Taking a Look at The Bitcoin (BTC) Cryptocurrency Adoption In Various Countries
A study by Themetafriend shows that there are at least 36 countries globally that have at least 1% of their population as Bitcoin users. To do the study they estimated a ratio between a number of nodes in the country and scaled it across the globe. This ratio gives an approximate idea about Bitcoin users worldwide.
Of the 36 countries where bitcoin users make up 1% of the population, 26 are in Europe and North America. This must have been obvious since many of these countries have crypto friendly regulations. Just a look at the data provided by Bitnodes shows the high density of notes in the following countries; Canada, France, Belgium, Belarus, Germany, the UK, Lithuania, Luxembourg, Norway, Romania, Iceland, Slovenia, Sweden, and the US.
However, when it comes to the Asian country, India stands out. The study estimates India to have more than 1% of the population to be Bitcoin users. With over 1.2 Billion in population, this must mean that there are at least 1.2 Million Bitcoin users from India. A Cambridge study had shown that the upper limit of unique Bitcoins users worldwide is 6 million. When you consider that Indian government and banks have banned cryptocurrencies, it is hard to believe that 20% of the Bitcoin users are Indians.
Although according to the study, China has much less adoption than India. In Asia and the Asian Pacific regions, other prominent countries are Singapore, Japan, South Korea, and Australia. Africa has only South Africa as the country with significant users. Places like Tanzania and Angola have a few notable users too.
When it comes to South America, Brazil, Uruguay, and Argentina have greater adoption rates than the other countries there. What is surprising here is that Venezuela doesn’t seem to be on the study’s radar. Considering the amount of cryptocurrency news coming out of there and the economy is in ruins, one might expect more adoption.
Although the methodology used by Themetafriend is single faceted and simplistic, it does provide some insight into bitcoin adoption. We can only hope that there are new studies that give us more insights into the adoption of cryptos.