The Top 10 Countries with the Most Crypto Users.
As payment methods and savings assets, cryptocurrencies are becoming increasingly popular. We will show you the top 10 countries with the most users. Discover here why so many emerging countries are among them—and where Switzerland stands approximately.
The rapid evolution of our financial systems is undeniable. More and more people worldwide are turning to digital currencies like Bitcoin and other cryptocurrencies. These are not only increasingly accepted as a means of payment but also seen as a secure form of investment. Their appeal lies in their independence from traditional banking and their global accessibility at any time.
The acceptance and use of cryptocurrencies vary from country to country and are influenced by various factors. Let’s first take a look at which countries are particularly enthusiastic about cryptocurrencies:
This is the proportion of respondents who reported owning or using cryptocurrencies in 2022:
Inflation Protection
The growing adoption of alternative currencies such as Bitcoin, Ethereum, and other cryptocurrencies is influenced by various factors. A major reason is that cryptocurrencies offer some people a store of value compared to their local currency. In countries like Argentina and Turkey, where inflation rates are high and confidence in the stability of the national currency is declining, people are seeking alternative ways to protect their wealth. Consequently, they are increasingly turning to cryptocurrencies to hedge against the devaluation of their national currency.
In Nigeria, mobile money transactions are becoming more common due to limited access to traditional bank accounts. The rise of cryptocurrencies like Bitcoin and Ethereum has provided Nigerians with new opportunities to earn money and conduct financial transactions. This trend has also led to cryptocurrencies being seen as an alternative to unstable local currencies, especially during periods of high inflation. The use of cryptocurrencies enables people in developing countries to protect their savings from inflation and gain access to global financial markets.
Many small investors
The Philippines, Singapore, the United Arab Emirates, and Brazil are leading the way in creating a crypto-friendly environment through their governments. These countries aim to be at the forefront of digital innovation and actively promote the use of cryptocurrencies and blockchain technology. In Asian countries like Vietnam, Thailand, and India, a strong affinity for the internet and cryptocurrencies is also observed. Especially in emerging markets, small investors often use cryptocurrencies as an alternative to the traditional banking system, offering them a simple and secure way to invest and transfer money.
In Switzerland, cryptocurrency usage was already quite high in 2023, with about 21% of the Swiss population involved. This is partly because many major crypto firms are based in the Swiss Crypto Valley, and Switzerland is considered a blockchain hub. Additionally, more and more Swiss financial providers are working to make crypto transactions more accessible by offering relevant services. Given these developments, it is expected that cryptocurrency usage in Switzerland will continue to rise, as interest in digital assets like Bitcoin and Ethereum and their integration into the financial market increases.
The acceptance of Bitcoin and other cryptocurrencies increased by over 800% in 2022. Today, 10% of the global population owns some form of cryptocurrency.
There are a few other crypto-friendly countries that didn’t make it into the top ten:
El Salvador: The only country so far where Bitcoin is already an official national currency is El Salvador. In September 2021, the country passed a law recognizing Bitcoin as a legal tender alongside the US dollar. This decision garnered global attention and sparked discussions about the future of cryptocurrencies as a means of payment. Learn more about this innovative Latin American country and the impact of cryptocurrencies as official currency here.
USA: In the home of Silicon Valley, it's no surprise that paying with cryptocurrencies is widespread. With the motto "Bitcoins are welcome here," many businesses and stores in the region signal their openness to digital currencies. This attitude reflects the innovative spirit and technological avant-garde of Silicon Valley, where many companies and individuals embraced cryptocurrencies early on.
Japan: Japan has always been a pioneer when it comes to new technologies. As the pseudonym "Satoshi Nakamoto" of the still-anonymous Bitcoin creator suggests, the entire crypto story may have started here. The country has a long tradition in the technology sector and is known for its innovative spirit. It is therefore not surprising that Japan plays a significant role in the development and acceptance of cryptocurrencies like Bitcoin.
The popularity of cryptocurrencies is continuously growing. This is due to crypto-friendly governments and regulatory frameworks that provide investor protection, as well as the innovative, decentralized, and secure technology that allows democratized access even for small investors. Experts believe that cryptocurrencies have significant potential as alternative financial instruments and will further drive the transformation of our payment systems. With the increasing acceptance and use of cryptocurrencies worldwide, the financial industry could fundamentally change by breaking down traditional barriers and making financial services more accessible to a broader population.
- Statista: Kryptowährung als Anlageprodukt gewinnt an Beliebtheit
- Statista: Share of respondents who indicated they either owned or used cryptocurrencies in 56 countries and territories worldwide from 2019 to 2023
- Handelsverband: Blockchain im Mainstream angekommen: 14% der Österreicher:innen haben in Bitcoin & Co investiert. 2% setzen bereits auf Non-Fungible Token.
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