As crypto adoption spreads around the world, major crypto exchange Binance is highlighting five standout countries that it claims are leading the way.
Binance discusses the various catalysts driving crypto adoption in a recent blog post, highlighting five specific countries that are seeing accelerated growth based on data from Statista’s global consumer survey.
Nigeria, with a population of over 200 million people, is the first country on Binance’s list. According to Statista, 32% of Nigerians have used or owned cryptocurrency at some point in their lives.
Vietnam is up next. According to Chainalysis data, Vietnamese crypto traders earned $400 million in cryptocurrency last year. According to Binance, 21% of the country’s 100 million citizens have traded cryptocurrencies, used peer-to-peer trading services, or used other forms of crypto utility.
The Philippines is ranked third on Binance’s list. According to the crypto exchange, 20 percent of the country’s 111 million people have used cryptocurrency. According to Binance, the country’s government has already begun to use blockchain technology to distribute bonds, and its central bank has granted licenses to various crypto companies operating within the country.
Turkey is the next country on the list. Binance claims that the country has made $300 million in Bitcoin gains in the last year. According to reports, crypto companies in the country have grown so large that they are now sponsoring local sports teams.
According to Binance, 16% of Turkey’s 85 million population uses or has used cryptocurrencies.
Finally, Binance lists Peru as the fifth country with the highest rate of cryptocurrency adoption. According to Binance, at least six Latin American countries have reached double-digit percentages of crypto adoption, with Peru leading the pack with 16 percent of the country having adopted crypto in some form.
El Salvador’s government announced on June 9th that Bitcoin would be accepted as legal tender.
In addition to these five countries, Binance lists Switzerland, India, China, the United States, Germany, and Japan as key drivers of cryptocurrency adoption.
Despite the fact that crypto will be in the lives of 300 million people by 2021, this figure represents only 4% of the world’s population, leaving plenty of room for the technology to grow over the next few years, according to Binance.