According to a survey by the international research firm Morning Consult (pdf), released on July 7, more than a third of the adult population in six nations still buys or sells cryptocurrencies at least once per month.
The analysis is based on surveys that included typical samples of cryptocurrency users from each nation.
Nigeria is at the top
Some of the world’s most developed countries are at the low end of the adoption spectrum, with just approximately 10% of people in the UK, Germany, France, Japan, and China actively trading in cryptocurrencies.
Top of the list of the 40 nations examined is Nigeria and Turkey, both with more than 50% of monthly active adult crypto traders. In the top 10 are South Africa, Russia, and India.
According to the current UN forecasts, Nigeria, Pakistan, and India are among the top six most populated nations in the world and will each have more people in 2050.
As a result, user behavior in each nation provides insight into how crypto acceptance may expand in the future, and each will have significantly larger populations.
However, the parallels between nations with strong cryptocurrency adoption now are primarily monetary rather than demographic.
Except for the United Arab Emirates, the majority of the nations in the top ten for crypto trading have per capita incomes of less than $30,000 (in purchasing power parity terms), placing them in the lower income bracket.
According to the research, seven of the top ten nations have implemented limitations on foreign exchange transactions.
The most important instances are Turkey and Argentina, both of which have seen significant increases in inflation.
Until the current crypto cold, traders in these nations used cryptocurrency as a hedge against inflation.
However, the parallels between nations with strong cryptocurrency adoption now are primarily monetary rather than demographic.
Except for the United Arab Emirates, the majority of the nations in the top ten for crypto trading have per capita incomes of less than $30,000 (in purchasing power parity terms), placing them in the lower income bracket.
According to the research, seven of the top ten nations have implemented limitations on foreign exchange transactions.
The most important instances are Turkey and Argentina, both of which have seen significant increases in inflation. Until the current crypto cold, traders in these nations used cryptocurrency as a hedge against inflation.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/08/15/know-who-is-at-the-top-of-the-most-active-young-crypto-traders/