Most cryptocurrencies have started 2024 well. Check out where people are adopting cryptocurrencies in Europe the most.
advertisementCryptocurrencies are the buzzword in the financial world. There are currently about 31 million users of these digital assets in Europe, according to estimates from cryptocurrency payment portal TripleA.
Asia leads with 263 million users, followed by North America with 57 million, and Africa with 38 million.
Within Europe, it varies greatly by country.
According to the 2023 Global Cryptocurrency Adoption Index released by Chainalogy, a blockchain data platform based in New York, Eastern European countries are the biggest fans of cryptocurrency investments.
On a scale of 0 to 1, the index shows where most people place the largest share of their wealth in cryptocurrencies.
The top three in Europe are all in the East. Ukraine leads (0.215), followed by Türkiye (0.142) and Russia (0.140).
Then the focus shifts to the west. The United Kingdom (0.121) comes in fourth place and Spain (0.062) in fifth place.
However, when looking at the world as a whole, Europe takes a back seat. The so-called “Global South” is the shining star of cryptocurrencies.
Asia dominates the global picture
India leads grassroots cryptocurrency adoption across the world, receiving the highest score on the index (1). This is followed by Nigeria (0.642) and Vietnam (0.568).
The United States (0.367) and Ukraine (0.215), with a score of less than 0.5, come in fourth and fifth place. The latter is the only European country in the top five and ten in the world.
According to Chainalysis, Central and South Asia is the region where cryptocurrency adoption is highest. In fact, six of the top 10 countries are located there.
Crypto investments are on the rise
while The value of Bitcoin is at an all-time highThe total market value of cryptocurrencies rose 5% in 24 hours to reach $2.44 trillion, more than the GDP of Germany, the world's third-largest economy.
As cryptocurrencies gain popularity in the markets,There is also a great deal of effort to adopt it into the ,traditional financial system.
In Europe, there are more than 1,100 blockchain-related entities thriving between Switzerland, Liechtenstein and northern Italy, worth a combined $185 billion, as of December 2022.
There are also a lot of lower middle income (LMI) countries, such as El Salvador, that are leading in cryptocurrency adoption. The country became the first to require all businesses in the country to accept Bitcoin.
