When we think of cryptocurrency adoption, we often assume that South Korea, Japan, or the United States take the lead. Not so, according to the latest results from Statista.
For those of us engulfed in the world of cryptocurrency, it feels like we live and breathe Bitcoin–and we expect everyone else too as well. But while the percentage numbers may still be low relative to the entire population, check out the top five countries where cryptocurrency adoption is highest.
Cryptocurrency Adoption Is Highest in Turkey
Perhaps it’s not surprising that 20% of Turks own cryptocurrencies of some degree. In countries where government and bank trust is low, where the currency is subject to sudden devaluations, and its rulers have a tenuous relationship with the United States, cryptocurrencies seem to breed like rabbits.
With a dictatorial ruler at the helm willfully censoring content and throwing opponents in jail, Turkey has all the ingredients to make cryptocurrency adoption high.
Interestingly, though, if you check out the top countries for Bitcoin searches, Turkey never makes the list. It would seem that the astute Turks already know exactly what it is and how to buy it.
Brazil Picks Up Second Place
Brazil is hardly in economic tatters like its neighbor to the north. However, inflation did hit its highest rate in four years in April. In the same month, Brazil traded a record 100,000 bitcoins in 24 hours. That’s a massive 2 billion BRL (almost $500 million USD).
While the battle with banks is an ongoing saga here, progress is being made. Santander bank was forced to keep cryptocurrency exchange Bitcoin Max’s account open by the Justice system in February.