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Saturday, April 1, 2023

Crypto Adoption: Emerging Economies Ahead of Developed States

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Bitcoin and gold holder Dan Tapiero, says it is still early to talk of widespread crypto adoption as Emerging Markets adoption stays ahead of developed economies.

Tapiero makes the remarks while referring to a study, which places Nigeria at top of the list of countries with the highest number of respondents that say they own or are using cryptocurrency.

Nigerians Crypto

According to the study, 32 percent of surveyed Nigerians say they used or owned cryptocurrencies in 2020 while in Japan, which is last on the list, only 4 percent say they owned cryptos in 2020.

The survey, which was conducted by Statista, shows that countries with emerging economies like Vietnam (21%) and South Africa (17%) have more respondents who say they used or owned cryptos in 2020. Spain (10%) is the only developed country where the percentage of respondents that own or used cryptocurrencies get to double-digit figures.

In the United States, the percentage of respondents that confirm owning or using crypto is only 7 percent.

Tapiero who is the Co-founder at 10T Holdings infers that the world is currently seeing the crypto which is “still at the birth of a new global asset class.” Some Twitter users were quick to query the methodology of the study and Tapeiro admits that “there are countries that belong on this list that are not listed.”

Still, another Twitter, Alexander Burgei insists that the “data is really clear” and that adoption is already happening but “only in dysfunctional countries, as a backup to devaluating currencies.” While adoption is already happening in some countries, the Twitter user says “it will not be real until it´s taken by the Western powers and China.”

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