Chainalysis, one of the most famous agencies helping government agencies and private companies interact with blockchains and data analysis, has published a fresh 91p. report on the geography of cryptocurrencies for the year. July 2021 – June 2022.
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A few key takeaways:
- Global adoption of cryptocurrencies has slowed in 2022.
- Cryptocurrency adoption is dominated by developing countries with below-average and above-average ratings. Vietnam holds the first place mainly due to P2E and M2E, which are the leading growth drivers of cryptocurrency users in 2021-2022.
The top 20 looks like this:
1. Vietnam
2. Philippines
3 Ukraine
4. India
5. USA
6. Pakistan
7 Brazil
8. Thailand
9. Russia
10. China
11 Nigeria
12. Turkey
13 Argentina
14. Morocco
15. Colombia
16. Nepal
17. United Kingdom
18. Ecuador
19. Kenya
20. Indonesia
• Cryptocurrency adoption in Latin America is up 40% yoy and is now the 7th market in terms of transaction value of $562B. The main use case for using cryptocurrencies is the search for alpha and other speculative purposes. And users prefer to store value in stablecoins, which can be associated with record inflation in the region. Bitcoin does not yet confirm the thesis that it can protect against inflation.
• In terms of the share of the cost of cryptocurrency transactions, the Western European market is in first place, followed by North America. At the same time, these are the two largest DeFi-driven markets, and in third place is Central and South Asia and Oceania, which is a GameFi-driven market.
The share of the total market by region looks like this:
1. Central, Northern and Western Europe - 21.9%
2. North America - 19%
3. Central and South Asia and Oceania - 15.8%
4. East Asia - 12.9%
5. Eastern Europe - 10.4%
6. Latin America - 9.3%
7. Middle East and North Africa - 9%
8. Black Africa - 1.7%
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