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Our partners Chainalysis recently released The 2024 Geography of Crypto Report on regional trends in crypto adoption. As part of this report, Chainalysis creates a Global Crypto Adoption Index, which ranks the 151 countries on which they have sufficient data in order to see which country and region is leading the charge on crypto adoption, and why. In 2023, crypto adoption was concentrated mainly in lower-middle income (LMI) countries, such as Vietnam, Nigeria, Indonesia, Philippines, and Pakistan, located in the regions of Central & Southern Asia, Oceania and Africa. However, according to the 2024 Report, “crypto activity increased across countries of all income brackets, with a pullback in high income countries”.
In this article, we offer a brief overview of The 2024 Geography of Crypto Report released by Chainalysis to assess the positive impact this increased adoption could have on the crypto payments ecosystem. Let’s take a closer look at the results.
Top 5 countries for crypto adoption in 2024
The countries leading the charge on crypto adoption in 2024 are India, Nigeria, Indonesia, the United States and Vietnam. When compared with the results from the 2023 Report, these countries demonstrate a much more balanced global rate of crypto activity, partly in thanks to the launch of the spot Bitcoin ETFs in the United States, which triggered an increase in Bitcoin activity across all regions.
In India, widespread tech adoption, the country’s large population, and a growing focus on blockchain innovation have contributed to the highest crypto adoption rate this year. Indians have embraced cryptocurrency for investment and remittance purposes, leveraging its potential to bypass traditional financial constraints.
Similarly, Nigeria’s number two ranking can be attributed to the country’s economic instability and inflation, which have made cryptocurrencies a reliable alternative for savings and transactions. Many Nigerians suffer from financial exclusion caused by limited access to banking services, which have driven them to turn to decentralized finance (DeFi) and grassroots P2P platforms for more practical financial solutions.
Placing third and fifth, Indonesia and Vietnam remain two of the highest crypto adopters in 2024 given their high retail and institutional activity. Much like in Nigeria, Indonesia has a large unbanked population who have seen crypto as a tool for financial inclusion. Much of Indonesia’s activity has also come from trading, while the Indonesia Stock Exchange recently introduced full call auction (FCA) measures, which could be driving people to move to crypto. In Vietnam, on the other hand, activity has been driven by grassroots adoption, with significant use of crypto in gaming and remittance-driven activities.
In 2024, the United States maintained its fourth-place ranking in global crypto adoption, strengthened by the fact that the country’s cryptocurrency markets are the largest and most influential in the world. Its advanced financial infrastructure and institutional influence, boosted this year by the approval of 11 spot Bitcoin ETFs, integrating crypto into traditional financial systems, have helped solidify the U.S.’s place as a global leader in crypto adoption.
A positive scenario for crypto payments
With global crypto adoption on the rise around the world, more crypto users will be looking for ways to increase the utility of their digital funds, i.e., by using them as payment. ForumPay’s seamless, efficient, cost-effective and user-friendly payment solutions facilitate everyday payments, cross-border payments, remittances and larger, institutional transactions, satisfying many of the use cases quoted as factors driving crypto adoption around the world. ForumPay therefore offers added value to products and services marked by merchants, by allowing their customers to pay in a range of popular cryptocurrencies, including Bitcoin (BTC).
As adoption continues to grow across all global markets, ForumPay is able to help merchants and businesses thrive off this ecosystem, and tap into new streams of revenue. As seen in Chainalysis’ recent report, in the U.S. and other developed countries, the increasing integration of cryptocurrencies into mainstream finance, bolstered by institutional interest and innovations like Bitcoin ETFs, underscores the growing role of crypto in daily commerce. By bridging the gap between traditional financial systems and the crypto economy, ForumPay is able to empower merchants and consumers alike and create new opportunities for growth.
The bottom line
Global crypto adoption and activity is increasing. This surge bodes well for the crypto payments ecosystem, as users are eager to leverage their digital currencies for everyday transactions and payments, as seen in Nigeria and Indonesia. Cryptocurrency offers a financial lifeline to many individuals who are not able to access traditional services such as banking, meaning they acquire crypto with the precise motive of using it as a payment method. ForumPay is expertly positioned to help merchants and businesses access these users looking for outlets that will allow them to spend their crypto funds. ForumPay can be integrated seamlessly into existing workflows at no cost to the merchant, while any transaction fees can either be absorbed or passed on to the consumer.
If you are a business or merchant and have yet to start accepting payments in cryptocurrency, book a meeting with our team of crypto payment experts to find out how. Alternatively, visit forumpay.com for more information.
