Nigeria and India Are Leaders im BTC Adoption: Report

According to the Chainalysis report, it is evident that developing countries have shown the highest levels of acceptance for Bitcoin and other digital currencies.

Specifically, India, Nigeria, and Vietnam have the highest rates of adoption.

In contrast, the United States remains a major player in terms of capital investment, with over 30% of the crypto market capital being held on American bitcoin exchanges.

The growing popularity of virtual currencies in countries facing economic challenges is noted, although investment in these instruments remains low due to poverty.

Chainalysis also notes certain regions that have seen periodic use of Bitcoin and other virtual coins, including Central and South Asia, Oceania, and Central, Northern, and Western Europe, as well as North America.

Even China, which has banned digital currencies, has a significant number of investors who continue to use BTC and altcoins.

While overall crypto transaction volumes have decreased since 2020, Chinese traders have still completed over $75 billion worth of cryptocurrency transactions in the past 12 months.

In Latin America, Argentina is leading the way in terms of Bitcoin adoption, surpassing even El Salvador, which made headlines in 2021 by recognizing cryptocurrency as a legal means of payment.