New research by Trading Browser has revealed that Nigeria has the largest number of users and owners of cryptocurrencies in the world.
The study ranks countries based on the percentage of the population that reported that they used or owned cryptocurrency each year from 2019 to 2022.
According to the report, Nigeria tops the list with 45% of the population using or owning cryptocurrency in 2022. The country boasts over 90 million people using cryptocurrency, which is almost 1.5 times the population of the United Kingdom.
From 2019 to 2022, Nigeria saw a 17% total increase in ownership and use from 28% to 45%, equating to over 34 million people adopting cryptocurrency over the three years.
Coming in second place in Thailand. The Southeast Asian country has a massive 44% of its population reporting to using or owning cryptocurrency – equal to just over 30 million people. Turkey came third as the transcontinental country has 40% of its population owning and using cryptocurrency in 2022, equal to over 33 million people.
Other countries in the top 10: The first South American country on the list, Argentina, comes in fourth with an ownership and usage rate of 35% in 2022 – almost 16 million people.
In fifth place comes the United Arab Emirates (UAE). The UAE is hot on the heels of Argentina, with 34% of the population owning or using cryptocurrency in 2022, just over one in three people of the almost 10 million population.
- The remainder of the top ten features the Philippines in sixth place with 29% (15 million) of its population using or owning cryptocurrency.
- Vietnam is in seventh place with 27% of the population, equalling just over 26 million people using or owning cryptocurrency.
- In joint eighth place, the country with the highest population in the top ten, India, is matched with the country with the lowest population in the top ten, Singapore.
- Both nations have a rate of 25% of the population owning or using cryptocurrency in 2022 over 341 million and almost 1.5 million respectively.
- In ninth place is Brazil. The second South American country of the top ten has the lowest rate of cryptocurrency ownership and use at only 24% – just over 51 million of the population.
- Last place in the top ten in South Africa with a usage and ownership ship of 23%, working out to over 13 million people.
- Surprisingly, the United States ranks 22nd on the list with only 16% of the population owning or using cryptocurrency. That’s equivalent to just over one in six people. The United Kingdom ranks even lower, coming in at 50th place with only 11% of the country owning or using the cryptocurrency – equal to just over 7 million people.
Industry status: Commenting on the findings, a spokesperson for Trading Browser said:
- “The information presented in the data offers valuable perspectives on the industry’s current status, specifically emphasizing the increasing adoption of digital assets worldwide. It is positive to observe various countries making strides in terms of cryptocurrency regulation and infrastructure. It is hoped that this data will contribute to the further development and widespread acceptance of digital assets.”