Global Crypto Adoption: These 5 Countries Are Leading The Way

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Key Takeaways:

• Australia has the largest cryptocurrency adoption rate with the percentage of citizens getting with crypto rising from 8% to 18% in 2020.
• The United States of America is the country with the second-largest crypto adoption rate of 16%. Since 2020, crypto adoption has increased by 10%.
• Singapore is leading the way in terms of interest in digital assets where there are 540 crypto-related searches every month per 100,000 people.
• The US has the most crypto ATMs in the world with 33,639 teller machines located throughout commercial and retail outlets.

Cryptocurrencies continue to increase in popularity all around the world. With many countries legalizing the currency and more and more infrastructure being put in place, crypto is now available to more people worldwide. Several countries are leading the crypto adoption path and offer the most opportunities for people to start trading and investing in cryptocurrencies. So, what are the top countries leading in cryptocurrency adoption?

This research has analyzed the % of the population adopting crypto, the number of crypto ATMs, legislation, and the online popularity of crypto in each country, to reveal the biggest crypto adoption by country over the last three years.

Top Countries For Crypto Adoption (Ranked For 2023)

1. Australia

Australia has been revealed as the biggest country when it comes to the adoption of cryptocurrency in 2023. The percentage of Australia’s population who have adopted crypto has more than doubled since 2020, rising from 8% to 18% in 2020. Aussies have shown an increased interest in crypto, with every 100,000 Australians searching for cryptocurrency 312 times each month over 2022, a 196% increase since 2020. The sale of cryptocurrency and other digital assets is both legal and regulated in Australia.

Key stats:

• Crypto adoption/ownership rate: 18%
• Increase in crypto adoption since 2020: 10%
• Overall crypto adoption score: 7.37/10

2. United States

The United States ranks as the second biggest country in crypto adoption. Around 16% of Americans either owned or used cryptocurrencies during 2022, rising from just 10% in 2020. This is no surprise as some of the biggest crypto exchanges such as Coinbase and Kraken reside in the US. Moreover, the US is also among the countries with the highest number of crypto-related articles over the last year at over 25,000. Moreover, the US has increased its crypto ATMs by a massive 403% since 2020 so there are now 33,630 crypto ATMs throughout the country. The USA by far leads the charge for cryptocurrency infrastructure with over 30,000 more crypto ATMs than any other country.

Key stats:

• Crypto adoption/ownership rate: 16%
• Increase in crypto adoption since 2020: 10%
• Crypto adoption score: 7.07/10

3. Brazil

Ranking third, Brazil is the next highest country for crypto adoption. Brazil has seen a huge increase in average monthly searches for crypto of 355% and has seen 3,326 crypto-related articles in the last year, showing an uptick in crypto interest in Brazil. Just under a quarter of Brazil’s population (24%) have either owned or used cryptocurrencies during 2022, rising from 13% in 2020. Brazil also had 0 ATMs back in 2020 and has since opened 25. A new bill signed in December 2022 legalizes cryptocurrency throughout Brazil.

Key stats:

• Crypto adoption/ownership rate: 24%
• Increase in crypto adoption since 2020: 13%
• Crypto adoption score: 6.81/10

4. United Arab Emirates

With 34% of UAE’s population having adopted crypto, this means one in three people living in this country either used or owned cryptocurrency during 2022. This is a steep rise from the 10% recorded in 2020. There has also been a sharp rise in Google searches for crypto in UAE, with searches increasing 261% since 2020. While there are no prohibitions against crypto assets in UAE, the Central Bank of UAE has not recognized cryptocurrencies as legal tenders nor has it yet licensed them. Despite this, cryptocurrencies can and are traded on crypto exchange platforms in the UAE.

