New Study Shows Turkey and Indonesia Dominate Crypto User Market for Bitcoin Activity

It is a well-known fact that the support of cryptocurrency while global is not even across all parts of the world as some countries actively support cryptocurrency while others are hostile towards it. This belief was further backed up by a recent study done by the EVEN Foundation which aims to unravel the potential users of cryptos as well as the current users in the crypto market across the globe.

Usually, it would be assumed that the countries with the most number of participants in crypto projects would be country such as the United States or maybe Malta, the popular blockchain Island. However, according to the results of the survey, the countries with the most active participants new crypto projects were Indonesia with 18 percent and Russia at 16 percent. There was also great influence from the Philippines and India which is rather interesting considering India is currently battling with hostile crypto regulations that have led to the closure of several firms that used to operate within the country.

The report also made mention of the average annual salaries in each of the countries mentioned which helps to plot the percentage of savings are people typically spend on crypto investments, and according to the survey over 9 percent of the population that was studied have an average of $1000 in crypto assets. However, a quarter of respondents did not possess cryptocurrency but most people have involved themselves in an experimental approach which aims to understand the mechanics of the technology rather than studying could crypto as a financial instrument. As a result, a percent of the population did not invest in one single token but several with 4 percent of the total population have invested in over 100 tokens.

“Moreover, if you compare it with the previous chart, you will find out, that share of token owners almost match with the share of token purchasers,” the report said.

The report does not cover all bases but stresses on the significance of the bounty community in the support for crypto projects as well as the high level of crypto literacy and awareness among the small investors and in the developing world, especially compared to the larger investors in the developed world.

What the Trends Mean

Another study by the Statistical Global Survey Shows that talks and business license to own cryptocurrency across the pool of 18 countries and 1,000 respondents. The results of the survey show that 20 percent of people in Turkey have owned or used some form of cryptocurrency which was followed by 18 percent in Brazil and Colombia at 16 percent in Argentina and South Africa.’

In China, 11 percent of respondents stated that they use crypto despite the ban in place which is in contrast with Japan only 3 percent of respondents have experience with crypto despite the government be more friendly. In the United States, only 5 percent of respondents have also used crypto assets.

There is an interesting trend of cryptocurrency being most used in countries that have experienced some sort of political or economic problems in recent times and this has fuelled a desire for citizens to divest their funds. Turkey has seen a debt crisis since mid-2018 which saw a decline in the value of its native currency the Lira and so has Brazil who has faced inflation levels that have peaked in the last few years. Columbia has also seen a great increase in cryptocurrency news following their recent political issues.

Absent from the list is Nigeria and Venezuela who, according to Google Search trends, have a significant interest in cryptocurrency.

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