Global Leaders in Cryptocurrency Adoption: Argentina on Top

Cryptocurrency has seen a significant rise in popularity, with global ownership increasing from 432 million to 580 million in 2023, according to Crypto.com. While some nations have attempted to regulate this technological advancement, others have embraced and supported the burgeoning industry. Leading the charge is Argentina, renowned for its high percentage of crypto holders and favorable conditions for mining and trading.

Research by CryptoCasinos examined ten key metrics to identify the most crypto-friendly countries. These metrics included the percentage of the population holding cryptocurrency, the cost and profitability of mining Bitcoin, and the search volume for crypto-related keywords per 100,000 people. The study also analyzed the share of web traffic each country directed to major crypto exchanges like Binance, Coinbase, and Kraken.

Argentina emerged as the most crypto-friendly nation, with 9.7% of its population owning cryptocurrency—over three times the global average of 3%. The country’s low energy costs make it an ideal location for Bitcoin mining, with a profit margin of $51,261 per Bitcoin based on a cost of $14,647. Argentina also accounts for 6.3% of Binance’s global web traffic.

In the United States, 15.6% of the population holds cryptocurrency. However, higher energy costs result in higher Bitcoin mining expenses, reaching $87,885 in some regions. The US dominates Coinbase traffic, contributing 59% of visits in March and 23.3% of Kraken’s traffic, reflecting active engagement with these platforms.

Colombia ranks third in crypto adoption, driven by the depreciation of the Colombian Peso. With 5% of its population holding crypto, Colombians represent 5.8% of traffic to the largest crypto exchanges. Ukraine follows as the fourth most crypto-friendly country, where over 10% of the population holds cryptocurrency. The average cost to mine a Bitcoin in Ukraine is $19,530, yielding a profit of $46,378.

The United Arab Emirates ranks fifth, with 30.4% of its population holding cryptocurrency. It also boasts one of the highest search volumes for crypto-related terms, at 1,415 searches per 100,000 people. The UAE’s supportive ecosystem for technological innovation positions it as a leader in digital adoption.

Vietnam is sixth, with 21.2% of its population holding cryptocurrencies. The country contributes significantly to web traffic on major exchanges like OKX and Binance. Turkey, ranked seventh, has seen a surge in crypto adoption due to its volatile currency and high inflation rates. Over 5.6% of Turks hold crypto, and the country accounts for 6.6% of Binance’s web traffic.

Canada holds the eighth position, with 7% of its population owning cryptocurrency and substantial search volume for crypto-related keywords. Singapore, ninth on the list, has 11.1% of its population involved in crypto and is a major financial hub with a high rate of crypto adoption.

Pakistan rounds out the top ten, with 6.6% of its population holding cryptocurrency. The low cost of Bitcoin mining in Pakistan results in significant profits, further encouraging crypto adoption.

These countries highlight the global diversity in crypto adoption, with each providing unique advantages and conditions that support the growth and integration of cryptocurrency into their economies.

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