Are you wondering which developing countries have the highest Bitcoin adoption? Here is a list of these countries.
Bitcoin has been one of the fastest-rising cryptocurrencies since its creation in 2009 by Satoshi Nakamoto. This digital currency has only been around for nearly a decade and has dramatically impacted the financial sector. More and more countries are now adopting this digital asset. As a result, these developing countries that are adopting Bitcoin at a fast rate are proving that this digital currency is a store of value and a medium of exchange. Here is a list of developing countries with the highest Bitcoin adoption.
El Salvador
El Salvador entered historical books as the first country to make Bitcoin a legal tender in 2021. Nayib Bukele, the president of El Salvador, announced that he decided to make Bitcoin a legal tender so that it could uplift people financially by ensuring that financial services are available to everyone. Relating to finance, there are websites like trustpedia.io where you can find financial news and crypto comparisons.
Since the legalization of Bitcoin, Nayib Bukele has claimed that it was a wise decision since financial services have become accessible to everyone and the economy is in a better place. In addition, Bitcoin transactions only require people to own a smartphone and have a good internet connection. Nayib Bukele even went ahead and promoted the adoption of Bitcoin at the Alliance for Financial Inclusion annual meeting in May 2022.
Ukraine
The government of Ukraine recently legalized Bitcoin, which has resulted in the country having high day trading volumes of more than $38 million. What’s more, the government of Ukraine is planning to open a crypto market for Bitcoin investors and businesses that accept crypto payments.
Pakistan
Pakistan has also adopted this digital currency, and most of these digital currency investments are from the mining and trading of this digital currency on genuine exchanges. Social media is an effective and powerful tool because it has driven the acceptance of this digital money in Pakistan. Also, there are a lot of exchanges that have come up, and they facilitate the trading of this virtual currency.
Kenya
Recently, Kenya ranked at the top for trading volume on peer-to-peer transactions and fifth in the world for total Bitcoin activity. More than 4.5 million Kenyans have Bitcoin holdings which are an 8.5 % of the total population.
In addition, Kenya is the top African country with massive Bitcoin holdings and blockchain-related transactions. Generally, Kenya is one of the largest Bitcoin holders in the world.
Nigeria
Nigeria has been at the forefront of adopting this digital currency, with most Nigerians embracing it because of the lack of access to traditional monetary services. Some people believe that no other country does more Bitcoin trading than Nigeria.
Vietnam
Vietnam is slowly becoming one of the world’s biggest Bitcoin powerhouses and has an index score of 1 on the Global Crypto Adoption Index. Vietnam shows that this digital currency is not just an investment but also a significant store of value.
India
India is another developing country that has slowly adopted this digital currency, with more than 7.3 million Indians trading this digital money. The trading volume for this virtual asset in India is more than 21.8 billion. What’s more, the minority population of India has also started trading this digital currency and getting involved with Bitcoin and other cryptocurrencies.
On the other hand, the high increase in the price of this electronic currency fuelled the widespread adoption of this digital currency.
Final Thoughts
Reports claim that Bitcoin could be the future of money with its widespread adoption in developing countries. These claims could come to pass, and the above countries are leading in adopting this digital currency.