Most analysts rank the international market for cryptocurrency based on total capitalization, which puts North America, Europe at the top of the chart. However, the United States, a wealthy and populous country, skews the actual level of commitment to and engagement in cryptocurrencies in other parts of the world. Looking at the share of total cryptocurrencies owners tells a different story about the countries whose populations are most crypt-obsessed and invested, in spite of, and sometimes because of, lower access to wealth and financial services, inflationary experience, and a greater propensity to gamble on the unknown, when the known opprotunity is guaranteed to shrink.
Thailand – 20.1%
The largest share of cryptocurrency owners lives in Thailand. Tether accounts for 17.3 percent of this market, the largest share owned in that country. Between 3.5 to 6.5% of Thailand’s population, depending on the data source , own crypto. The military-backed government has banned the use of crypto for payments, but trading it is legal.
Nigeria – 19.4%
A 202o survey by Statisca should 32% of Nigerians who took part owned crypto and the country was third in volume of crypto held after the US and Russia in 2020, in spite of a ban on bank participation. Banks are needed both to move money into a crypto wallet to make a purchase and also to accept payment back in any Fiat currency, and while reports of banks freezing assets after crypto purchases in Nigeria abound, the ban was only sporatically fully enforced. BBC claims the core reason is the inflation rate of the Naira which topped 24% in 2020, in addition to the lack of financial services, and a simple lack of other financial opportunities to gain wealth. Nigeria also had a GDP of $5900, compared to $17,900 in Thailand, in 2017, as the Bitcoin FOMA was heating up. Even after the crash in April 2022, searches for “Crypto” in Nigeria went up. Cointelegraph reported in April, that ” nearly 17.36 million, or 52% of Nigerian crypto investors, have allocated over half of their assets to cryptocurrencies.”
Philippines – 19.4%
The central bank of the Philippines approved 16 crypto exchanges in the summer of 2020, and as late as November 2022, Union Bank of the Philippines launched a pilot program to offer Bitcoin and Ether custody and trading services for some retail customers. A major outsourcing destination, crypto has become a way to transfer payments between countries without engaging the banking system, unless it participates. The income level of a person in the Philippines in 2018 was $6123.
Turkey – 18.6%
According to a 2022 research report by Turkish crypto exchange Paribu, more than 8 million people in Turkey now hold cryptocurrency. The heavy hand of the government in all aspects of finance, corruption, taxation, inflation, manipulation of the national currency, restrictions on foreign exchange transfers, oligarchical take-overs of corporations and property, and the general unpredictability of the future are all drivers of the migration to the relative freedom of the cryptocurrency markets. The Turkish lira lost 50% of its value between April 2020 and May 2022. Turkey banned the use of cryptocurrency for goods and services in 2021 but has not banned trading. Analysts predict that horse is out of the barn, and further restrictions will fail to be effective.
Argentina – 18.5%
In May 2022, Argentina’s central bank banned financial institutions from offering cryptocurrency-related services, but inflationary pressures on the peso still drove a migration from Fiat into crypto. Analytics said about one-third of Argentines said they bought or sold cryptocurrencies at least once a month, double the percentage of people in the United States, according to a separate survey by Morning Consult.
Indonesia – 16.4%
Trading crypto for investment purposes is allowed in the Indonesian commodities market, although payment for goods and services is banned. Currently, Bitcoin is the most popular cryptocurrency to own in the country and remains the digital currency with the highest transaction values among Indonesian investors. It is one of the top countries with the most crypto users.
Brazil – 16.1%
Chainalysis data says the country is one of the most important in the world in terms of the sheer number of users. The Brazilian digital bank Nubank released its own cryptocurrency, “Nucoin,” to “further democratize new technologies such as blockchain and web3″ in 2022. As one of the first countries with a bank that has launched a digital coin, Brazil is worth watching.
Singapore – 15.6%
“The Monetary Authority of Singapore (MAS) has increased access to crypto trading for authorized investors, and numerous exchanges received preliminary clearance to offer services related to digital payment tokens in the city-state.” The government’s embrace of cryptocurrency makes Singapore an interesting part of the international marketplace.
South Korea – 13.4%
The crypto market in South Korea is booming, Analytics says, in spite of regulatory restrictions the government has also partially embraced crypto ownership. Five major local exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax – dominate the market for transactions and the security commission approves transactions of coins such as BTC, ETH, Bitcoin Cash, Ripple, and Litecoin in any registered exchange, where the platforms are regulated.