Vietnam leads global crypto adoption, U.S. comes fifth


On September 14th, Chainalysis announced report On global cryptocurrency adoption in 2022. The survey reveals that Vietnam has the highest crypto adoption, followed by the Philippines and Ukraine in second and third, with the United States tied for fifth.

The report said the dominance of emerging economies in the employment index, which stood out last year, continues this year.According to World Bank earnings classification, Vietnam, Philippines, Ukraine, India and Pakistan are lower middle income countries. On the other hand, Brazil, Thailand, Russia and China are upper middle income countries.

The United States is the only high-income country in the top ten.

Global Crypto Adoption Index Top 10
World Bank research

change from last year

This year, Vietnam topped the leaderboard for the second year in a row, taking first place in cryptocurrency adoption.

The United States ranked 6th in 2020, 8th in 2021 and 5th in 2022. high recruitment.

China was ranked 13th last year, but managed to break into the top 10 this year. According to the report, China is particularly strong in centralized services, which has boosted the penetration rate. According to the World Bank, the country’s ban on cryptocurrency trading was either ineffective or loosely enforced.

Hiring surges despite bear market

Quarterly Global Index Score
Quarterly Global Index Score

Another highlight of the report is the adoption rate. Overall, crypto adoption slowed globally due to the bear market, but was able to maintain pre-bull market levels.

Adoption rates have been steadily increasing since mid-2019, according to the report. Adoption rates he hit an all-time high in the second quarter of 2021 and have been up and down since then. The report states:

“[adoption rates] It has fallen in each of the last two quarters as it entered a bear market. Still, it’s important to note that global adoption is well above 2019’s pre-bullish levels. “

Posted In: Adoption, Bear Market

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