The cryptocurrency market is expected to see more adoption as global markets continue to face a downward trend and the digital asset industry is viewed as a hedge against inflation. Data shows that global crypto awareness and adoption is on the rise, both among first-time cryptocurrency buyers and those learning more about NFTs, Bitcoin, and the crypto ecosystem in general.
According to a report by Gemini, roughly half of cryptocurrency owners in the U.S., Latin America, Asia Pacific, Brazil, Hong Kong and India made their first digital asset purchase in 2021, marking a major breakthrough for the nascent industry. Globally, 41 percent of respondents who do not own cryptocurrencies said they would be interested in learning more about or buying cryptocurrencies in 2022, the report added.
Like the U.S. dollar, most cryptocurrencies operate on a global scale, simplifying the purchase of goods and services around the world. Most consumers also see cryptocurrencies as a means to improve financial inclusion for the underbanked and underserved.
According to Triple-A statistics estimates, the global cryptocurrency ownership rate averages 4%, and more than 330 million people worldwide own cryptocurrencies. English-speaking countries, the US, the UK and Australia lead the way in cryptocurrency adoption.
The United States has more than 46 million cryptocurrency users, and 13.7% of the population owns cryptocurrencies. But knowing who these users are in the United States is crucial. The cryptocurrency world is attracting a lot of young people. According to our research, 82% of U.S. cryptocurrency owners are in the 18-44 age group, and only 7% are over the age of 55. It’s no surprise why this new technology is so popular among millennials, who have formed a majority stake in America’s rapidly growing population.
According to a survey conducted by Finder.com in December, the United Kingdom ranked third in the global Ethereum adoption rankings, although its overall cryptocurrency adoption rate rose by only 1%.
Data shows that Australians are turning to cryptocurrency investments. Despite the operational and regulatory uncertainty plaguing cryptocurrencies, awareness and adoption in Australia is increasing every year. According to a report by the Independent Reserve Cryptocurrency Index (IRCI), as of December 2021, 28.8% of Australians own or have owned cryptocurrencies. About 900,000 people in Australia own Bitcoin. It is the number one cryptocurrency of choice in the country.
When it comes to emerging and developing economies, Vietnam, India and Pakistan lead the way, according to Chainalysis. The populations of these economies hold different perceptions of cryptocurrencies, especially Bitcoin. Many see it as a tool for savings, remittances and business transactions. In the Philippines, some cryptocurrency exchanges have licenses as remittance companies.
India has 27 million cryptocurrency users, but this is only 2% of the population of 1.38 billion. Despite regulatory uncertainty, more and more people are investing in cryptocurrencies. The number of female cryptocurrency users in India has also increased, soaring to 41%.
Pakistan has 26 million users, or 10% of its population. The Bitcoin market in Pakistan is still very new, but it is growing rapidly.
Nigeria has 22 million cryptocurrency owners and the country has a strong cryptocurrency culture with over 10% of the population owning cryptocurrencies. Additionally, peer-to-peer lending is on the rise in Africa. Nigeria leads the way with $8 million per week in P2P transactions in 2020, followed by South Africa and Kenya with around $2 million per week.
Vietnam is a small country, but cryptocurrencies are becoming more popular in Vietnam, with 59% expressing interest and 31% saying they will use cryptocurrencies for online payments. In addition, Vietnamese people have a high awareness of cryptocurrencies at about 82%.
In Europe, the U.K. and Switzerland top the list, despite big hedge funds boosting adoption. However, consumers from Eastern Europe see cryptocurrencies as a means of avoiding financial institutions and tax evasion.
It’s worth noting that while crypto adoption has risen over time, in 2022, cryptocurrencies are volatile and there are some in the market who are more emotionally supportive. Moreover, the lack of clear regulations is also one of the reasons that hinder the rapid adoption of cryptocurrencies, as regulators in many countries have been unable to keep a close eye on the evolution of cryptocurrencies.
However, Blockware has a more optimistic forecast, with growth becoming parabolic as penetration shifts from early adopters to early majority, and finally to late majority. Global Bitcoin adoption will exceed 10% by 2030. After that, growth could become parabolic, eventually reaching 80% of the population in the 2050s.