As the crypto industry evolves from a niche to a global burgeoning asset class, more investors are looking at the digital asset to increase their wealth. Let's take a look at the countries that have the most crypto holders.
In many ways, 2021 was a breakout year for digital assets and Bitcoin, the largest cryptocurrency by market cap hit a lifetime high of $65,000 last year. But as the crypto industry evolves from a niche to global burgeoning asset class, have you ever stopped to wonder, who contributes the most to this progress? Here's a look at the countries with the most crypto holders as of the third quarter of 2021, according to Triple-A. (Image: Shutterstock)
No 5: Brazil | As per 2021 data from Singaporean crypto payment service Triple-A, Brazil is the largest cryptocurrency market in Latin America. The country had roughly 10 million crypto holders in 2021, making up about 4.9 percent of its population. However, this number is set to increase as Brazilian lawmakers push to legalize and regulate cryptocurrency. (Image: Reuters)
No 4: Russia | Russia ranks fourth on the list with 17 million crypto holders, Triple-A data suggests. Russians own over 16.5 trillion Russian roubles worth of crypto, as per data shared by Bloomberg. This translates to $200 billion or 12 percent of the world's holding. (Image: Reuters)
No 3: Nigeria | The African nation ranks third in the world with 33.4 million crypto holders of which 50 percent are women – as per KuCoin's "Into the Cryptoverse Report: Nigeria Edition 2022". Figures from Gemini's survey also indicate that this number could see a substantial increase in coming years, with 44 percent of non-owners purchasing crypto. (Image: Reuters)
No 2: US | Triple-A puts the US in second place, with 27 million crypto holders in 2021. Bank of America predicted this number to grow significantly, stating that roughly 27percent or 89 million people of the population will use cryptocurrencies by 2022. (Image: Reuters)
No 1: India | Triple-A suggests that Indians are largest holders of crypto with over 7 percent of the population holding the digital asset. This translates to 100 million people, which rose by by around 20 percent in the first quarter of 2022. (Image: Shutterstock)