Top 25 Countries Fueling the Digital Currency Craze

Cryptocurrency has made tremendous waves in the American economy and culture since it reached mainstream popularity in the last 10 years. But how far has the impact spread throughout the entire world?

The crypto financial market might be foreign to some Americans when learning about it, and thinking about those same digital currencies being used overseas might be difficult to envision as well. With different laws in place for digital currency in different countries, including taxes and bans, you might be surprised to learn where the crypto market has made the biggest impact. 

Cryptocurrency payments company Triple-A examined crypto data to determine the countries with the greatest percentage of cryptocurrency owners. The United States is on the list, but you won’t expect some of the countries that rank above us.

Tracking Crypto Ownership

Person running finances.
Photo Credit: Natee Meepian via stock.adobe.com.

Triple-A tracked cryptocurrency data, with the numbers shared here accurate as of May 2024. They estimate that approximately 6.8% of people worldwide own crypto, totaling around 560 million cryptocurrency users.

While it may seem like a trend, crypto has fast become an important way for many people to use and earn money online. Crypto is encrypted and decentralized, and unlike the euro or U.S. dollar, this type of currency has no central authority that manages its value.

According to Triple-A, approximately 61% of crypto users are male, 72% are under 34 years old, and 71% have a bachelor’s degree or higher. Those statistics follow what Americans might expect, but this one probably doesn’t: The annual income of an average cryptocurrency owner is $25,000.

Why do cryptocurrency owners have such a low annual income? Many of the countries that compose this list are lower-income nations.

1: United Arab Emirates

Dubai Palm Jumeirah Island, United Arab Emirates.
Photo Credit: Delphotostock via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 25.3%
  • Number of cryptocurrency owners: 2.4 million

2: Singapore

Photo Credit: siraphol via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 24.4%
  • Number of cryptocurrency owners: 1.4 million

3: Turkey

Photo Credit: sabino.parente via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 19.3%
  • Number of cryptocurrency owners: 16.5 million

4: Argentina

Photo Credit: jkraft5 via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 18.9%
  • Number of cryptocurrency owners: 8.6 million

5: Thailand

Photo Credit: pierrick via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 17.6%
  • Number of cryptocurrency owners: 12.6 million

6: Vietnam

Photo Credit: Hanoi Photography via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 17.4%
  • Number of cryptocurrency owners: 17.3 million

7: Brazil

Photo Credit: IrynaV via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 17.4%
  • Number of cryptocurrency owners: 37.9 million

8: United States

Photo Credit: kmiragaya via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 15.5%
  • Number of cryptocurrency owners: 53.1 million

9: Saudi Arabia

Photo Credit: tokyo studio via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 15.0%
  • Number of cryptocurrency owners: 5.6 million

10: Malaysia

Photo Credit: Andrzej Płotnikow via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 14.3%
  • Number of cryptocurrency owners: 4.9 million

11: Hong Kong

Photo Credit: Stripped Pixel via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 14.3%
  • Number of cryptocurrency owners: 1.07 million

12: Indonesia

Green Bowl Beach in Bali, Indonesia.
Photo Credit: Travel Wild via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 13.9%
  • Number of cryptocurrency owners: 38.9 million

13: South Korea

Busan, South Korea.
Photo Credit: Sean Hsu via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 13.6%
  • Number of cryptocurrency owners: 7.05 million

14: South Africa

Gazelles in South Africa.
Photo Credit: Oleg Znamenskiy via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 12.4%
  • Number of cryptocurrency owners: 7.5 million

15: Switzerland

Photo Credit: Sanga via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 11.5%
  • Number of cryptocurrency owners: 1.02 million

16: Philippines

El Nido, Palawan, in the Philippines.
Photo Credit: Xavier Lorenzo via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 10.6%
  • Number of cryptocurrency owners: 12.5 million

17: Venezuela

Photo Credit: Alice Nerr via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 10.3%
  • Number of cryptocurrency owners: 2.9 million

18: Ukraine

Photo Credit: Shcherbyna via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 10.2%
  • Number of cryptocurrency owners: 3.7 million

19: Canada

Photo Credit: f11photo via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 10.1%
  • Number of cryptocurrency owners: 3.9 million

20: Slovenia

Photo Credit: Roman Babakin via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 9.9%
  • Number of cryptocurrency owners: 208,804

21: Mexico

Colorful buildings in Mexico.
Photo Credit: Emmanuel via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 9.7%
  • Number of cryptocurrency owners: 12.5 million

22: Australia

Sydney, Australia.
Photo Credit: ingusk via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 9.6%
  • Number of cryptocurrency owners: 2.5 million

23: Luxembourg

Castle in Luxembourg.
Photo Credit: Sergey Novikov via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 9.2%
  • Number of cryptocurrency owners: 60,847

24: Chile

Photo Credit: Mariana Ianovska via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 9.0%
  • Number of cryptocurrency owners: 1.7 million

25: Norway

Photo Credit: Andrew Mayovskyy via stock.adobe.com.
  • Percentage of the population who own cryptocurrency: 8.7%
  • Number of cryptocurrency owners: 479,200

Where’s India?

Photo Credit: IndiaPix via stock.adobe.com.

When looking at the total number of cryptocurrency owners on a non-percentage basis, India ranks first in the world with over 117 million people owning crypto. These numbers are expected to rise higher in the country in the years to come; experts predict that between 2024 and 2032, the number of people from India who buy and sell crypto will increase by over 50%. 

In terms of popular cryptocurrency in India, Dogecoin is number one with 11% of total investment. In India, Bitcoin and Ethereum trail behind Dogecoin with about 8% and 6% total investment, respectively. 

History of Crypto

Photo Credit: Юлия Завалишина via stock.adobe.com.

While the popularity of cryptocurrency has extended worldwide only in the last decade or so, the digital currency system was first utilized back in the 1990s. David Chaum is widely noted as a pioneer in crypto, with his invention of DigiCash in 1995.

The real rise of crypto worldwide began with the emergence of Bitcoin in the early 2010s after its creation in 2008. At the start of 2013, the price of Bitcoin was around $13, and one year later the price rose to nearly $800. By the end of 2017, the price was at nearly $20,000. As of May 2024, Bitcoin is in the upper $60,000s.

Falling Trends of Crypto

Photo Credit: BBbirdZ via stock.adobe.com.

While Bitcoin and its users have enjoyed incredible heights over the last decade, there have been signs of decline in the digital currency market. In May of 2024, cryptocurrencies experienced a huge loss in one single day of 9% which worried many crypto traders. 

In 2023, the cryptocurrency exchange company Crypto.com laid off 20% of its workforce due to the widespread downturn in the crypto market. It was a worrying move considering the company had paid to have the naming rights for the former Staples Center in 2021.  

That said, cryptocurrency is notorious for extreme highs and lows. While many cryptocurrencies fade to nothing, certain cryptocurrencies like Bitcoin and Ethereum have yet to drop and remain at zero.

How Much Money It Takes To Be in the Top 10%

Woman taking money out of purse.
Photo Credit: 9nong via stock.adobe.com.

Whether you dream of being in the top 10% or think you might already be there, one thing is certain: The income a household makes to be in the top 10% club varies by state. Here’s how much you need to make to have a higher income than 90% of Americans.

How Much Money It Takes To Be in the Top 10% by State

Most to Least Expensive States To Retire

Photo Credit: Jade Maas/peopleimages.com via stock.adobe.com.

Are you hoping to settle down in a cheaper state during retirement? These are the states to consider and, equally important, those you’re better off avoiding.

Most to Least Expensive States to Retire Ranked From 1 to 50

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *