U.S. lags 5x behind Nigeria in crypto penetration but tops 2020 Bitcoin trading volume

Vietnam ranked second at 21%, followed by the Philippines at 20% while Turkey is fourth at 16%. Peru is sixth with 16% of people having owned or used cryptocurrencies last year. Other countries with high digital asset usage include Switzerland (11%), China (6%), Germany (5%), and Japan (4%).

The U.S. leads in Bitcoin trading volume

The report also estimates Bitcoin transaction volume on online exchanges across 2020 where the United States tops at $1.52 billion, followed by Russia at $421.38 million. Nigeria ranks third at $400 million. Europe (rest of) is fourth at $204.4 million with the United Kingdom capping the top five at $193 million.

Other countries that recorded a significant number of Bitcoin trading volume include Colombia ($147.49 million), Kenya ($91.96 million), South Africa ($87 million) and Canada ($65.56 million)

The analysis explains some of the driving factors behind the Bitcoin trading volume. According to the research report: “Following the economic crisis that resulted from the pandemic, with the stock market collapsing during Q1 2020, most investors turned to Bitcoin. During the year, the asset largely remained resilient even as the stock market collapsed globally. Developing countries like Nigeria also recorded a significant Bitcoin trading volume mainly motivated by the fact that these countries witnessed a devaluation of their local currencies compared to the dollar.”

Over the years, more people have become aware of the asset, with regulators making efforts to define the crypto sector clearly. Worth mentioning is that some countries have recorded a significant cryptocurrency awareness, but the legal topic remains a challenge.