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Global Crypto Adoption: Rate & Increasing Reasons

Global Crypto Adoption : Rate and Increasing Reasons

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401 Listen to this article Introduction Mass adoption of cryptocurrency is known as Crypto adoption. To unlock their maximum potential […]

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Introduction

Mass adoption of cryptocurrency is known as Crypto adoption. To unlock their maximum potential in network technology cryptocurrencies need to reach mass adoption. Although it follows a classic bell curve and has a lag phase in it’s graph. During these 14 years, bitcoin adoption has been dramatically increased and it was also adopted as legal tender. 

The well-known term for the mass adoption is blockchain adoption also. Although there is a stuck price when we check the graph of litecoin. Some blockchain methods on the market increase sudden prices of cryptocurrencies. This resulted in an increase in user profiles in cryptocurrencies

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Global Crypto Adoption

In 2023 global crypto adoption increased up to 4.2%, with the cross of 420 million users across the world. And this suggests that it is increasing, but there is less increase in some European markets. 

Country nameIncrement in percentage
India6.55%
Pakistan6.6%
China4.15%
Brazil7.2%
Iran13.46%
USA 14.36%
Indonesia4.4%
Russia6.06%
Thailand  9.61%
Ethiopia 1.79%
France4.72%
United Kingdom 5.74&

Overall, there has been an increase in crypto adoption since its launch year 2009. Also between 2015 and 2023 price of the bitcoin increased by over 173,000%, it is an annual growth rate of 60 percent. 

Crypto Regulation Bill in US Congressional Committee

The US is the largest consumer base for Crypto, currently scuffling because of uncertainties due to SEC crackdown on Crypto operations. The bipartisan Crypto regulation bill passed in Congressional committee. And primary objective of passing this bill is to make a clear line between the Securities and Exchange Commission and the Commodity Futures Trading Commission. 

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This bill is the first sight of the congressional vote on the matter of boosting the ecosystem’s hopes further. Although this is an administrative matter this bill is issued by Crypto projects from traditional securities. 

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What is the Crypto Adoption rate of 2023?

The top countries in Crypto Adoption are the USA (46million), India (27 million), Pakistan(26 million), Nigeria (22 million), and Vietnam (20 million) and Bitcoin constitute 47 percent of the total capitalization of cryptocurrency. There are 63 percent male and 37 percent female in the latest data. 

The average income of Crypto owner is US$25,000 annually. The use of Crypto payments has also increased in black payments, there are also unknown stakeholders for cryptocurrencies. 

The reason behind increasing Crypto Adoption

There is not only a single season for increasing crypto adoption besides high prices less time it is increasing dramatically. 

  • Crypto payments in high priority: This is the first and foremost reason as there are more than 85 percent of US merchants enable Crypto payments. Also, there is an inch of awe in merchants who accepted Crypto payments upon 40 percent. There is $250 more per transaction on an average customer’s spending. 
  • Luxury goods: The Global market is projected to $1.2 trillion in 2022 for luxury goods and most of the crypto buyers are millennials under the age of 40. Luxury brands accept crypto for limited edition items to create an exclusive experience. 
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The Biggest Brands That Are Accepting Crypto Payments

One of the most prominent reasons for Crypto adoption is big brands worldwide accept cryptocurrencies as payment. Some of these big names are Starbucks, AMC theatres, Shopify, Rakuten, Express VPN, Whole Foods Market, and Newegg.

The most common big brands that are accepting Bitcoin are Wikipedia, Microsoft, KFC, and AT&T. They are using cryptocurrency as a legitimate source of funds. Also, Bitcoin took over the cryptocurrency for this kind of payment. But the graph of Crypto is also at an accelerating phase. 

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Crypto Adoption in India

Australia is the biggest country when it comes to legalizing cryptocurrencies in 2023 with a score of 7.37 out of 10. Next on this list is USA and third is Brazil, India is at seventh rank with a 6.12 score out of 10.

There are two crypto ATMs in India and a 316% increase in Google searches since 2020. The problem with the adoption of cryptocurrencies is the limited edition items listed in India. 

Grassroots Adoption of Cryptocurrency

It is raw cryptocurrency transaction volume and it can track activities happening related to cryptocurrencies. This method can also tell where the biggest share of the money is placed into the cryptocurrency

Global adoption of cryptocurrency will reach to maximum in 2021 then adoption is waving down but not constantly. The reason for increasing crypto adoption in 2021 is the increased mmarket capitalization of cryptocurrencies in 2020.

Long-term investors are at a loss but they are holding their shares. In the last two quarters of 2022, the market falls gradually, However, global adoption remains unchanged. 

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Global Crypto Adoption Index

Chain analysis has published its guide for the third straight year. According to reports crypto is still unlocking new opportunities for the growth of the market. Around 154 countries are involved in crypto trading and they are divided into lower-middle income, upper-middle income, and high income. 

There are ten lower middle-income countries on the list and they are India, Pakistan, Kenya, Nepal, Indonesia, Morocco, Nigeria, Vietnam, Philippines, Ukraine. 

There are upper-middle-income countries that are Brazil, Thailand, China, Turkey, Argentina, Colombia, Ecuador, and Russia. The Other two high-income countries United States of America and United Kingdom

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Conclusion

There us continuous increases in the Crypto adoption, Market capitalization fluctuated in the year 2022 but there are increasing user profiles of cryptocurrencies. There may be an increasing interest people in trading, but increases in crypto payments are also a big reason.

Lower-middle-income countries are more interested in reading and finances. Country transactions volume are measured, and there is an increment in usage of crypto payments. But these payments are limited up to an extent by all luxury brands.

For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and Linkedin. 

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