After a challenging 2022, the global crypto market revenue is expected to double and hit nearly $38bn this year. More than half of that value will come from the United States and the United Kingdom, the world`s leading crypto markets. However, the two countries are not even in the top ten when talking about crypto adoption.
According to data presented by BitcoinCasinos.com, Nigeria, Turkey, and the United Arab Emirates lead in crypto ownership, with 47% and 31% of the population using or owning a cryptocurrency in 2023.
Western Countries Have 4x Smaller Crypto Adoption Rate
According to Statista Global Consumer Survey, consumers from countries in Africa, Asia, and South America were most likely to own or use cryptos in 2023. Nigeria is the leading one among them, with nearly one out of three respondents using digital currencies daily.
Turkey ranked in second place, with 47% of the population owning or using digital coins. The United Arab Emirates follows with a 31% crypto adoption rate, while Indonesia and Brazil round the top five list, with 29% and 28%, respectively.
The Statista data showed Western countries have four times smaller crypto adoption rates. For example, around 16% of the population in the United States uses or owns cryptocurrencies, ranking behind countries like Switzerland, South Korea, and Norway. Germany, the United Kingdom, France, and Italy have even lower 12% and 11% crypto adoption rates in 2023.
Statistics show China and Japan have the smallest share of crypto owners in their population among all surveyed countries, 10% and 6%, respectively.
Indonesia and Turkey Saw the Biggest Year-over-Year Crypto Ownership Growth, Japan`s Crypto Adoption Rate Plunged 7%
The Statista survey also showed some countries saw much bigger crypto adoption growth in 2023 than others. Indonesia leads this chart, with a 10% increase year-over-year, and 29% of its population now using or owning digital coins. Turkey ranked second with a 7% crypto adoption growth between 2022 and 2023. Brazil and India follow, with a 5% increase respectively.
On the other hand, Argentina saw the biggest crypto ownership decline of 9%, with 26% of the country`s population now using cryptocurrencies, down from 35% a year ago. Japan`s share of crypto owners dropped by 7% to only 6% in 2023.