As the cryptocurrency industry expands, digital assets are being used for many reasons, including payments and investments. However, the usage of cryptocurrencies for such purposes varies substantially per nation due to regulatory concerns.
According to new data, the United States ranks first in the world for total cryptocurrency use, with a score of 7.75 out of 10. The United Kingdom comes second with a score of 5.79, followed by Ukraine with a score of 5.96, according to data provided by Merchant Machine to Finbold on August 22.
The score took into account a variety of different indicators, including the percentage of the population that owns cryptocurrency, the worldwide decentralized finance (DeFi) adoption index, the percentage of merchants that accept cryptocurrency payments, the availability of Bitcoin (BTC) ATMs, and the number of monthly searches for cryptocurrency-related phrases.
According to the report, the United States and the United Kingdom ranked first due to characteristics such as the size of their economies and a mature crypto economy. However, the analysis indicated that Ukraine, the poorest nation in Europe based on GDP and GNI per capita, scores well owing to the overall crypto adoption tendencies of developing countries.
In addition, among the top ten crypto-using nations, Ukraine ranks first in terms of the proportion of its population that owns digital assets, at 12.73 percent.
These nations confront economic issues typified by local currency devaluations, driving inhabitants to invest in cryptocurrencies.
The study predicts that Nigeria would be the nation with the biggest total use of cryptocurrencies over the next three years, which partially supports this point. If crypto usage in Nigeria grows at its present pace, the whole population will utilize digital assets, say academics.
According to Finbold, another analysis found that despite the market drop in 2022, Nigeria remained among the nations with the most crypto interest.