After some research on the market of cryptocurrency, I have determined some countries and regions that are at the frontier of cryptocurrency adoption.
Vietnam | Colombia |
India | Thailand |
Pakistan | China |
Ukraine | Brazil |
Kenya | Philippines |
Nigeria | South Africa |
Venezuela | Ghana |
United States | Russia |
Togo | Tanzania |
Argentina | Afghanistan |
Asia is leading the way in retail bitcoin adoption, with peer-to-peer monetary systems driving the most development in Vietnam, India, and Pakistan. The number of individuals resorting to cryptocurrencies to safeguard their assets in the face of rising prices has significantly increased in the past few years. Many citizens use cryptocurrencies to protect their funds from currency depreciation, send and receive remittances, and conduct commercial transactions.
On the other hand, institutional investors are driving the increased in adoption in more established economies such as North America, Western Europe, and East Asia.
While global adoption has been widespread, regulations have yet to be implemented, and people are still unsure as cryptocurrency has its risks. Additionally, the industry grows by the day; with new coins and technology being introduced so frequently, the unknown factor of it increases.