India, Vietnam, Pakistan Among Top Measure of Cryptocurrency Adoption by Individuals: Chainalysis
- ByStartupStory | August 19, 2021
According to Crypto analysis firm Chainalysis, Global cryptocurrency adoption among retail investors has surged over the past year by about 881%, using factors such as peer-to-peer exchange trading volume and value received.
The company attaches great importance to the institutional market, but aims to highlight the countries in which individual investors are most likely to use cryptocurrencies. We focused on use cases related to transactions and personal savings, not transactions and speculation. The top countries are Vietnam, India, Pakistan and Ukraine.
“In emerging markets, many are looking to cryptocurrencies to keep savings, send and receive remittances, and execute business transactions in the face of currency devaluation,” Chainalysis said in a report. “Last year’s recruitment in North America, Western Europe and East Asia has been largely supported by institutional investment,” he added.
Since the outbreak of the pandemic, interest in cryptocurrencies has skyrocketed due to the significant benefits of digital tokens such as Bitcoin and Ether. The Bloomberg Galaxy Crypto Index has risen by about 380% over the past year. The Bitcoin price in India was rupees. The price of Ethereum in India was 3471,000 rupees, while it was rupees. Rs 234,000 as of 10 am IST on August 19th.
The Chainalysis Global Crypto Adoption Index ranked 154 countries by three key indicators. China and the United States fell in rankings, primarily due to lower peer-to-peer trading volumes. Last year, China was fourth and the United States was sixth. This year, the United States is 8th and China is 13th.
Chainalysis picked up one factor that was previously used: the number of deposits by country weighted by the number of Internet users. The company found it distorting its rankings in countries with relatively decentralized financial (DeFi) users. Instead, we are creating a DeFi adoption index that will be available in the coming weeks.
“Increased transaction volume for centralized services and explosive growth in DeFi has facilitated the use of cryptocurrencies in developed and already heavily adopted countries, and P2P platforms are emerging in emerging markets. “We are promoting,” said Chainalysis, adding an important question. Whether the new approach confuses those trends
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