World warms to cryptocurrency even as China and the US give their collective cold shoulders, says Chainalysis adoption data
- Worldwide adoption of cryptocurrency jumped to 24 points in the second quarter, from 2.5 in the same period last year, according to Chainalysis
- China’s ranking dropped to 13th from fourth, while the US adoption fell to eighth place from sixth, due to declines in P2P trade volume, Chainalysis said
The world is warming to cryptocurrency, with global adoption jumping over 880 per cent since last year, defying the collective cold shoulders in China and the United States, according to a report released by Chainalysis.
Kenya, Nigeria, Vietnam and Venezuela were among emerging markets ranked the highest on the index, largely due to huge transaction volumes on peer-to-peer (P2P) platforms when adjusted for purchasing power parity (PPP) per capita and the nature of internet-usage in these populations. China’s ranking dropped to 13th from fourth, while the US adoption fell to eighth place from sixth, due to declines in P2P trade volume, Chainalysis said.
Ordinary people are increasingly embracing cryptocurrencies, taking the controversial assets out of the realms of speculations by hedge funds, or businesses. This trend is seeing more countries across the world taking the dive into cryptocurrency or seeing existing adoption increase.
The blockchain data platform found that P2P trade volume made up a significant percentage of all cryptocurrency activity, especially in emerging markets.