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Global Cryptocurrency Adoption Is Skyrocketing; India Stands Second

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On Friday, Bitcoin (BTC) briefly dipped below $50,000 to retest support, an "important" move for assessing whether the bullish trend will continue.

 

India's interest in the Indian crypto ecosystem is increasing. In Chainalysis' Global Crypto Adoption Index for 2021, India was just rated second. For capital creation, Indian blockchain businesses have begun to acquire cash flows from worldwide markets.

Global Cryptocurrency Adoption Is Skyrocketing; India Stands Second

According to Chainalysis' ranking methodology, countries are ranked based on their P2P trade volume, which is weighted to favor countries with lower purchasing power parity (PPP) per capita and fewer internet users, in order to highlight countries where residents are investing a greater portion of their overall wealth in P2P cryptocurrency transactions.

As a result, both China and the United States saw their P2P trade volume weighted for internet-using population drop drastically over the year, causing them to drop in the global adoption index ranks. It also reflects the rising cost of living.

India's crypto businesses have raised more than $100 million in funding, with CoinDCX being the country's first crypto unicorn and Polygon becoming the country's first major protocol play.

 

The advent of decentralized finance (DeFi), which has finally provided India's brilliant developers a product-market fit for technical and core crypto goods, is a significant driver for this growth and investor interest.

Regulators have long threatened to seize the bank accounts of Indian venture firms and investors. The initial coin offering (ICO) craze of 2018 also sparked widespread perceptions of crypto projects as "scams," a perception echoed by regulators in the country.

Global Crypto Adoption Index Top 10 (Chainanalysis)

CountryOverall Index ranking
Vietnam1
India2
Pakistan3
Ukraine4
Kenya5
Nigeria6
Venezuela7
U.S8
Togo9
Argentina10

Read more about: bitcoin cryptocurrency
Story first published: Friday, September 3, 2021, 17:16 [IST]
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