Let’s Track the Countries with the Highest Cryptocurrency Ownership – Who comes first?

Over the years, cryptocurrencies have captured people’s attention worldwide and have evolved hugely, which is why they are assets that appeal to tech enthusiasts and people worldwide. Cryptocurrencies bring a long list of benefits, which is why some countries have also adopted them as legal tender to overcome some of the problems associated with fiat money. The best feature of cryptocurrencies is decentralization, one of the main reasons Bitcoin and other cryptocurrencies have become so loved worldwide.

But why did Bitcoin grow so much in popularity? Well, maybe because Bitcoin is the first cryptocurrency ever developed that has opened the door to all the other altcoins. Or it is because BTC is highly accessible, and you can buy BTC on the most important crypto exchanges.  S

till, you might have wondered about the country with the highest crypto ownership. Keep reading to discover it.

What are the Factors that Impact Bitcoin Adoption?

Various factors impact Bitcoin adoption worldwide, varying from country to country. However, some common reasons make people interested in investing in digital coins. Here are the most important ones.

Technological Knowledge

One of the main reasons people invest in cryptocurrencies is their technological knowledge and how well a country has let its citizens find out essential information about a specific cryptocurrency. Additionally, Bitcoin and all the other cryptocurrencies function with an Internet connection, which is why a specific country’s population needs good technological knowledge to take advantage of all the benefits that cryptocurrencies bring.  Blockchain is the technology that helps cryptocurrency function, so people need access to modern devices to use digital coins at their full potential. Because people might not understand all the concepts and notions in the crypto sphere, the countries with the highest number of cryptocurrencies have made the needed changes to help their citizens.

Economic Stability

The economic stability of a country also has a lot to do with how many people will invest in a digital coin. Countries with unstable economies won’t be inclined to invest in something associated with volatility, like cryptocurrencies. Because of this, the top countries where citizens invest in digital coins are developed and characterized by economic prosperity.

Countries with a High Inflation Rate

Other countries that are very likely to invest in cryptocurrencies are those with a high inflation rate that want to hedge against inflation. Crypto can help other countries fight hyperinflation, which is why several countries worldwide have made the necessary changes to incorporate cryptocurrencies into their operations.

What are the Top Countries that Own the Most Cryptocurrencies?

3. United States

The United States is currently the third country in terms of crypto ownership, where a large portion of the population has started investing in cryptocurrencies. The USA is always among the top countries focusing on integrating innovations into all their operations, so it couldn’t miss the crypto landscape. Also, the United States has all the necessary conditions to ensure that people invest in cryptocurrencies, such as technological developments or economic stability.

2. Vietnam

Vietnam ranks second among the countries with the highest number of cryptocurrencies, mainly because citizens use cryptocurrencies to access banking services. Vietnam has low and middle-average income, so this is another reason that many individuals want to invest in cryptocurrencies. In Vietnam, crypto funds are untaxed, and because authorities and governments don’t regulate the crypto sector, it has become very easy for people to own digital currencies.  Over the years, the dong has suffered devaluation, so they want to invest in something to hedge against inflation. Plus, more than 70% of Vietnamese don’t have access to financial services, so they are interested in crypto.

1. United Arab Emirates

At the moment, the United Arab Emirates is a top country in terms of crypto ownership. Why are people in this country likely to invest in cryptocurrencies? Well, it might be because they have good regulatory clarity, the institutions are participating in this transformation, or cryptocurrencies have proved to be very lucrative. Recently, the United Arab Emirates has taken strategic steps and focused on integrating better diversification, centering the most on finance and technology.

And because the local authorities have recognized all the advantages of investing in digital coins, this country’s government has taken the necessary measures to provide a flexible and robust regulatory environment. Abu Dhabi and Dubai have been the main cities behind this change, and they have managed to attract businesses worldwide who want to invest in digital assets. In this way, they have also brought talent and benefitted this region from significant exposure. Because the UAE has always made the necessary changes to embrace innovations, this country can be seen as a technology hub that can overcome all the challenges of cryptocurrencies.

The Bottom Line

The cryptocurrency sphere has changed massively since digital coins first entered the world, and now, numerous people worldwide want to be part of this intriguing space. A few reasons keep cryptocurrencies from reaching mainstream adoption, including the lack of regulation, volatility, scalability issues, and complexity. However, countries have already taken the necessary steps to offer citizens the conditions to invest in cryptocurrencies, and the above are a few examples of this.

Even if cryptocurrencies have had an amazing evolution over the years, they haven’t been in this space for that long, so we still need to wait and see what the future could bring. However, even if what will happen next remains uncertain, one thing is sure: cryptocurrencies have changed plenty of things because they have finally offered a solution to fiat money, a desire people have had for a very long time.