Bitcoin has lost over half its value since the beginning of the year and its $67,000 high of November 2021 looks a distant memory. But in six countries, more than a third of the adult population continues to buy or sell cryptocurrencies at least once a month, says a report by global research firm Morning Consult (pdf), published July 7.
Nigeria and Turkey, each with more than 50% monthly active adult crypto traders, top the list of 40 countries surveyed. South Africa, Russia, and India are in the top ten.
The study is based on surveys with representative samples of crypto users in each country.
Some of the world’s more developed countries are on the low-adoption end of the scale with the UK, Germany, France, Japan, and China having just about 10% of their adults as active crypto traders.
What drives crypto interest?
Nigeria, Pakistan, and India are in the top 6 of the world’s most populous countries and will each have more people in 2050, per the UN’s latest projections. As such, user behavior in each country gives clues for how crypto adoption could develop in the future and will each have substantially higher populations.