The Top 10 Countries that Use Crypto and Bitcoin the Most

There’s no denying that crypto and Bitcoin are gaining mainstream adoption. But which countries are leading the change?

Here are the top 10 countries that use crypto and Bitcoin the most. From tiny island nations to economic powerhouses, these countries are showing the world what’s possible with digital currency.

So, without further ado, let’s take a look at who’s using crypto and Bitcoin the most.

United States

The United States of America is number one on this list, with a trading volume of USD 502,382,875 worth of Bitcoins in the past 24 hours alone!

Despite its legal status still being undefined, Americans continue to dominate the Bitcoin market, with major exchanges such as Coinbase, Circle, and Kraken seeing record numbers of users signing up from the U.S.

With its high capitalization rate and continuous innovation, it doesn’t seem like Bitcoin will be going away anytime soon in America.

Japan

Second on the list is Japan with a total trading volume of USD 340,317,048. Although China used to be a significant player in Bitcoin, due to its recent wave of crackdowns on cryptocurrency exchanges and ICOs, it has fallen to sixth place with a total trading volume of USD 240,037,236.

This gives Japan a chance to become a leading innovator in FinTech and Blockchain technology!

South Korea

Investors from South Korea have been keen to engage in digital asset trading and cryptocurrency marketplaces. According to survey data from 2021, 40.4% of the 1,885 working class in the country interviewed have invested in cryptocurrencies.

Remarkably, almost 49.8% of South Korean employees aged 30 to 39 reported investing in cryptocurrency. The percentage of workers in their twenties was roughly 37.1%.

This data gives valuable insights into South Korean investors’ apparent adoption of blockchain and cryptocurrency. Having an optimistic outlook increased the demand for cryptocurrency investments in what many South Koreans saw as an emerging financial future.

Hong Kong

Indicators of a nation’s willingness to accept cryptocurrencies include the presence of crypto ATMs, pro-cryptocurrency policies, a startup culture, and a just tax system.

Considering these aspects, a Forex Suggest research determined that Hong Kong is the most equipped nation for widespread cryptocurrency adoption, with a crypto-readiness score of 8.8! With lower crypto-readiness ratings of 7.7 and 7.5, respectively, the United States and Switzerland reached the top two places despite having a more extensive crypto infrastructure than Hong Kong.

In an effort to determine a country’s preparedness for cryptocurrency adoption, the number of crypto ATM installations related to the population, the geographical extent of the jurisdiction, and the number of blockchain startups per 100,000 people were the most important criteria.

Consequently, Hong Kong topped the list due to its lower land mass and while it has only 146 Bitcoin ATMs – a mere 0.4% of all cryptocurrency ATMs in the world – Hong Kongers are never more than 4.3 miles (7 kilometers) away from a cryptocurrency ATM.

Singapore

The status of Singapore as one of the world’s leading financial hubs makes it predictable that she has also established herself as a worldwide crypto hub.

Singapore’s government and principal financial institution, the Monetary Authority of Singapore (MAS), have been loud and proactive in educating its citizens about a tokenization-based economy.

In reality, the government of Singapore is making efforts to guarantee that the crypto sector is well-regulated to provide a safer environment for its investors, stakeholders, and residents.

The KPMG network predicts that in 2021, crypto companies in Singapore will raise $1.5 billion, up from $109 million in 2020. This was credited to Singapore’s diplomatic crypto-friendly rules, which continue to attract many investors. As of 2021, around 79.9% of cryptocurrency holders in Singapore are male, while 80.2% are under the age of 34.

According to a survey conducted by Gemini, the typical cryptocurrency holder in Singapore is expected to be a 29-year-old man with an annual household income of around $52,000.

It is an empirical depiction of crypto’s appeal among the younger generation because slightly more than a quarter percent of crypto holders in Singapore had an annual income of $15,000 or less.

55% of Singaporean cryptocurrency holders belong to the educated middle class. Ethereum (78%) and Bitcoin (69%) are, predictably, the two most commonly-held cryptocurrencies. Cardano leads the rest of the Altcoins with a 40% market share.

China

The Chinese government is taking a highly cautious approach to the crypto sector, with regulators ceasing national cryptocurrency trading and ICOs altogether.

Additionally, to curb theft by hackers, the People’s Bank of China has stopped crypto companies from shifting their income back into fiat currency.

Despite the strict regulations imposed on the crypto sector in China, some signs still indicate that blockchain technology is being adopted at an increasing rate. Banks have started paying attention to blockchain solutions offered by private startups that have experience with DLT platforms.

