Hi everyone, another global macro-analysis here. I'm independently trying to find out what might be the biggest drivers in Crypto Adoption worldwide.
If you read my latest article: Does FIAT Inflation lead to Crypto Adoption? 128 countries compared! , %inflation did not appear to be a main driver behind Crypto Adoption. I suspect that a much deeper statistical analysis would be necessary to fish out any trends, but the gist is that there is no absolute relationship.
On the other hand, some of the countries with the highest %inflation rates like Sudan, Ethiopia and Zimbabwe have a small % of their population with internet access, so I thought that perhaps its another interesting relationship to explore.
So does Crypto Ownership depend on how many people are connected to the internet?
It is pretty obvious that the answer should be YES, however let's see if the data supports this. The table below lists the data for each country and the chart attempts to show what we suspect should be an obvious relationship (sources at the bottom of the article).
Chart comparing %of population using the internet (blue) and %of population who own Crypto (red)
Table of 144 countries comparing %of population using the internet and %of population who own Crypto
Country %Internet Users %Crypto users
------------------------ ----------------- ---------------
Bahrain 100 0.98
Kuwait 100 1.12
Qatar 100 0.99
Iceland 99 0.99
United Arab Emirates 99 1.54
Denmark 98 1.37
Norway 98 1.73
Luxembourg 97 1.17
Saudi Arabia 96 1.30
South Korea 96 3.79
Brunei 95 0.91
Sweden 94 2.26
Canada 93 3.20
Netherlands 93 3.04
Switzerland 93 1.82
United Kingdom 93 4.95
Hong Kong 92 3.27
Oman 92 0.97
Japan 91 1.64
New Zealand 91 1.76
Spain 91 2.51
Belgium 90 2.36
Estonia 90 2.41
Finland 90 1.88
Singapore 89 9.04
Austria 88 1.91
Germany 88 2.62
USA 88 8.31
Australia 87 3.36
Israel 87 1.27
Cyprus 86 1.67
Latvia 86 3.29
Macao 86 0.90
Malta 86 1.44
Ireland 85 1.72
Poland 85 2.50
Bahamas 85 0.91
Malaysia 84 3.15
Belarus 83 3.73
France 83 3.34
Russia 83 11.91
Slovakia 83 2.57
Slovenia 83 2.45
Barbados 82 1.05
Chile 82 2.62
Kazakhstan 82 1.73
Lithuania 82 2.58
Costa Rica 81 1.49
Czech Republic 81 2.23
Azerbaijan 80 0.97
Hungary 80 1.36
Croatia 79 1.51
North Macedonia 79 1.13
Lebanon 78 1.03
Serbia 77 1.74
Trinidad and Tobago 77 1.17
Uruguay 77 1.44
Greece 76 1.87
Moldova 76 1.35
Dominican Republic 75 1.86
Iraq 75 0.93
Portugal 75 2.37
Argentina 74 2.94
Italy 74 2.17
Morocco 74 2.38
Romania 74 2.20
Turkey 74 2.94
Montenegro 73 1.59
Puerto Rico 71 1.25
Albania 70 0.99
Bosnia and Herzegovina 70 1.37
Brazil 70 4.88
Iran 70 1.96
Mexico 70 2.47
Georgia 69 2.89
Paraguay 69 1.05
Vietnam 69 6.12
Armenia 68 1.12
Bulgaria 68 1.74
Jordan 67 1.27
Thailand 67 5.20
Tunisia 67 1.04
Colombia 65 6.14
Mauritius 64 1.57
Panama 64 1.99
Venezuela 64 10.34
Maldives 63 0.94
Ukraine 63 12.73
Peru 60 3.74
Egypt 57 1.75
South Africa 56 7.11
Jamaica 55 1.32
Uzbekistan 55 1.03
Ecuador 54 2.73
Gabon 50 0.91
Suriname 49 0.93
Indonesia 48 2.66
Belize 47 0.90
Bolivia 44 1.85
Philippines 43 3.98
Botswana 41 1.06
Cambodia 41 1.35
Guatemala 41 1.34
Ghana 38 3.01
Kyrgyzstan 38 0.97
Namibia 37 1.12
Ivory Coast 36 1.30
El Salvador 34 1.94
Sri Lanka 34 1.50
Syria 34 1.02
Haiti 32 0.94
Honduras 32 1.03
Sudan 31 0.91
Senegal 30 1.22
Nicaragua 28 1.11
Yemen 27 0.93
Myanmar 24 0.91
Uganda 24 1.81
Cameroon 23 1.88
Kenya 23 8.52
Rwanda 22 1.45
Mozambique 21 1.60
Nepal 21 1.45
India 20 7.30
Ethiopia 19 0.98
Pakistan 17 4.10
Burkina Faso 16 0.94
Tanzania 16 1.83
Angola 14 1.06
Benin 14 1.34
Malawi 14 0.92
Zambia 14 1.48
Bangladesh 13 2.27
Mali 13 1.15
Togo 12 1.59
Papua New Guinea 11 0.89
Congo 9 1.11
Nigeria 7 6.31
Madagascar 5 1.09 Quick Analysis
No statistical correlation coefficients needed to see that there is very little to no relationship between the variables. I suspect that this could just be because the %internet usage is for the whole population of a country, which includes WW2 veterans and 'baby boomers' who are not so keen in delving in crypto. So even if the %internet usage is low, this does not mean its the younger, more crypto-saavy people who are not exposed, so this is perhaps not as interesting as I thought.
However...
The data for Nigeria is interesting. Only 7% of its population uses the internet, but its as if the whole of the 7% are delving in Crypto!!! That is INSANE!! Its as if their routers and 4G providers all come with Binance pre-installed, lol! (n.b. the internet usage data is from 2017, so there is perhaps a chance that Nigeria have really pushed internet access in the last 4 years)
Besides all that, I would like to see everyone's comments regarding this. What do you guys think? I'd love to hear opinions, especially if you are from Nigeria!!!
Note: This is purely educational content, non of the contents in this article are for financial advise. The data sources are listed below.
