Mass adoption of cryptocurrencies: + 881%

The second edition of the Chainalysis Global Crypto Adoption Index shows us a map of cryptocurrencies in constant evolution, with mass adoption taking off: a worldwide increase of 881%, led by Vietnam, India and Pakistan. The index ranks 154 countries and keeps track of parameters identified to understand the daily adoption of cryptocurrencies rather than the value of individual transactions, such as the volume of peer-to-peer trading. The purpose, they explain, is “to photograph the adoption of cryptocurrencies by ordinary people, focusing on the transactions and savings of individuals rather than on trading and speculation”. The parameters used for the calculation are: total cryptocurrency activity, non-professional trading activity and trading volume, all weighted with respect to per capita purchasing power and the spread of internet use in the population. , the report shows a ranking led, in its top 20, mainly by developing economies, such as Togo, Colombia and Afghanistan. In the meantime, the United States moved from sixth to eighth place while China, due to the new restrictive regulations, slipped from fourth to thirteenth place. Europe does not appear in the top 20 except for Ukraine in fourth place, while Africa and South America are well represented. Each nation in the top 20 has a history of its own that has pushed it towards cryptocurrencies, but there are some common traits that are not difficult to identify. The Chainalysis index accurately captures the reasons behind the adoption of cryptocurrencies in emerging or unstable economies. Where the local currency is insecure, cryptocurrencies are a quick way to preserve your savings from runaway inflation. And they are also a method to easily receive earnings from family members who have emigrated abroad, as well as to allow access to sources of savings and small investments for non-bankable individuals. Vietnam, for example, is one of the main markets of Bitrefill, a company that allows you to live in cryptocurrencies with the purchase of gift cards in bitcoin for the most diverse activities and services. In Nigeria, on the other hand, commercial adoption is more widespread, with purchases and exchanges both internally and abroad – in particular with Chinese counterparts. The African country, with the youngest population on the planet and an economy in turmoil, is among the first in the world in terms of volume of searches on bitcoin, according to Google statistics. An interest also dictated by the government squeeze that uses the freezing of the bank accounts of organizations alongside dissidents as a method of repression, and by the growing control over foreign transactions even for small entrepreneurs and traders. , where there is little personal freedom and even less the possibility of moving capital, cryptocurrencies help to bring in and out money from abroad: despite the extreme poverty of the country, the volume of cryptocurrency transactions compared to GDP and weighted on the basis purchasing power puts Afghanistan in the top twenty places in the ranking. What emerges is the picture of a parallel and alternative cryptoeconomy, which bypasses government squeezes from above to facilitate trade, savings and small investments. Beyond trading and swinging quotes, there is a world that looks to cryptocurrencies as a tool for economic and financial freedom and independence.