Nigeria ranks number one globally for cryptocurrency usage and ownership
A new study has revealed the countries with the highest rate of cryptocurrency usage and ownership.
The ranking was determined by the percentage of the population that reported using or owning cryptocurrency from 2019 to 2022.
According to by Trading Browser, an online casino guide, Nigeria topped the list with 45% of its population using or owning cryptocurrency in 2022.
This equates to over 90 million people, almost 1.5 times the population of the United Kingdom. From 2019 to 2022, the country saw a 17% increase in cryptocurrency usage and ownership, with over 34 million people adopting the digital asset.
Thailand came in second with 44% of its population reporting cryptocurrency usage or ownership, equal to just over 30 million people. Thailand saw the biggest uptake in cryptocurrency with a 21% increase from 23% to 44%.
Turkey came in third with 40% of its population using or owning cryptocurrency in 2022, equating to over 33 million people. The country saw cryptocurrency adoption double from 20% to 40% from 2019 to 2022, with over 16 million people adopting the digital asset.
| Rank | Country | 2019 (%) | 2020 (%) | 2021 (%) | 2022 (%) | Population | Population using crypto | Difference from 2019 to 2022 (%) | 2019-2022 increase in population using or owning cryptocurrency |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Nigeria | 28 | 32 | 42 | 45 | 200,963,599 | 90,433,620 | 17 | 34,163,811.8 |
| 2 | Thailand | 23 | 18 | 31 | 44 | 69,625,582 | 30,635,256 | 21 | 14,621,372.2 |
| 3 | Turkey | 20 | 16 | 25 | 40 | 83,429,615 | 33,371,846 | 20 | 16,685,923.0 |
| 4 | Argentina | 16 | 14 | 21 | 35 | 44,938,712 | 15,728,549 | 19 | 8,538,355.3 |
| 5 | United Arab Emirates | 20 | 10 | 13 | 34 | 9,770,529 | 3,321,980 | 14 | 1,367,874.1 |
| 6 | Philippines | 15 | 20 | 28 | 29 | 108,116,615 | 31,353,818 | 14 | 15,136,326.1 |
| 7 | Vietnam | 22 | 21 | 27 | 27 | 96,462,106 | 26,044,769 | 5 | 4,823,105.3 |
| 8 | India | 7 | 9 | 15 | 25 | 1,366,417,754 | 341,604,439 | 18 | 245,955,195.7 |
| 8 | Singapore | 9 | 10 | 11 | 25 | 5,703,569 | 1,425,892 | 16 | 912,571.0 |
| 9 | Brazil | 16 | 11 | 16 | 24 | 212,559,417 | 51,014,260 | 8 | 17,004,753.4 |
| 10 | South Africa | 16 | 18 | 21 | 23 | 58,558,270 | 13,468,402 | 8 | 4,684,661.6 |
Argentina was the first South American country on the list, coming in fourth place with 35% of its population using or owning cryptocurrency in 2022. The country has several draft laws to institutionalise and regulate the virtual currency industry, which may change the ownership and usage rate in the near future.
The United Arab Emirates (UAE) came in fifth place with 34% of its population using or owning cryptocurrency in 2022. Minister of State for Foreign Trade, Dr Thani Al Zeyoudi, recently stated that the UAE is looking to expand into cryptocurrencies, which may mean that the 34% figure will increase in the coming years.
The rest of the top ten countries include the Philippines in sixth place, Vietnam in seventh place, India and Singapore tied in eighth place, Brazil in ninth place, and South Africa in tenth place.
Surprisingly, the United States only ranked 22nd on the list with 16% of its population using or owning cryptocurrency. The United Kingdom ranked even lower, coming in at 50th place with only 11% of its population using or owning cryptocurrency.
The study highlights the growing popularity of cryptocurrency in Africa and Southeast Asia, with Nigeria and Thailand leading the way. It also shows that South Africa is also beginning to adopt cryptocurrency, with over 13 million people using or owning the digital asset.
The study serves as a reminder of the increasing importance of cryptocurrencies and their impact on the global economy. As more people adopt digital assets, it is important for nations to consider their stance and regulations on cryptocurrencies to ensure that they are able to fully benefit from this new and growing industry.
