According to estimates from the provider of crypto business solutions, Triple A, the United States has almost twice as many cryptocurrency owners as India, which came in second with 27.4 million.
However, with 13.7%, the United States comes in third place regarding ownership of cryptocurrencies. Comparatively, Vietnam leads the list for this parameter, where 20.3% of the population, or one in five people, holds cryptocurrency.
The Twitter account @DocumentingBTC calculated the top seven nations, and a map of bitcoin ownership taken from the Triple, A website, was also included. With 130 million inhabitants, Asia was the continent with the largest absolute ownership on the map. Oceania came in last, with only one million owners living there.
#Bitcoin and crypto adoption:
🇺🇸 USA 46 million
🇮🇳 India 27 million
🇵🇰 Pakistan 26 million
🇳🇬 Nigeria 22 million
🇻🇳 Vietnam 20 million
🇨🇳 China 20 million
🇧🇷 Brazil 16 million pic.twitter.com/BZxdqIY8acAugust 24, 2022
More people are expected to hold cryptocurrency.
According to Triple-A, the adoption of cryptocurrencies will increase globally. According to recent estimates, there are 320 million crypto users worldwide, which equals an average of 4.2% of the world’s population.
According to ownership demographics, 63% of owners are men, and 37% are women, with 72% of them being 34 or younger. According to researchers, the typical annual income of cryptocurrency owners is $25,000.
According to the most recent World Bank data, in 2020, the net national income per person was $8,784. A decrease from $9,274 in 2019.
Even though it’s not a perfect comparison because the years don’t line up and the Globe Bank’s data doesn’t include every nation equally (Eritrea’s contribution is from 2011, for instance), the disparities in income between cryptocurrency owners and the rest of the world are obvious.
Why is cryptocurrency so common in Vietnam?
Vietnam was the top country for the proportion of cryptocurrency ownership even though it came in fifth place globally for the number of cryptocurrency owners.
Vietnam Daily published an article in 2021 examining why cryptocurrencies are so well-liked there. It created a list of explanations for the occurrence based on conversations with users in Vietnam. It said:
Limited access exists to traditional investing in legacy finance
The elderly Vietnamese store their riches in gold, while the younger generation chooses not to because cryptocurrencies make international money transfers easier. Nearly 70% of the population is unbanked.
Due to past government property seizures, digital assets are perceived as safer.
It should be mentioned that in Vietnam, actual cash is still preferred over digital or card payments for most transactions.
According to this data, cryptocurrencies are used in Vietnam to fill the gap left by a fatally deficient legacy system.