WEB3
by BSC News
September 15, 2023
The report highlights a recovery in grassroots cryptocurrency adoption, primarily in lower-middle-income (LMI) countries, following the FTX implosion of 2022.
Blockchain analytics firm Chainalysis offered an early look at its fourth annual Global Crypto Adoption Index. According to the rankings, India leads the way in crypto adoption, while Nigeria, Vietnam, and the Philippines are close behind. Interestingly, the top spots are dominated by countries in the Central & Southern Asia and Oceania region, indicating a shifting landscape in crypto adoption.
Despite a global decline in grassroots crypto adoption, the report highlights that lower-middle-income (LMI) countries, with per capita incomes ranging from $1,086 to $4,255, have shown the most significant recovery in the past year. This resurgence is promising, considering LMI countries represent over 40% of the world's population.
Chainalysis identifies a noteworthy trend in institutional adoption of cryptocurrencies, especially in high-income countries. This growth suggests that despite market volatility, organizations are increasingly embracing digital assets.
The report also envisions a "bottom-up and top-down" crypto adoption scenario, where cryptocurrencies serve the needs of both high-wealth and developing nations. This inclusive approach could bridge wealth disparities in the crypto space.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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