Finder.com a financial product comparison website has released its latest crypto report, the study was carried out on 42,000 people in 27 countries across Europe, Asia, and the Americas. The findings showed Vietnam had the highest rate of crypto adoption.
When it comes to cryptocurrency adoption, emerging economies like Vietnam, India, and Indonesia are leading the way, highlighting key use cases for digital assets such as remittances and financial inclusion.
According to Finder’s study of 42,000 people in 27 countries, Vietnam has the highest rate of bitcoin adoption, with 41% of respondents claiming to have bought cryptocurrency. Vietnamese respondents claimed they have bought Bitcoin (BTC), the highest percentage of any country asked.
Although Vietnam’s great outperformance may appear surprising at first glance, other evidence suggests that the Southeast Asian country is punching above its weight when it comes to crypto adoption.
Despite having only the 53rd largest economy based on gross domestic product, Vietnam placed 13th in realized Bitcoin gains for 2020, according to Cointelegraph.
The Finder report suggested the following about the motivation for buying crypto in Vietnam:
“Remittance payment may have played a significant role in these numbers, with cryptocurrency an option for migrants who want to send money home and avoid exchange fees.”
Adoption was especially high in Asia, with 30% of respondents in Indonesia and India claiming to have bought cryptocurrency. In Malaysia and the Philippines, this proportion was 29% and 28%, respectively.
Adoption rates in the United Kingdom and the United States, on the other hand, were at their lowest, at 8% and 9%, respectively.
There were between 1,160 and 2,511 respondents for each country covered in the study. The report stated that “not all surveys were nationally representative due to the different Google infrastructure in each territory.”
The report also revealed high adoption patterns in a number of Latin American countries, with 22% of Brazilian respondents claiming to have bought cryptocurrency.
Due to rising inflation, tighter capital regulations, and a deteriorating fiscal outlook, the digital asset class is expanding quickly across the continent. At least two crypto-exchange unicorns, or companies valued at $1 billion or more, have now emerged in the region.
