Vietnam Is The Leading Country In The 2022 Global Cryptocurrency Adoption Index

Vietnam continues to maintain its No. 1 position in the global cryptocurrency adoption index, according to the latest 2022 report from Chainalysis.

Accordingly, blockchain analytics firm Chainalysis has released its 2022 Global Cryptocurrency Adoption Index detailing Bitcoin and cryptocurrency usage globally with a unique ranking formula.

It can be seen that Vietnam has had the second consecutive year to top the 2022 Global Cryptocurrency Adoption Index, an achievement no other country has achieved. Chainalysis commented that Vietnam is a country with a comprehensive rate of CEX, DEX, and DeFi usage, a high rate of the population knowing about and investing in crypto, as well as being a popular place for recent trends like Play-to-Earn and Move-to-Earn games.

The most startling information of the report shows that, despite last year’s ban, China has returned to ranking among the top 10 countries in the world for bitcoin investment, trading and acceptance. electronic money. Meanwhile, the US has risen to 5th (the US ranked 8th on the list in 2021).

When looking at this report, it became much more interesting after realizing how Chainalysis ranks on the global index. There are five separate indexes for country scoring, and the indexes allow for weighted calculations based on the percentage of income spent on bitcoin and cryptocurrencies.

Therefore, the country with the highest cumulative count will not be ranked the highest on the Bitcoin adoption index, virtual currency because that country most likely does not represent the majority of the population spending only a small fraction of their overall income buying Bitcoin.

The report concludes by detailing that adoption is still much higher than market levels in 2020 and even though the price of Bitcoin and other cryptocurrencies has already dropped by more than half in value at the moment.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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