Much has been written about cryptocurrency adoption and how we, as hodlers, will be on the right side of history.
While regulators, particularly those in the United States, have done everything they can to stymie the revolution, data compiled by TripleA shows a positive trend in crypto adoption, particularly in many developing countries.
With 100 million users, or 7.3 percent of the population, India stands out as the country with the most hodlers, despite recent regulatory issues.
Given that WazirX is the country’s top exchange, it ranks highly on CoinMarketCap’s exchange score, which considers web traffic, liquidity, and volume. Not to mention the consistently high volume of BTC/INR traded, with $40.3 billion transacted in the last 24 hours, this may not come as a surprise to many.
However, the country with the highest proportion of hodlers as a percentage of the population may surprise you.
Who Is TripleA, and What Is Their Methodology?
TripleA is a Singapore-based company that provides business solutions to businesses that want to accept cryptocurrency as payment.
“ThreeA helps businesses increase their revenue by gaining access to the growing cryptocurrency users (300m+) community from all over the world through its simple setup, highly competitive exchange rate, and no-chargebacks payment system.”
The primary source for their data on global adoption was a report titled “The Chainalysis 2020 Geography of Cryptocurrency Report” by blockchain data analysts Chainalysis.
This report provides a geographical analysis of cryptocurrency patterns based on the following criteria:
the country’s on-chain cryptocurrency value received, the country’s on-chain retail value transferred, the number of country cryptocurrency deposits on-chain, and the country’s Peer-to-Peer exchange trade volume
To arrive at their final figures, this data was cross-referenced and weighted against reports from 16 other sources, including Binance, Willy Woo, and Gemini.
They come to the conclusion that crypto adoption is increasing on a global scale. Based on their data, they estimate that there are 300 million crypto hodlers worldwide, accounting for 3.9 percent of the world’s population.
A Summary of the Highlights
The top ten countries with the most hodlers include a surprising number of developing countries. China, surprisingly, does not appear on the list, which may understate the macro picture. Nonetheless, the top ten are as follows:
India – 100.7 millionUSA – 27.5 millionRussia – 17.4 millionNigeria – 13 millionBrazil – 10.4 millionPakistan – 9.1 millionVietnam – 6 millionUkraine – 5.6 millionKenya – 4.6 millionPhilippines – 4.4 million
Furthermore, countries with the highest proportion of hodlers as a percentage of the population provide some surprises, with notable crypto powerhouses such as South Korea failing to make the top 10.
Ukraine 12.73%Russia 11.91%Venezuela 10.34%Singapore 9.04%Kenya 8.52%USA 8.31%India 7.30%South Africa 7.11%Nigeria 6.31%Colombia 6.14%
After legalizing cryptocurrency in a near-unanimous vote earlier this month, Ukraine’s President Zelensky signaled his intention to go one step further and make Bitcoin legal tender, as El Salvador has done.
According to reports, President Zelensky has formed a close relationship with President Bukele, sharing ideas and plans for their respective countries’ financial futures.