Crypto adoption continues growing more and more with India taking the lead while other follow.
Despite regulators all over the place, details from TripleA shows a positive trend with crypto adoption, especially in many developing nations.
With that, India, despite recent regulatory stunts, stands out as the country with the most hodlers. Additionally, records shows India has 100 million users, or 7.3% of the population holds crypto.
Also, India top exchange, WazirX ranks highly on CoinMarketCap’s exchange score considering web traffic, liquidity, and volume. Furthermore, high volume of BTC/INR is consistent with $40.3 billion transactions in the last 24-hours.
Furthermore, what surprises most is seeing the country with the highest hodlers as a percentage of the population.
Who Are TripleA And Methods, Giving India The Lead
TripleA is a Singapore-based company that offers business solutions to companies wanting to accept crypto for payments.
“With its easy setup, its highly competitive exchange rate and its no-chargebacks payment system, TripleA helps businesses to increase their revenue by accessing the growing cryptocurrency users (300m+) community from all over the world.”
To compile this kind of data, they use “The Chainalysis 2020 Geography of Cryptocurrency Report.”
However, This report gives a geographical analysis of cryptocurrency patterns judging from:
1. the country’s on-chain cryptocurrency value received,
2. the country’s on-chain retail value transfers
3. the number of on-chain country cryptocurrency deposits, and
4. the Peer-to-Peer exchange trade country volume.
This data will be crosschecked with 16 other sources like Binance, Willy Woo, and Gemini, to derive their final numbers.
More Details Bringing India To The Top
So, The top 10 countries with the most hodlers show a surprising number of developing nations on the list.
However, China is not on the list. Nonetheless, the top 10 are:
India – 100.7 million
USA – 27.5 million
Russia – 17.4 million
Nigeria – 13 million
Brazil – 10.4 million
Pakistan – 9.1 million
Vietnam – 6 million
Ukraine – 5.6 million
Kenya – 4.6 million
Philippines – 4.4 million
Moreso, countries with the highest hodlers as a percentage of the population shows some surprises with notable crypto powerhouses, such as South Korea, not making the top 10.
South Africa 7.11%
Note, that Ukraine legalized crypto in the country, following El Salvador move making bitcoin a legal tender.