When I think of cryptocurrency adoption I think of countries like the U.S. or Japan, and I’m probably not alone on this. However, Statista Global Consumer Survey reveals which countries have the highest crypto adoptions and I’m sure you will be surprised who take first place.
Sound the drums! TURKEY takes the first place.
According to Statista one in five Turks have used or currently owns cryptos in 2019 poll. It also stated that the area in the globe where most cryptos were used was Latin America (Argentina, Brazil, Colombia, Chile, Mexico and so on). However, Turkey has 20% of its people owning cryptocurrencies to some degree, and that makes them number one nation to adopt cryptos.
This is just another example of a nation that doesn’t trust its government or banks. As we have seen over the years, countries in economic crisis tend to run to cryptocurrency as the alternative. Citizens become afraid of investing in fiat because they know it could depreciate at any moment. Although cryptocurrencies are volatile, they are not in the hands of any government. So, it gives citizens financial freedom and additional options to invest their money.
Why are consumers still skeptical of adopting cryptocurrency?
In October and November of 2019, Kaspersky´s cryptocurrency 2019 crypto report, surveyed a total of 13,434 consumers in 22 countries. The study shows consumers attitudes towards cryptos. Here are some key findings:
- 4 in 5 (81%) have never purchased cryptos.
- In fact, only 1 in 10(10%) said they fully understand how cryptos work.
- A third (35%) believe cryptos are a fad.
- Almost every sixth (14%) though, of those that are not using cryptocurrency currently would like to in the future.
- Nearly, a fifth (19%) that use cryptocurrencies have experimented hacking attacks on exchanges and (15%) have been victim of crypto fraud.
These are some of the issues we might have to see some level of advancement before we see massive adoption.
On the other side of the spectrum
Although the report shows a group of people who are still unsure of the crypto industry, major companies are preparing to invest fully on cryptos.
From JP Morgan to platforms like Facebook, cryptocurrencies are being adopted by big players as I write. These major companies play a significant role in cryptocurrency adoption, raising the pressure for cryptocurrencies to go mainstream.
“I argue that 2019 will be the year mainstream media starts properly discussing the value preposition of Bitcoin, both as a store of value and as a usable digital currency, especially with increased adoption from big industry players.” — Pedro Febrero, Coin Rivet
“With a vision of fortifying smart contracts in Azure Blockchain, the team found a partner in researchers at Microsoft Research working on advanced techniques for ensuring correctness of software programs. The collaboration has resulted in VeriSol, a brand-new open source formal verification tool. “With VeriSol — short for Verifier for Solidity — developers can begin to express the desirable behaviors of smart contracts written in a subset of the popular Solidity language and then use mathematical logic machinery to rigorously check those specifications against the implementation. It has recently been incorporated into Azure Blockchain’s continuous integration pipeline for smart contract development.” — Microsoft Team
More nations with high adoptions
As mentioned in the beginning crypto adoption was a big hit in Latin America. So let´s take a look at some of these countries.
The nation is not that far behind from Turkey, it has 18% of the world´s crypto adoption. This is yet another nation that battles the government and bank corruptions. Although it´s economy is not declining like Turkey and Venezuela, it has some serious issues with frauds and exploitations. Back in April, it suffered the highest inflation in the last four years. However, during the same period, 100,000 bitcoins were traded in 24hr-periods (About 500$ Million USD).
This other Latin nation takes second place with 18% of the world’s crypto adoption. Although it has a friendly view of cryptos, it is also home to millions of Venezuelans who are also big on cryptos due to their country´s economic destruction. Just as the citizens of the other nations, Colombia is using cryptocurrency as a means of wealth preservation. It´s how most of these nations shield their wealth from the inflations.
The country is frequently at the top of Bitcoin Google searches. Some of their public transportation allows for crypto use as a method of payment. Argentina is in 3rd place with 16% of worlds crypto adoption.
As citizens around the world discover the real uses of cryptocurrency, it unavoidably hits the mainstream. It may not be at a crazy fast pace, but it is happening little by little.
As we continue to see the major companies adopting and adapting to cryptos, consumers will feel safe to do so as well.
We are not too far from the world realizing the utilities of cryptocurrencies. Several nations around the globe are going through a hard time economically. This pushes citizens to try something new, and cryptocurrency will continue to enter the scene as an alternative.
Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market, but it is only our point of view and not legal advice, and may be divergent from other opinions, so please do not make any decisions without concluding studies of your own to understand the profit possibilities and uncertainties involved at your own risk.