There is no doubt that Cryptocurrency has taken over world finance. The currency that got developed from Blockchain technology is now creating a race among people to buy it. Many countries have jumped into the race and openly adopted the new digital currency. A study has shown that by the half of 2021, the adaptation to Cryptocurrency will grow up to 2300% from 2019.
This story of Bitcoin is not going to see its end any time soon. Because cryptocurrency transactions are effortless and it is a low-cost transaction. The shift of both daily life and businesses over the digital format is also one of the reasons that Cryptocurrency has gained the importance it has now. People also know that the lifespan of crypto will be extensive, and it will stay in the market for more than 100 years.
Many countries have become famous for their unlimited investment in Cryptocurrency; meanwhile, many countries have imposed a ban on their usage. This article provides you a list to refer to countries that have shown a significant interest in using Cryptocurrency actively.
Japan has the longest history of crypto investment because it is one of the countries that has been investing in Cryptocurrency for a very long time. There were 3.5 million people already investing in Cryptocurrency in Japan in 2018. Now the quantity of crypto investors and users has grown massive such that it has become the second-largest or third-largest economy in the world of Bitcoins.
All these became possible because the government of Japan showed great acceptance by legalizing Cryptocurrency and started regulating it very early. Japan Virtual and Crypto Assets Exchange Association has studied the number of transactions of its members and says that there is an upward trend in Bitcoin trading. The 73 million yen traded has become 417 million yen in February 2021. This is the indicator that Japan is one of the countries that have started using Cryptocurrency the most.
2. United States
The United States is another nation that has a large count of cryptocurrency investors. This count rapidly amplified more in the past five years where the interest in Cryptocurrencies increased by 300%. According to research, 6% of the population in the United States uses Cryptocurrency. Cities like Hawaii, California, Florida, and Colorado are considered the Hotspots of crypto investment and trading in the United States. Businesses in these states have accepted Bitcoin as Cryptocurrency more than other cryptocurrencies.
Vietnam is not behind in the race of Cryptocurrency. It is actually leading the countries in crypto investments globally. A survey conducted by the US financial consultancy Finder says that 20% of the residents have purchased Bitcoin in Vietnam. When you rank according to the Gross Domestic Product, Vietnam stands 53rd in the list. But when you type the Bitcoin gains, Vietnam stands 13th.
This kind of growth in the country happened even though using cryptocurrencies for buying anything is not considered legal. People are considering it as a significant investment.
India has become one of the global leaders in the field of Cryptocurrency. In India, 9% of respondents of the survey used Cryptocurrency. The retail investors in Cryptocurrency have increased in India after the supreme court removed the ban on the crypto transactions imposed by RBI. After June 2020, more than 8 million people have invested in Cryptocurrency, most of them belonging to the younger generation. 40% of the crypto users in India are in the age group of 18-34 years.
Currently, 2.62% of Germany’s population presently uses Cryptocurrency. 2.62% constitutes 2.1 million residents of Germany. Like India, most of the investors of Cryptocurrency are youngsters of age 18-34 years. Germany has legalized Bitcoin, and Germany’s acceptance of Bitcoin has increased the value of Bitcoin.
In the Philippines, the value of Bitcoin has risen to $11,000 from $1000. The government has allowed ten blockchain companies to work under economic zones. After Vietnam, this country became the 3rd most crypto user country.
In Australia, has legalised the cryptocurrency exchange. The crypto regulations have been too progressive in the country. More than 59% of Australian citizens have invested in Cryptocurrency, most of them between 25-34 years of age. In Australia, the government declared that Bitcoin is subject to capital gains in Australia.
Nigeria is one of the top countries using Cryptocurrency the most as stated by the The Statista Global consumer survey. The low cost of sending money across the country using cryptocurrency has influenced people to use Cryptocurrency extensively. Cryptocurrency has given them convenience; hence it became the country with the highest number of cryptocurrency users. Bitcoin.com says that the culture of the country is fuelling the trend of Cryptocurrency too.
Ukraine is making the financial game big by using cryptocurrencies. The country also has favorable situations for bitcoin mining and earning more. The government also aims to convert the country into a Hot cryptocurrency destination. Hence the number of cryptocurrency users in the country is also increasing. Ukraine’s economy is primarily dependent on the export of metals and agricultural products. So Cryptocurrency has become the best way to uplift the economy as well.
In France, 3.3% citizens of France use Cryptocurrency. The cryptocurrency is owned more by the rich people of France. The awareness of the people about Cryptocurrency is very high in France; that is why it is one of the countries that uses the highest amount of Cryptocurrency. France also has some crypto exchange license which legalizes the cryptocurrency usage for the businesses.
Many countries have started investing in Cryptocurrency, and many have not. The earth is divided into two parts in the case of this new-age digital currency. Some of them believe in the future of this currency, and some don’t. There will be problems with this currency, but many visionaries have supported it and showed their faith in cryptocurrencies’ future. They also believe that Cryptocurrency will occupy 25% of the national currencies. If you want to become a part of cryptocurrency trading, get a go URL here.