India, Nigeria, Indonesia Lead Chainalysis 2024 Crypto Adoption Index

India, Nigeria, and Indonesia top Chainalysis’ latest global crypto adoption index, which ranks 151 countries based on grassroots cryptocurrency usage, adjusted for population and purchasing power. The report notes strong growth in crypto activity, particularly in lower-income nations.

Chainalysis Highlights Global Cryptocurrency Adoption

Blockchain data analytics firm Chainalysis published an excerpt from its 2024 Geography of Cryptocurrency Report on Wednesday. The report features the firm’s fifth annual Global Crypto Adoption Index, which ranks countries based on their grassroots cryptocurrency adoption.

The index uses data from 151 countries, measuring onchain transaction volumes across centralized services and decentralized finance (defi) protocols. Chainalysis explained that the rankings are weighted by factors like purchasing power and population size, stating: “We rank all 151 countries for which we have sufficient data.” The 2024 methodology includes changes, such as a revised approach to measuring defi activity and excluding P2P exchange trade volume due to its decline. India, Nigeria, and Indonesia topped the list. Chainalysis detailed:

Central & Southern Asia and Oceania (CSAO) dominates our 2024 Index, with seven of the top 20 countries located in the region.

Crypto activity increased globally, with significant growth in bitcoin transactions following the launch of a bitcoin exchange-traded fund (ETF) in the U.S., Chainalysis said, adding: “This year, crypto activity increased across countries of all income brackets,” with lower-income countries showing rising stablecoin use, especially in Sub-Saharan Africa and Latin America.

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