanism by which people are incentivized to share information helpful to the community. Otherwise things will continue to be in the dark."
Miguel aims to deanonymize the system by requiring users to acquire information exchange tokens. Users must pledge the amount they are willing to offer and obtain specific information for the exchange. The system allows any crypto sleuth or blockchain analyst to respond to the user. Other users are allowed to hop on the conversation and make offers. However, the offers must sum to at least the initial offer. With these offers, the first person to be able to access the requested data will receive tokens as a bounty. The model is still in its early stages and has a long way to go.
Startups are making efforts to enhance the dynamics of the industry. However, large companies are also playing their part in increasing the use of crypto worldwide.
Notable Names in the Crypto Market
How important is it for large companies to take significant actions for the development of the industry? Large established companies operate through a wide consumer and supplier network. These companies hold the power and ability to enhance the workings of industries through continuous investments in research and development. Such companies include Coinbase Global Inc. (NASDAQ:COIN), CME Group Inc. (NASDAQ:CME), and PayPal Holdings, Inc. (NASDAQ:PYPL). Check out some of the best cryptocurrency stocks.
Coinbase Global Inc. (NASDAQ:COIN) is a cryptocurrency exchange platform based in the United States. On August 17, the company reported that Coinbase received approval from the National Future Association to offer cryptocurrency futures trading to retail customers. This will enable Coinbase to become the first Crypto native leader. The company will now be the first to offer regulated, leveraged and cash-settled crypto futures. Such will maximize customer convenience by enabling them access to futures directly through the Coinbase Financial Market.
CME Group Inc. (NASDAQ:CME) is a leading derivatives marketplace. On August 15, the company reported to launch APAC reference rates for Bitcoin and Ethereum on September 11. These new reference rates for the two digital assets will allow more people from the region to participate in the growing digital space while meeting the needs of existing participants. Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group said:
"These new reference rates are designed to meet the ever-evolving needs of global participants in the growing digital asset space. Year-to-date, 37% of the total crypto volume at CME Group has been traded during non-U.S. hours, with 11% of trades coming from the APAC region. As we continue to see more institutional clients use our Bitcoin and Ether futures products in active portfolios or structured products like ETFs, these APAC reference rates will allow market participants to more accurately and precisely hedge cryptocurrency price risk with timing more closely aligned to their portfolios."
On August 7, PayPal Holdings, Inc. (NASDAQ:PYPL) reported the launch of the US dollar Stablecoin. US dollar deposits and short-term treasuries will back the stablecoin PayPal USD (PYUSD). Consumers purchasing the digital asset can transfer the coin to any compatible wallet, exercise purchases, and convert cryptocurrencies to PayPal USD and vice versa. The company believes the need to catch up with changing global financial trends is significant to uphold the digital future. To shed light on this, the CEO and President of PayPal, Dan Schulman, stated:
"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar. Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD."
Companies heavily contribute to the widespread acceptance of crypto as a credible digital payment. The greater the company's investment in the industry, the more likely people will develop trust in digital assets. Companies have been rolling out compatible mobile applications to facilitate crypto users. Check out some of the best mobile apps for Crypto. With that, let's discuss the 25 countries with the highest cryptocurrency ownership.
Photo by Sajad Nori on Unsplash
Our Methodology
For our list of the 25 countries with the highest cryptocurrency ownership, we sourced our data from Triple A. The crypto exchange platform curates its list from over 11 sources using a series of metrics including Country Weighted Scoring, Global Weighted Scoring, Outlier Research, and Primary Data Collection. The list is in ascending order of the percentage of total population that owns cryptocurrencies.
25 Countries with the Highest Cryptocurrency Ownership
25. Nepal
Crypto Ownership: 4.43%
Nepal ranks 25th with one of the highest cryptocurrency ownership rates. Almost 4.8% of the total population in Nepal owns crypto.
Coinbase Global Inc. (NASDAQ:COIN), CME Group Inc. (NASDAQ:CME), and PayPal Holdings, Inc. (NASDAQ:PYPL) are some of the few companies enabling consumers from across the globe to conveniently access digital assets.
24. Indonesia
Crypto Ownership: 4.55%
The use of crypto as a payment method is legal and widely accepted by people in Indonesia. This can explain why 4.55% of the total Indonesian population owns crypto.
23. Colombia
Crypto Ownership: 4.81%
Almost 2.5 million, 4.8% of the total population in Columbia, owns cryptocurrencies. There is widespread acceptance of crypto and willingness from residents to invest in crypto.
