USA leads the way for crypto payments, study reveals

Merchant Machine have conducted research into the global adoption of cryptocurrency by investigating which countries and cities have the highest growth in cryptocurrency use, as well as which types of businesses are accepting crypto as a method of payment.

USA, Ukraine and UK lead the way for overall cryptocurrency use

Merchant Machine’s research revealed the USA, Ukraine and the United Kingdom as the countries with the highest overall crypto use.
The top 10 countries for overall cryptocurrency use

Country

City

Total number of crypto owners in the country

Number of crypto owners

(Percentage of the population)

Global Decentralised Finance Adoption Index

Number of businesses that accept crypto payments – Cafe, shops, sports, transport, lodging

Number of Bitcoin ATMs

Monthly search volume of  cryptocurrency terms

Overall crypto Score (out of 10)

USA

Washington, D.C.

27,491,810

8.31%

9.63

6

33,212

35,468

7.75

Ukraine

Kyiv

5,565,881

12.73%

9.26

26

42

2,894

5.96

United Kingdom

London

3,360,591

4.95%

9.38

23

32

21,183

5.79

India

New Delhi

100,740,320

7.30%

10.00

3

2

35,448

5.52

Thailand

Bangkok

3,629,713

5.20%

9.51

39

5

1,875

5.30

Russia

Moscow

17,379,175

11.91%

8.64

27

50

0

5.16

France

Paris

2,179,654

3.34%

8.15

46

3

9,326

4.90

Netherlands

Amsterdam

521,404

3.04%

7.90

34

20

784

4.83

Vietnam

Hanoi

5,961,684

6.12%

9.75

0

8

953

4.69

Colombia

Bogotá

3,122,449

6.14%

7.66

86

41

2,262

4.65

The USA is one of the most powerful economies in the world, so it’s not surprising to see it top the list when it comes to cryptocurrency use.
Ukraine has a far less powerful economy in comparison to the USA. It is ranked as the poorest country in Europe in terms of GDP per capita.
Ukraine’s emerging market may explain its high crypto use. Many emerging markets struggle with currency devaluation, which may push residents to invest in crypto as a way to preserve their savings.

Nigeria predicted to use the most crypto over the next three years

By investigating the percentage of people who either owned or used cryptocurrencies over the past three years in 50 different countries, Merchant Machine were able to predict the percentage who would be using crypto over the next three years.
Nigeria is at the top of the list, with an estimated 100% by 2030. This means that if crypto use continues to grow at its current rate, the entire population of Nigeria will be using cryptocurrencies!
Top 10 countries for predicted cryptocurrency use

Percentage of people who either owned or used cryptocurrencies (%)

Prediction Data (%)

Country

2019

2020

2021

2023

2025

2030

Nigeria

28

32

42

55

69

100

Philippines

15

20

28

41

54

86

Thailand

23

18

31

36

44

64

Malaysia

6

12

16

26

36

61

India

7

9

15

22

30

50

Pakistan

6

6

14

21

29

49

Vietnam

22

21

27

31

36

48

Turkey

20

16

25

28

33

45

United States

6

6

13

19

26

43

South Africa

16

18

21

26

31

43

Bogotà, Colombia has the highest number of businesses accepting crypto payments

The capitals of Colombia, Venezuela and South Korea came out on top for the number of businesses accepting crypto payments.
In Bogotà, Colombia, an impressive total of 86 businesses accept crypto payments. Caracas, Venezuela came just behind at 58, and Seoul, South Korea totalled 47.

 

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