Cryptocurrency is becoming more popular worldwide, changing how people use money. The Global Crypto Adoption Index, released every year by blockchain research firm Chainalysis, ranks countries based on their level of crypto usage. The latest report (mid-2024) shows that both developing and wealthy countries are driving adoption but for different reasons.
For the second year in a row, India is the world leader in crypto adoption. Even though the Indian government has imposed strict regulations and high taxes, people continue to invest heavily in crypto. Between July 2023 and June 2024, over $750 billion flowed into Indian crypto exchanges. Many Indians, especially young people, are turning to crypto as an alternative to traditional banking. Some traders even use international platforms to avoid strict local laws.
Nigeria ranks second, with $59 billion in cryptocurrency transactions over the same period. The country faces high inflation and a weakening national currency (naira), pushing people to use crypto for remittances, savings, and daily transactions. Other African nations, like Ethiopia, are also adopting crypto rapidly, especially through stablecoins (cryptos tied to the value of real-world currencies like the U.S. dollar).
| Country | Region | Overall index ranking |
| India | CSAO | 1 |
| Nigeria | Sub-Saharan Africa | 2 |
| Indonesia | CSAO | 3 |
| United States | North America | 4 |
| Vietnam | CSAO | 5 |
| Ukraine | Eastern Europe | 6 |
| Russia | Eastern Europe | 7 |
| Philippines | CSAO | 8 |
| Pakistan | CSAO | 9 |
| Brazil | LATAM | 10 |
Indonesia recorded over $157 billion in crypto transactions, even higher than India. With a growing digital economy, crypto is now part of everyday financial activity. Vietnam also ranks in the top five, with both small and large investors driving demand. The Asian region dominates the index, with seven out of the top 20 countries coming from Central and Southern Asia and Oceania.
Some of the wealthier nations are also driving crypto adoption. The United Arab Emirates (UAE) boasts the highest rate in the world at 25.3%, partly due to the support of government and tax advantages. Singapore, at 24.4%, follows, enjoying strict crypto regulations. Turkey, at 19.3%, is notable too, where most citizens adopt crypto to guard their funds from lira depreciation.
Other nations, such as Russia and Ukraine, have also witnessed an increase in crypto transactions. Ukraine saw an 82.2% growth in small transactions, with individuals using crypto for everyday spending during the war and economic hardship. Russia, on the other hand, is experiencing institutional crypto investment, in part because sanctions restrict access to U.S. dollars.
As of mid-2024, some 560 million individuals globally had cryptocurrency, equating to 6.9% of global inhabitants. Cryptos are quickly being adopted by developing nations, driven by inflation and remittance requirements, but richer countries are following suit as a result of Bitcoin ETFs and institutional investment. The United States is again experiencing interest in cryptocurrency, particularly after Bitcoin exceeded $107,000 in the latter part of 2024, with proposed additions to the nation's strategic reserves.
The Global Crypto Adoption Index shows that different countries are embracing crypto for different reasons. Emerging markets are leading due to necessity, while wealthy nations are refining the system with regulations and big investments. The crypto revolution is happening fast, and the real question now is not who is leading but how it will change the world of finance in the years ahead.