Recent research by blockchain analytics firm Chainalysis reveals that cryptocurrencies saw an impressive growth rate over the last year.
What Happened: According to a Wednesday Chainalysis paper, "global cryptocurrency adoption is skyrocketing," having "grown by over 880% in the last year."
At the end of last year's second quarter, total global adoption stood at 2.5, while at the end of Q2 2021, it stood at 24.
This data suggests that "global adoption has grown by over 2300% since Q3 2019."
Still, the United States and China are not leading this race anymore.
Last year, China ranked fourth on the crypto adoption list, while the United States ranked sixth.
This year, China is thirteenth, and the United States ranks eighth.
Why It Matters: The worldwide adoption score — or "Global Crypto Adoption Index," as Chainalysis calls it — measures "adoption across 154 countries and highlights the countries with the greatest adoption by ordinary people."
The examined use cases are personal, business transactions, and individual saving, not trading and speculation.
The countries that scored the highest on Chainalysis' paper from the first to the fifth spot are Vietnam, India, Pakistan, Ukraine, and Kenya.
This highlights how much more adoption-driving force cryptocurrencies have brought in poorer countries where the financial system is less well developed.
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