Encryption Awareness Rising Who Leading in Crypto Adoption?
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  • 2022-09-21
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Summary:The cryptocurrency market is expected to see increased adoption as global markets continue to face a downward trend and people look to the digital asset industry as a hedge against inflation.

The cryptocurrency market is expected to see increased adoption as global markets continue to face a downward trend and people look to the digital asset industry as a hedge against inflation. The data suggest that global crypto awareness and adoption rates are on the rise, both among first-time buyers of cryptocurrencies and among people who know more about NFTS, Bitcoin, and the crypto ecosystem in general.

About half of cryptocurrency owners in the United States, Latin America, Asia-Pacific, Brazil, Hong Kong and India bought digital assets for the first time in 2021, marking a major breakthrough for the nascent industry, according to a Gemini report. Globally, 41% of respondents who do not own a cryptocurrency said they are interested in learning more about or buying one in 2022, the report added.

Like the dollar, most cryptocurrencies operate on a global scale, thus simplifying the purchase of goods and services around the world. Most consumers also see cryptocurrencies as a means to improve financial inclusion for underbanked and underserved populations.

According to estimates from Triple-A Statistics, the global average of cryptocurrency ownership is 4%, and more than 330 million people worldwide own cryptocurrencies. English-speaking countries, the United States, the United Kingdom and Australia are leading the way in adopting cryptocurrencies.

The US has more than 46 million cryptocurrency users, with 13.7% of the population owning a cryptocurrency. But knowing who those 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 55. It's no surprise why this new technology is so popular among millennials, who form a majority stake in America's rapidly growing population.

According to a survey conducted by Finder.com in December, the UK ranked third in the world for Ethereum adoption, though its overall cryptocurrency adoption rate rose just 1%.

Data shows Australians are turning to cryptocurrency investments. Despite the operational and regulatory uncertainties plaguing cryptocurrencies, awareness and adoption rates in Australia are increasing each year. As of December 2021, 28.8% of Australians owned or had owned a cryptocurrency, according to the Independent Reserve Cryptocurrency Index (IRCI) report. About 900,000 people in Australia own Bitcoin. It ranks first among the country's preferred cryptocurrencies.

In terms of emerging and developing economies, Vietnam, India and Pakistan lead the way, according to Chainalysis. The populations of these economies hold different views on cryptocurrencies, especially Bitcoin. Many see it as a vehicle for savings, remittances and business transactions. In the Philippines, some cryptocurrency exchanges have licenses to act as money transfer companies.

There are 27 million cryptocurrency users in India, but that's just 2% of the population, which is 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, 10 percent of its population. Pakistan's bitcoin market is still very new, but it is growing fast.

With 22 million cryptocurrency owners in Nigeria, the country has a strong cryptocurrency culture, with more than 10% of the population owning a cryptocurrency. In addition, peer-to-peer lending is on the rise in Africa. Nigeria led the way with $8 million in weekly P2P transactions in 2020, followed by South Africa and Kenya with about $2 million in weekly transactions.

Vietnam is a small country, but cryptocurrencies are becoming increasingly popular in Vietnam, with 59% expressing interest and 31% saying they would use cryptocurrency to make online payments. In addition, the awareness of cryptocurrency among Vietnamese people is high, at about 82%.

In Europe, the UK and Switzerland topped the list, although adoption was boosted by large hedge funds. However, consumers from Eastern Europe see cryptocurrencies as a means to avoid financial institutions and tax evasion.

It's worth noting that despite rising crypto adoption over time, cryptocurrencies have been volatile in 2022 and the market has had some more emotional support. A lack of clear regulations is also hindering rapid adoption, as regulators in many countries have been unable to keep tabs on the evolution of cryptocurrencies.

However, Blockware has a more optimistic forecast, with growth becoming parabolic as penetration shifts from early adopters to the early majority and finally to the late majority. Global bitcoin adoption will top 10% by 2030. After that, growth could become parabolic, eventually reaching 80% of the population in the 2050s.

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