- Chainalysis’s 2024 report indicates that North America accounts for 22.5% of global crypto activity, driven by institutional investments and US Spot Bitcoin ETFs.
- The report ranks countries based on their crypto transaction volumes, accounting for economic disparities through GDP per capita comparisons.
- Central and South Asia and Oceania are prominent in crypto adoption, with India leading the world in several categories.
- Regionally, Australia ranks fourth for crypto value received, but lags behind in the global adoption index.
Chainalysis has just revealed its latest report on the State of Crypto called “The Geography of Crypto Report 2024 – Everything You Need to Know About Regional Crypto Adoption Trends.”
And of course, the North American market is a key player in the crypto industry. North America (here the United States and Canada, as the report excludes Mexico) accounts for 22.5% of the world’s crypto activity, with a whopping on-chain value of US$1.3 trillion (A$1.93 trillion).
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This is of course not a surprise, given the arrival in 2024 of institutional investors and US Spot Bitcoin ETFs (exchange-traded funds).
Eric Jardine, head of cybercrime research at Chainalysis, said Fortune:
This was a fundamental game changer in the North American context, but with global ramifications.
Eric Jardine, Chainalysis Although the United States remains a significant player in the global crypto market, it is not the region with the fastest adoption. Although US funds are helping to legitimize crypto as an investment, other regions have not been idle.
Report Reveals Region Leading Global Crypto Adoption
The index scores countries based on cryptocurrency transaction volumes in various scenarios, adjusted for each country’s GDP per capita using PPP (purchasing power parity), making comparisons fairer by taking into account economic differences.
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The index analyzes four areas: total crypto value and retail transactions through centralized services and decentralized finance (DeFi) protocols. Each category weights the data to favor countries where crypto transactions are significant relative to personal income, with a focus on regions where cryptocurrency adoption has a notable impact relative to the local economy.
This helps identify areas where digital currencies are most integrated into economic activities, taking into account both global and retail-specific commitments.
According to Chainalysis, the Central and South Asia and Oceania (CSWA) region is one of the most influential, with seven of the top 20 countries in the CSWA region.
According to the report, India ranks first overall, as well as in terms of centralized services and retail, second in retail DeFi, and third in DeFi value. Nigeria, Indonesia and the United States occupy the next four places.
Australia ranks highest in value received, but lowest in adoption
Others, like the United Kingdom, rank 12th, while Canada, South Korea and China occupy 18th and 20th places.
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The report also notes that between late 2023 and early 2024, global cryptocurrency activity increased, surpassing the high levels seen during the 2021 bull market, reflecting significant growth in global cryptocurrency adoption.
Australia ranks a little lower in the global cryptocurrency adoption index, occupying 39th place. However, in the CSAO region, Australia ranks fourth for crypto value received.
