Ever wondered if the US is the top country for crypto acceptance? Well, if you thought it was, you would be way off.
In a recent survey from Statista Global Consumer, Nigeria tops the list with almost one third of the respondents saying they used or owned cryptocurrency in 2020. Amazing that this was in 2020, over half a year ago.
So why does Nigeria lead in the adoption of cryptocurrency? Well, the conventional wisdom says it is for a couple of reasons, often driven by poverty:
- Crypto transactions are cheap.
- They use their phones for payments more than most countries.
- Double digit inflation is common.
Overall, the survey showed that people in Africa, Asia and South America are much more likely to accept the idea of crypto than those of North America, Europe and Asia. Here is the list:
- Nigeria: 32%
- Vietnam: 21%
- Philippines: 20%
- Turkey: 16%
- Peru: 16%
- Switzerland: 11%
- India: 9%
- China: 7%
- U.S.: 6%
- Germany: 5%
- Japan: 4%
A couple of other thoughts on this survey. One, I am not 100 percent confident in a survey that is worldwide. I would think there is quite a variance in confidence from country to country in accuracy. So, maybe take all of this with a grain of salt.
Next, I think it is interesting, if accurate, that only 6 percent of Americans are invested or using crypto. From the recent news cycle, you would think that a much larger percentage would be engaged. Probably a good sign if you are wondering if Bitcoin can recover, that usage is still so limited.
Same for China. As much as we hear about what is going on over there, the usage is not that mainstream.
Finally, since this was a survey on 2020 usage, El Salvador didn’t seem to make the cut. I would like to know where they end up after they give 30 dollars of Bitcoin to all their citizens that downloads the country’s crypto app? Heck, I've done a lot less for 30 dollars.
Mostly just food for thought here, not sure how much it matters. It is interesting to see how countries are adopting crypto at different rates and for what reasons.
Thanks for reading and remember to keep your hands and feet inside the car at all times.