China Back Among Top 10 Countries In Bitcoin Usage Despite Ban

Chainalysis's latest report shows that the ban last year has not stopped the Chinese from using Bitcoin as the country returns at the top 10 in global adoption.

  • China has returned to the top of the list of countries that have the highest levels in bitcoin adoption.
  • These findings are based on a Chainalysis report which details country adoption rates for bitcoin and other cryptocurrencies.
  • Vietnam is the leader in global adoption while India has the most centralized purchases.

Chainalysis, a blockchain analytics company, has published its 2022 Global Cryptocurrency Acceptance Index. It details global bitcoin and cryptocurrency usage with a unique ranking formula.

One of the most shocking bits of information in the report shows that China, despite its ban last year, has risen to the top 10 countries for adoption. Vietnam remains ranked first, while the United States has moved up to fifth from eighth in 2021.

Top 10 Countries in Chainalysis' Global Crypto Adoption Index. (Table/Chainalysis)

This report is more fascinating when you consider Chainalysis's ranking of adoption. The five indexes provide an aggregate index score for each country. They also allow for weighting calculations based on income spent to acquire bitcoins and cryptocurrencies.

Because it is likely to make up a smaller percentage of the overall income, the country with the greatest accumulation won't be the most suitable for adoption.

A country may have huge amounts of wealth but not participate in peer-to-peer (P2P), value transfer. This could lead to a decrease in a country's ranking. India is ranked number one globally in all metrics except for P2P transfer, which was why it was ranked fourth.

Accounting for the country's adoption of bitcoin and other cryptocurrencies is a better way to assess their adoption. As emerging markets participate in more P2P transactions, this also accounts for them.

The report concluded by stating that even though bearish momentum has been experienced in markets, adoption remains well above 2020 levels.

By: Shawn Amick
Title: China Back Among Top 10 Countries In Bitcoin Usage Despite Ban
Sourced From:
Published Date: Wed, 14 Sep 2022 13:50:37 GMT

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