Frederick Jace
There is widespread acceptance and understanding of cryptocurrency. Adopting cryptocurrency and bitcoin have grown multifold. Bitcoin is not a new term globally. With its global presence since 2008, bitcoin is reaping benefits. But, in recent years, there are other cryptocurrencies as well. Dogecoin, Ethereum are some leading names in the industry gaining widespread acceptance. To get started, visit https://bitcoinsblueprint.com/.
With growing acceptance, a few questions raise eyebrows.
- Which country has a strong cryptocurrency presence?
- Which country has the largest users and cryptocurrency holders?
Let us now look at the top 05 countries with that strong presence of cryptocurrency holders and users –
- India leads the global market with approx. 100 million users
- The USA ranks second with approx. 27 million users
- Russia is the third with approx. 17 million users
- Nigeria falls as fourth in the global market approx. 13 million users
- Brazil is the fifth and currently have 10 million users
From the list above, it is evident that India ranks first in this industry. There are more than 100 million users across the country who owns cryptocurrency.
India: As per a recent study, more than 10 crore Indians are holding cryptocurrencies. This population ranges from a diverse group including young and senior citizens alike. Our honorable PM had earlier chaired a meeting to discuss issues and threats. One such serious threat of cryptocurrency funds may invest in money laundering. And profits earned from cryptos could avoid tax benefits. Yet another added threat is the financing prospective for terrorist activities.
What do cryptocurrencies mean to India and its people?
We are yet to receive an official stand on how the Indian government will treat cryptocurrencies. Time and again this topic had come up for discussion including the budget sessions. As of now, the government has not made a complete ban on investments in cryptocurrencies. However, approving cryptos as a medium of exchange has not been made to the list yet.
USA: More than 14% of the US population today own cryptocurrency. The investments are either through Bitcoin or Ethereum. It is important to understand cryptocurrencies in their entirety before investing. As per a recent study conducted, approx. 77% showed their interest in learning about cryptocurrency and investments. The coming year must witness a huge spike in the number of investors. The USA has also legalized the use of bitcoin. There are many regulations in place for the sale of a cryptocurrency.
Russia: As per a report published in Reuters, Russia is considering a complete ban on cryptocurrency investments. But, the funny part is Russia ranks third in cryptocurrency investment. Approximately, $5 billion transactions were carried out through cryptocurrencies. The Russian government is currently undertaking discussions with regulatory authorities. This could lead to a complete ban on the use of cryptocurrency in Russia. The only good part is the law will be applicable only for any new investments.
Nigeria: This is not a crypto mining country. But there are many users of such currencies in Nigeria. In September 2021, the Nigerian government launched the eNaira website. This website outlines the pros and cons. The dos and don’ts of buying, holding, and selling cryptocurrency. Most investors are using cryptocurrency to hold their savings. This will also provide them guarantee against the depreciating value of their holdings.
Brazil: As per a recent study, Brazil ranks 5th in adopting cryptocurrency. An average investor in Brazil has at least two to three cryptocurrencies in their kitty. Yet another interesting factor is more than 40% of users are aged between 25 years. The young generation is showing a growing interest in holding their investments. Doubling their income seems to be the mantra. Considering the volume, the government is also now verifying its investment regulations.
In the past 10 years, investors have increased multifold in adopting cryptocurrencies. This has now become a sure bet to multiplying investment. Bitcoin has reached an all-time high of 274% increase. There is a compounded growth of approx. 56.4% in the past 05 years. This is an all-time high increase. Even stock markets have not been promising these returns. Yet another attraction is the go-to names in the industry accepting digital currency payments. Cryptos have now become an acceptable medium of exchange. Many industrial sectors like retail, hospitality, luxury, and gaming take crypto coins as an exchange medium.
