A new study shows that global crypto usage is highest in the UK, US and Ukraine

• The study discovered that the United States ranks top in global crypto usage among the four countries.
• The research also notes that an advanced crypto economy and a vast economy is the reason for the US’ top ranking.

The use cases for cryptocurrencies keep growing in direct proportion to the industry’s growth. However, regulations determine how residents use cryptos for various functions like investment and payments. A new study shows that the United States ranks top in crypto usage among all countries globally.

The research carried out by Merchant Machine and released on August 22 used various factors to assign points to each nation out of a possible ten points. Merchant Machine gave 7.75 points to the United States, while Ukraine and the United Kingdom ranked second and third, respectively, with 5.96 and 5.79 points.

Other factors used in the analysis include the number of crypto holders in the nation, the monthly search volume for crypto terms, the number of Bitcoin (BTC) ATMs, the worldwide adoption index for decentralized finance (DeFi), and the number of businesses that enable crypto payments.

Top 10 nations with crypto usage. Source: Merchant Machine.

The research sampled various metrics from 50 nations to find the nations with the most investment in crypto.

Why the US ranks top in crypto use?

According to the study, the size of the US economy and its advanced crypto economy are the reasons the US ranks top in this analysis. What is surprising is that Europe’s poorest country based on GDP and GNI per capita, Ukraine, ranks among the top five countries with crypto usage. However, the study notes that Ukraine is among these top-ranked countries because of the general crypto adoption trends in emerging economies.

Another reason Ukraine ranks in the top five is that a large percentage of its population (12.73 percent) own cryptocurrencies. Countries with severe economic crises like Ukraine suffer from a massive devaluation of their local currency. Hence, their residents resort to investing in digital assets as a store of value.

Thus, the study predicts that Nigeria will rank among the top holders of digital assets in the next three years. The researchers note that the whole population of Nigerians might start using cryptos unless the current crypto growth rate in the nation wears down. It is worth noting that recent Google Trend search statistics show that Nigeria is the country that is the most obsessed with crypto worldwide. It is a remarkable feat, given the current bearish conditions in the crypto market.

A rally is imminent

Some industry thought leaders believe a crypto market rally might happen soon, even though the crypto winter has created doubt about crypto sustainability. One of these thought leaders and Bloomberg’s intelligence commodity strategist, Mike McGlone, predicts that the market’s fortunes will turn around positively in the second half of this year. Note that each country’s crypto regulation will cause considerable variations in their crypto adoption. Most regions have hastened the establishment of crypto regulation following the current decline in the crypto market.