Key stats:

• Crypto adoption/ownership rate: 34%
• Increase in crypto adoption since 2020: 24%
• Crypto adoption score: 6.41/10

5. Hong Kong

Hong Kong rounds off the top five countries with the highest level of crypto adoption to date. Hong Kong recorded a 16% crypto adoption rate in 2022, rising from 11% in 2020. People in Hong Kong showed an increased interest in crypto this last year, with searches for crypto increasing by 209% alongside the publication of 7.6 crypto-related articles for every 100,000 people. Hong Kong has also been driving its crypto access, increasing crypto ATMs by a massive 152%. There are now 146 ATMs throughout Hong Kong.

Key stats:

• Crypto adoption/ownership rate: 16%
• Increase in crypto adoption since 2020: 5%
• Crypto adoption score: 6.4/10

Countries With The Highest Crypto Interest By Search Volume

Interest within the country can also be measured using search data from search engines such as Google. In particular, for the search terms “Bitcoin” and “crypto”. The results using Google Keyword Planner for the most searched crypto-related topics and the fastest crypto-interest trend per 100,000 people are:

• Singapore (most search interest in crypto-related searches). Singapore has been revealed as the most interested in crypto. There are 540 crypto-related searches every month per 100,000 people in Singapore, the highest of any country on this list. Singapore is followed by the Netherlands which reports 327 monthly searches per 100,000 people and Australia which reports 312.
• Morocco (the fastest trend in crypto-related searches). Morocco has seen a massive increase in crypto-related searches of 620% since 2020. In 2020, Morocco averaged just five crypto-searches per month for every 100,000 people. This has increased to 36 per month. Brazil follows Morocco with a 355% increase in searches and Indonesia with a 345% increase.

Which Countries Have The Most Crypto ATMs?

A cryptocurrency ATM works in a very similar way to a normal ATM. In the case of a crypto ATM, individuals simply connect to a cryptocurrency account rather than their usual bank. Crypto ATMs give the option to buy or sell cryptocurrency or withdraw cash. The most common crypto ATMs are Bitcoin machines. There are 38,363 Bitcoin machines across 80 countries worldwide.

Research has revealed where in the world to find the most crypto ATMs, the number of ATMs per 100,000 people in each country, and which country has shown the largest increase in crypto ATMs since 2020.

• The highest number of crypto ATMs: the United States. The United States has by far the largest number of crypto ATMs of any country on this list. There are a whopping 33,639 crypto ATMs in America, over 30,000 more than the next closest country, Canada, which has 2,640. The US and Canada are the only two countries to have more than 1,000 ATMs, with Spain coming in third place with 269.
• The highest number of crypto ATMs per capita: United States. The United States also, unsurprisingly, has the highest number of crypto ATMs per capita. In the US there are 9.9 crypto ATMs per 100,000. The US is followed again by Canada, which has 6.9 ATMs per 100,000 people and then by Hong Kong, which reports 1.9 ATMs for every 100,000 people
• Most significant increase in crypto ATMs since 2020: Brazil. Since 2020 Brazil has seen a massive increase in crypto ATMs of 2,500%. While this seems like a huge figure, Brazil only has 25 ATMs currently in operation, whereas in 2020 it had 0. Turkey has the second-highest increase in ATMs of 1,300%, rising from just 1 ATM in 2020 to 14 in 2022. Australia had 19 ATMs in 2020. Since then, the number of Bitcoin and crypto ATMs in Australia has increased to 221, an overall increase of 1,163%.

Research Methodology

Google searches for each country were recorded using Google Keyword Planner. Results per 100,000 people were calculated using population data from last year. The number of crypto ATMs was collected from Coin ATM Radar and 2020 data was recorded using the Wayback Machine.

A tax and laws score was created using Wikipedia and other online sources. A score of 2 was given if cryptocurrency was legal and the country allowed it to be used in banks. A score of 1 was given if cryptocurrency was legal but not used in banks. A score of 0 was given if cryptocurrency was illegal in that country.

The number of crypto-related articles for each country was recorded from BuzzSumo. Cryptocurrency, translated into each country’s official language, was used as the keyword. The Crypto adoption rate refers to the share of respondents who indicated they either owned or used cryptocurrencies. Data was collected from Statista.

All data were collected on or before January 20, 2023.