Indeed, it seems clear that as long as national banks do not introduce their own cryptocurrencies or blockchains for use within their financial systems - which would likely put a halt to any progress made in this space - then the blockchain has a bright future in China, despite the overall crypto market’s outlook not being so great at the moment.

Australia

Australia has established itself as one of the world’s leading crypto hubs in recent years. With a favorable regulatory framework, significant investment and support from local authorities, and a vibrant blockchain community, Australia stands a great chance of rising to the top.

Last year, the Australian government announced its intention to set up a FinTech lab to help develop and implement blockchain technology solutions. This was deemed a significant step forward in creating a secure, transparent, and efficient digital environment.

The government has also undertaken several measures to attract foreign investors, such as establishing a regulatory sandbox that allows fintech companies to test innovative products in the real world and work directly with regulators to improve their products.

Indeed, Australia has been one of the most active countries supporting blockchain startups, and many global crypto companies have decided to open regional headquarters there.

It is clear that Australia will thrive as a cryptocurrency and Bitcoin hub in the future. Whether it will be able to compete with other more established crypto hubs remains to be seen, but the country’s favorable regulatory landscape and growing investment opportunities are undoubtedly promising.

Canada

Canada is another country that has been making some significant strides in the crypto sector. The Canadian government has worked hard to provide a regulatory and legal framework that enables fintech to thrive in the country.

One of the main drivers behind this progress has been the Toronto-based company, Coinsquare. This platform was launched back in 2014 and is already the most popular digital currency trading platform in Canada. Coinsquare has received a lot of investment over the years and is now worth around $120 million.

In addition to offering a spot trading platform, CoinSquare also launched an investment company called CoinCapital. This company is focused on private equity fund investments and institutional-grade ICO investment opportunities for its clients.

Canada also has a strong blockchain community that is actively involved in developing blockchain projects. This group is supported by several institutions, such as the Blockchain Research Institute founded by Don Tapscott.

The country also has several blockchain-focused accelerators, as well as a venture capital fund that is specifically designed and dedicated to blockchain companies.

United Kingdom

The United Kingdom has quickly become one of Europe’s leading crypto hubs. While most countries in the region have been hesitant to create a regulatory framework for blockchain and crypto technologies, the U.K. is working hard to establish itself as a global leader in this space.

The London-based CoinFLEX recently launched its platform in the U.K., making it the first regulated derivatives exchange for cryptocurrency. Another London-based company called Clearmatics has been working on a virtual exchange called DX.

The U.K is also home to one of the world’s first universities that offer blockchain-based degrees. This milestone was achieved last year when the University of Buckingham became the first university to provide an entire blockchain diploma course.

Overall, we believe that the U.K. has a great chance of establishing itself as the global leader in blockchain and crypto technologies. The country’s progressive regulatory stance, robust fintech community, and vibrant tech ecosystem are all important factors that could give the UK a competitive edge.

Switzerland

One country that stands out in supporting the crypto industry is Switzerland. It is not surprising to see such enthusiasm, as the country has a long history of backing emerging technologies that could potentially change the world, or disrupt existing industrial setups.

Switzerland was one of the first countries in the world to offer its citizens internet access back in 1991. The country also has a strong startup ecosystem and is home to many global companies, such as UBS, Credit Suisse, ABB Group, Swiss Re, Nestle, and more.

Switzerland is also home to the Crypto Valley Association, created in 2017 by a group of companies now worth more than $10 billion. The association’s primary objective is to promote the development of blockchain and related technologies and facilitate education and networking opportunities.

The country’s favorable regulatory stance has been a major contributor to the development of blockchain and crypto technology companies. The authorities are currently working on a new regulatory framework that will allow companies to develop their business in Switzerland and start offering blockchain-based financial services.

Final thoughts

The top 10 countries included in this list have used Bitcoin the most according to trading volume. It is important to note that this list can change anytime as the market is always shifting. Nevertheless, it is clear that people from different countries and regions are using and investing in Bitcoin.

Bitcoin is clearly the most popular cryptocurrency in the world. It’s used by people all over the world for a variety of different purposes, such as investing, trading, or simply using it as a store of wealth.

And one thing is for sure - it is not the world’s economic superpowers that are paving the road for Bitcoin adoption to enter mainstream markets as even emerging economies are jumping on the bandwagon. Only time will tell how the rise of cryptocurrency will fare against traditional holdings and pave the way for mass adoption.

The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.