US, Ukraine, and the UK Top Global Crypto Adoption Chart - Report

Besides being the world’s biggest economy, the United States has topped the list of countries for global cryptocurrency adoption. According to a report by Merchant Machine, Ukraine, the United Kingdom, India, and Thailand make up the top five countries on the chart.

The Merchant Machine’s report was based on well-defined parameters including;

• Total number of crypto owners in the country
• The global Decentralized Finance (DeFi) adoption index
• The number of Bitcoin ATMs
• The total number of businesses in the industry
• The monthly search volume of cryptocurrency terms.

The top ten countries according to Merchant Machine are shown in the table below;

According to the report, the United States and the UK featured in the top three because of the size of their economies and the advanced crypto economy they are both developing. 

The impressive ranking of Ukraine is fueled by the country’s positive disposition to digital currencies, a move influenced by the legalization of crypto transactions by President Volodymyr Zelensky earlier this year.

When the data is zoomed in, the United States leads by far in terms of the total number of crypto owners which currently sits at 27.49 million. The country also has an incomparably larger number of Bitcoin ATMs than any other country in the world. 

It is not surprising that Russia also tagged along in the list as the country has been under heavy sanctions from Western leaders following its invasion of Ukraine.

Best Regions for Doing Business in Crypto

While the place of the US, Ukraine, and Britain remains undisputed on the crypto map, countries like Colombia, Venezuela, and South Korea are also gaining traction with respect to their wide embrace of digital currencies for businesses.

The survey ranks these regions as well as France and Greece as the top places where crypto is being used on a wide scale for business transactions. The place of Colombia and Venezuela in this aspect of the report is understandable, seeing that both countries have fiat currencies that are consistently being devalued.

This situation has pushed business owners and citizens to embrace digital currencies for their transactions as the report highlighted.