Vietnam Ranks 1st in Crypto Adoption, USA is 5th, China Back in Top 10 - Chainalysis
While emerging markets generally dominate the global adoption list, when it comes to the top 10 list, three developments stand out: Vietnam taking the crown again, the US climbing to fifth place, and China re-entering the list, according to the latest report by blockchain analysis company Chainalysis.
Per 'The 2022 Geography of Cryptocurrency Report', the top 5 countries on the global crypto adoption index are Vietnam, the Philippines, Ukraine, India, and the United States, respectively.
The top 10 list further includes Pakistan, Brazil, Thailand, Russia, and China, per the overall index ranking.
The 2022 Global Crypto Adoption Index Top 20
Vietnam is ranked 1st in cryptocurrency adoption for the second year in a row. The report noted that, per the sub-rankings, the country shows “extremely high purchasing power and population-adjusted adoption across centralized, DeFi [decentralized finance], and P2P [peer-to-peer] cryptocurrency tools.”
Chainalysis further noted a 2020 poll, which found that 21% of Vietnamese consumers reported using or owning crypto. Furthermore, the local media suggest that crypto-based gaming is very popular in Vietnam – both for the players and for the builders.
The Philippines is also notable given that it "made a giant leap" from 15th to 2nd place.
"Both of these countries have similar growth drivers: play-to-earn (P2E) games and remittances," said the report.
Meanwhile, the United States moved up in the rankings. This year it sits in 5th place, up from 8th in 2021 and 6th in 2020. Interestingly, while the country ranks in the top three of other sub-indexes, it ranks all the way down at 111 for population and purchasing power-adjusted P2P exchange usage.
Per the report, “this isn’t surprising, as our
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