8 Countries With The Highest Demand For Cryptocurrency

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Global demand for cryptocurrencies continues to accelerate in early 2022. Statistics for 2021 confirm there are several regions where Bitcoin and alternative currencies keep making inroads. Moreover, these regions can benefit from more convenient solutions, including high-limit prepaid cards to spend cryptocurrency like traditional money. 

Source: Chainalysis

Vietnam

The people living in Vietnam have shown a tremendous appetite for Bitcoin and other cryptocurrencies throughout 2021. The country ranks very high for the on-chain value received, the on-chain retail value received, and peer-to-peer exchange trade volume. Scoring high across these metrics confirms Vietnam is home to many cryptocurrencies enthusiasts. It is also a region where play-to-earn blockchain games make inroads, as many people have a low income and will look for ways to supplement it. 

India

As one of the most technologically-savvy countries in the world, India is making inroads in the cryptocurrency industry. Granted, its peer-to-peer exchange volume puts the country at rank #72 worldwide, but the region benefits from the on-chain value received and on-chain retail value received. The big question is whether the P2P volume in the country will pick up, as the local government isn’t in favor of cryptocurrencies at this time.

Pakistan

Pakistan is another country where low-income households look for ways to supplement their income through various ways. Exploring opportunities in the cryptocurrency space gains momentum, thanks to a substantial increase in peer-to-peer exchange trading volume. However, the country doesn’t rank in the top 10 yet for on-chain value and on-chain retail value received. That may change with the introduction of convenient, prepaid payment cards, making the spending on crypto a lot more straightforward. 

Ukraine

The first and only European country in the top 10 is Ukraine. a region where blockchain technology is widely embraced. That also means cryptocurrencies can thrive in Ukraine, resulting in high on-chain value and on-chain retail value received. However, the country ranks #40 for P2P exchange trading volume, indicating much more room for growth over the coming years.

Kenya

One aspect that makes Kenya rather intriguing regarding crypto adoption ish ow it ranks #1 for peer-to-peer exchange volume. Most people would not expect the country to be that high up the rankings, yet Bitcoin is a crucial aspect of the local economy these days. Interestingly, Kenyans aren’t necessarily using their crypto in a retail setting, nor is the country ranking high for the on-chain value received. Making cryptocurrency easier to spend through prepaid cards or other means can help improve this situation.

Nigeria

Overall adoption of and interest in cryptocurrencies is rising throughout Nigeria. The country scores relatively high across all core metrics, inching closer to securing a top 10 spot across the board. It is good to see African countries embrace crypto assets more actively throughout 2021, as it provides an alternative ecosystem where financial inclusion is a top priority. 

Venezuela

Most people will know Venezuela has rampant inflation that proves rather difficult to get under control. One way of improving the situation is through exploring alternative options, including cryptocurrencies. Overall peer-to-peer trade volume has picked up greatly, although on-chain [retail] value has room for improvement. Venezuela is another region where prepaid cards with cryptocurrency support can make life a lot easier for residents. 

United States

Even though all cryptocurrencies are valued in US Dollar, the United States is a peculiar region for crypto usage. Despite ranking #3 and #4 for on-chain and on-chain retail value, the US isn’t in the top 100 for peer-to-peer exchange trade volume. That is somewhat surprising, as cryptocurrencies remain relatively unregulated in the US today. However, the US remains well ahead of countries like China, Brazil, and the Russian Federation on that front. 

Conclusion

The overall adoption of cryptocurrencies is rising strongly worldwide. Regions where financial inclusion is difficult to achieve – parts of Asia, Africa, Eastern Europe, and South America – keep climbing the rankings across the board. However, there is still a need to make cryptocurrency spending more straightforward. 

One way of doing so is through Club Swan prepaid cards with support for over 150 crypto assets to be spent worldwide. Moreover, the cards work both online and offline, allowing customers to get the most bang for the buck. In addition, the $15,000 daily transaction limit will suit the needs of many, allowing for higher on-chain retail value worldwide. 


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