22. Morocco
Crypto Ownership: 4.90%
Morocco is among the countries with the highest cryptocurrency ownership. Almost 4.90% of Morocco's total population owns crypto.
21. Turkey
Crypto Ownership: 5.46%
Almost 4.6 million, 5.5% of the total population in Turkey, own crypto. The Turkish Lira has been subject to volatility. Therefore, residents have been turning to invest in crypto as a safe haven.
20. Argentina
Crypto Ownership: 5.56%
Almost 2.5 million, 5.6% of the total population, in Argentina own crypto. Argentina has experienced a significant increase in crypto ownership. This is primarily attributed to the widespread acceptance of crypto as a credible payment option.
19. Russia
Crypto Ownership: 5.87%
Russia is among the countries with the highest cryptocurrency ownership. Almost 14 million people, 5.87% of Brazil's total population, own crypto.
18. France
Crypto Ownership: 5.90%
Of the total population, almost 3.4 million, 5.9% of the French population owns crypto. Individuals and families with a higher disposable income tend to spend more on investing in crypto compared to families and individuals with a relatively poor socio-economic status.
17. Philippines
Crypto Ownership: 6.13%
The Philippines is one of the largest markets for crypto in the region. Almost 6.13% of the total population in the Philippines own crypto.
16. United Kingdom
Crypto Ownership: 6.2%
Almost 4.2 million, 6.2% of the total population, own crypto. The wealthier people in the United Kingdom make up most of the percentage. of crypto owners. According to the report by Triple A, almost 40% of the people who own crypto earn over ￡200,000 per annum.
15. Pakistan
Crypto Ownership: 6.40%
Pakistan ranks among the countries with the highest cryptocurrency ownership. While the interest in investing in Bitcoin and other cryptocurrencies is significantly increasing, mass acceptance is subject to unfavorable laws and regulations.
14. Brazil
Crypto Ownership: 6.98%
Brazil is among the countries with the highest cryptocurrency ownership. Almost 16 million people, 6.98% of Brazil's total population own crypto. Many crypto companies like Binance, Coinbase, and Crypto.com view Latin America as their primary market for crypto.
13. India
Crypto Ownership: 7.23%
India ranks 12th with one of the highest rates of cryptocurrency ownership. The number of people who own crypto in India amounts to almost 97.5 million. There is still a lot of uncertainty surrounding the laws and regulations in favor of crypto becoming a mainstream source of income.
12. Thailand
Crypto Ownership: 9.32%
9.32% of Thailand's total population owns cryptocurrency. The primary reason for the growth of crypto ownership in recent years is the favorable laws for the widespread use of crypto.
11. South Africa
Crypto Ownership: 9.4%
South Africa is a huge market for cryptocurrencies. A large population from the lower or middle class tend to invest in cryptocurrencies. Residents of South Africa regard crypto as a safe asset to invest in as compared to their local currency.
10. Venezuela
Crypto Ownership: 10.30%
Venezuela is one of the largest markets for crypto in the region. Almost 10% of the total population in Venezuela owns crypto.
9. Nigeria
Crypto Ownership: 10.34%
Africa is among the fastest-growing markets for Crypto. Nigeria ranks among the countries with the highest crypto ownership with almost 10% of their population owning crypto.
8. Kenya
Crypto Ownership: 10.71%
Kenya is one of the largest markets for crypto in the region. Almost 6.1 million people, 10.71% of the total population in Kenya, own crypto.
7. Singapore
Crypto Ownership: 11.05%
Singapore is one of the fastest-growing economies in the world. The growing acceptance and ownership of crypto explain why the country is known as a global financial hub and crypto hotspot.
6. Iran
Crypto Ownership: 13.46%
Iran is one of the largest markets for crypto in the region. Almost 13.46% of the total population in Iran owns crypto.
Some of the leading companies altering the crypto landscape with continuous innovation and investment in research and development include Coinbase Global Inc. (NASDAQ:COIN), CME Group Inc. (NASDAQ:CME), and PayPal Holdings, Inc. (NASDAQ:PYPL).
Click to continue reading and see 5 Countries with the Highest Cryptocurrency Ownership.
Suggested Articles:
11 Best Cryptocurrency Stocks To Buy According To Hedge Funds
Top 15 Universities for Learning Crypto and Blockchain Technology
Disclosure: None. 25 Countries with the Highest Cryptocurrency Ownership is originally published on Insider Monkey