the most common cryptocurrency use case is speculating and trading with it. Still, the crypto movement offers many more opportunities within the existing economies worldwide. Glassnode investigated in which countries the adoption of crypto is currently highest. Through the “Global Crypto Adoption Index,” a new index developed by Glassnode, the analytics company hopes to provide a clearer picture of the adoption of cryptocurrencies such as bitcoin (BTC) in the world. To do this, it looked at 154 countries, the on-chain value received, the on-chain retail value received, number of on-chain deposits and peer-to-peer exchange trading volumes. These were then weighted according to the purchasing power per capita of a country. This is how Glassnode clarifies in his blog post: "The intention is to highlight the countries where most of the residents have moved most of their financial activities to cryptocurrency,"
Ukraine ranks first with an index score of 1, followed by Russia. In third place is a country that was already expected to score high; Venezuela. Another analyst firm, Chainalysis, also reported at the end of August that bitcoin and crypto are becoming increasingly important in Venezuela due to the economic climate in the country. Glassnode writes about Venezuela:
"Our data shows that Venezuelans are using more cryptocurrency when the country's native fiat currency loses value to inflation, suggesting that Venezuelans are turning to cryptocurrency to preserve savings they could otherwise lose."
The rest of the top 10 is as follows: China, Kenya, USA, South Africa, Nigeria, Columbia and Vietnam. So that crypto adoption is really something for developed countries is not correct. Only two of the top 10 are developed countries!
