Monday, October 2, 2023

Argentina, Brazil and Mexico are the most bitcoin users

The three Latin American countries have been among the biggest adopters of cryptoassets over the years.

The highest level of cryptocurrency adoption can be found in the Asian continent, according to Chainalysis.

Argentina, Brazil and Mexico are the only three Latin American countries that appear in the top 20 countries with the highest adoption of bitcoin (BTC) and cryptocurrencies in the new adoption ranking of the blockchain analysis firm , Chainalysis.

According to the analytical company, released on Tuesday, September 12, the Global Adoption Index for the year 2023, Brazil is the ninth country in the world where it is used the most bitcoin and crypto assets; while Argentina is 15th and Mexico is 16th.

Compared to the adoption index of 2022, prepared by the same analysis company, it is apparent that two of the Latin American countries mentioned have regressed slightly in terms of the usability of cryptocurrencies. For last year Brazil is ranked number 7 and Argentina is ranked 13 on the list. as mentioned in last year’s report.

This is not the same case in Mexico, where Cryptocurrency adoption has increased significantly. The proof of this is that, in 2022, the Aztec country will be 28th in the adoption index of Chainalysis. This year, on the other hand, he has climbed 12 levels.

Asian countries are leading the adoption of global cryptocurrency

According to Chainalysis, the leading country in the world to adopt cryptocurrency in 2023 is India, in Asia. This country increased by three steps compared to its position in 2022 and dethroned Vietnam as the country with the largest presence of crypto assets.

India follows Nigeria, in Africa, as the second country with the highest adoption of cryptocurrencies. Then there is Vietnam (which fell in two places), the United States and Ukraine. This last country has been at war with Russia since February 2022 and who used cryptocurrencies to deal with the crisis recovered from the war.

If you look at the countries’ positions in Chainalysis’ new adoption index, you can see that most of the leading countries are located in Central, South Asia and Oceania. In fact, six of the top 10 countries with the highest cryptocurrency usage are located in that region.

According to the analysis company, this behavior responds to different situations, unique to each other, leading to different trends in the use of cryptocurrency services most popular in the market.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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