I recently read in an article that Turkey has one of the highest crypto adoption rates in the world, as adoption rates in the country have more than doubled in the past three years, increasing from 16% to 40% of the population. This is no surprise, as Turkey has been a leader in crypto adoption for some time now. In fact, the country was one of the first to legalize cryptocurrency trading.

But Turkey is not alone. There are a number of other countries that are leading the way in crypto adoption. Here are the top 5:

1. Australia has the largest cryptocurrency adoption rate with the percentage of citizens getting with crypto rising from 8% to 18% in 2020.
2. The United States of America is the country with the second-largest crypto adoption rate of 16%. Since 2020, crypto adoption has increased by 10%.
3. Brazil is the next highest country for crypto adoption. Brazil has seen a huge increase in average monthly searches for crypto of 355% and has seen 3,326 crypto-related articles in the last year, showing an uptick in crypto interest in Brazil. Just under a quarter of Brazil’s population (24%) have either owned or used cryptocurrencies during 2022, rising from 13% in 2020. Brazil also had 0 ATMs back in 2020 and has since opened 25. A new bill signed in December 2022 legalizes cryptocurrency throughout Brazil.
4. United Arab Emirates: With 34% of UAE’s population having adopted crypto, this means one in three people living in this country either used or owned cryptocurrency during 2022. This is a steep rise from the 10% recorded in 2020. There has also been a sharp rise in Google searches for crypto in UAE, with searches increasing 261% since 2020. While there are no prohibitions against crypto assets in UAE, the Central Bank of UAE has not recognized cryptocurrencies as legal tenders nor has it yet licensed them. Despite this, cryptocurrencies can and are traded on crypto exchange platforms in the UAE.
5. Hong Kong rounds off the top five countries with the highest level of crypto adoption to date. Hong Kong recorded a 16% crypto adoption rate in 2022, rising from 11% in 2020. People in Hong Kong showed an increased interest in crypto this last year, with searches for crypto increasing by 209% alongside the publication of 7.6 crypto-related articles for every 100,000 people. Hong Kong has also been driving its crypto access, increasing crypto ATMs by a massive 152%. There are now 146 ATMs throughout Hong Kong.

So, what is driving this surge in crypto adoption? There are a number of factors, including the increasing popularity of decentralized finance (DeFi), the growing number of crypto-friendly banks and businesses, and the increasing acceptance of cryptocurrencies by governments.

As crypto adoption continues to grow, it is important to remember that cryptocurrencies are still a relatively new asset class, and there are associated risks. It is important to do your own research and understand the risks before investing in any cryptocurrency.

However, for those who are willing to take on the risks, cryptocurrencies can offer a number of potential benefits, including high returns, the ability to hedge against inflation, and the ability to access new financial services.

So, is crypto the future of finance? Only time will tell. But one thing is for sure: crypto is here to stay, and it is changing the way we think about money.

This article was first published on Medium.