While it is in a much better place now than a few short years ago, the cryptocurrency industry is still pushing hard to achieve mainstream adoption. However, its efforts are not in vain, as there are massive amounts of progress that have become quite apparent.
Chainalysis recently proved as much by issuing its Global Crypto Adoption Index 2020, which revealed the newest data regarding crypto usage around the globe. However, the results are not what most have expected.
What did the report uncover?
According to the report, the first three places went to some highly unexpected nations. The first spot was taken by Ukraine, which was followed by Russia. The third spot went to Venezuela, which has been pro-crypto for a few years now, although the country keeps insisting on its citizens buying and using Petro.
The assessment was made by using three different metrics — the value of crypto transactions weighted by PPP (purchasing power per capita), the number of on-chain deposits against the number of internet users in the country, and the value of retail transfers, which was also weighted by PPP.
In addition to that, the Index also included the trading volume established on P2P exchanges. However, this metric is weighted against PPP, as well as the number of internet users per country.
Levels of development in these different crypto sectors are uneven, and so some countries ended up ranking in odd places, such as China, which is in the fourth spot. The country has quite a massive population, and this is the reason why it ended up ranking low, even though its crypto users heavily outnumber those of other nations.
Kenya and Venezuela, on the other hand, are among the top 5 overall, even though most metrics are dragging them down to the top 10.
However, Chainalysis especially pointed out Venezuela as an example of the forces that are driving adoption in emerging countries, particularly noting its massive inflation and strong economic instability.