In the end of 2021 and beginning of 2022, the crypto adaptation has taken off as the sector rapidly grows in popularity.
However, the increase in global crypto ownership varies heavily between countries and specific regions. Therefore, you might ask yourself, where do most people own cryptocurrencies?
According to Finbold, 10.2% of the global population owns some form of crypto, with Thailand recording the highest share at 20.1%. Below is a breakdown of the top countries where people own cryptocurrencies.
Top 10 Countries Where Most People Own Cryptocurrencies
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Which countries do you think make it into the top 10?
In 2021, most people in Thailand became interested in crypto ownership with the hope of quickly making money. Thailand is a crypto-friendly nation with 20.1% crypto ownership, but it has bans on NFTs and meme coins. The government also plans to add a 15% capital gains tax on all crypto trading profits.
Nigeria is second on the list with 19.4%. It’s the highest populated country in Africa, with 206.1 million occupants. However, only 33.6% of the population has internet access. Even though the country doesn’t have many crypto miners, it has heavy crypto users. According to Paxful, most Nigerians own crypto to protect their savings against any naira depreciation.
With cryptocurrency ownership becoming popular, Asian countries have taken different paths regarding the trend. Countries like China and India are discouraging all crypto-related activity, while others like the Philippines are seizing the opportunity to increase their stake in the financial tech industry.
The Philippines is currently the third country in crypto adaptation with a 19.4% share. That’s because of their crypto-friendly regulations and domestic support by the government.
South Africa is another African country embracing owning crypto and forging a different path than the rest of Africa. While most African countries direct commercial banks to avoid processing crypto assets transactions, South Africa is doing the opposite.
It’s amongst the countries with a sophisticated financial sector, and it recognizes cryptos as a taxable asset and investment. This makes South Africa the fourth country in crypto ownership with 19.4%.
Turkey is the fifth in crypto ownership with an 18.6% share. Interest in crypto has increased over the years, and the economic crisis has pushed more people to use their savings with cryptos like bitcoin, Ethereum, Litecoin and many more. These investments are a potential store where people can shield their savings with the Turkish currency losing over 40% value in the last year alone.
Argentina is amongst the regional leaders in crypto trading. Cryptos aren’t legal in the country; however, they aren’t prohibited by the Argentinian government. One reason why Argentina is the sixth in crypto ownership with 18.5% is crypto farms. Thanks to their dirt-cheap electricity costs, there has been a surge of crypto farms in the country.
Over the past few years, the Crypto trade has surged in Indonesia, with 2021 transactions reaching $59.83 billion and a 16.4% ownership. Most people understand that even though cryptos aren’t a legal form of payment in the country, they can hold them as assets and trade them in exchanges.
Indonesia might have been higher on the list, but the government has discouraged people from investing in crypto, claiming that there have been allegations of Ponzi scams in these investments.
Brazil has been increasing its crypto ownership over the years, with a 16.1% ownership and its population holding $50 billion as of August 2021. It’s amongst the leading countries in Latin America, and it offers different exchanges, including Binance, Crypto.com, Coinbase, and many more. Brazilians have the incentive to purchase crypto over the dollar since it helps hedge against devaluation or inflation.
Despite the government try to minimise marketing in Singapore, 15.6% of the population have cryptocurrencies in their wallets.
In one of the trend setting cultures in Asia, 13.4% of the population or about 6.9 million people own cryptocurrencies. Many local created cryptos are popular in South Korea.
Countries Not in the Top 10
Surprisingly, most countries where cryptocurrencies are legal are below the top 10 list. Take an example of Canada a 9.6% crypto ownership, it maintains a bitcoin-friendly stance, and the CRA views this crypto as a commodity. Other surprising countries include the United Kingdom with 8.3%, Russia with 2%, India with 12.6%, Germany with 9% and Australia with 11.1%, just to name a few.
The United States
The dollar is amongst the strongest currencies in the world. That said, it’s also the world’s primary reserve currency, and most commercial and central banks hold it. The US isn’t on the top 10 list because of regulation and a rather stable currency. Still, 12.7% of all Americans own crypto, according to Finbold.
Most countries in the top 10 list are developing economies, thus making crypto ownership a viable investment.
The major economy in Europe stands at 9% crypto adoption, which is below the average. Crypto Lists expects that Germany will become way more into crypto over time.
Only 8.3% of Brits own cryptocurrencies, which probably is partly due to regulation.
Sweden stands at only 8.3%, just like United Kingdom.
Poland seems to be growing quickly, with 5.5% adoptions. Many new crypto projects comes from Poland which could lead to positive crypto adoption over time.
Surprisingly enough, only 2% of Russians own cryptocurrency.