August 26, 2022
Which countries are the centers of the crypto market?
According to a recent study by Merchant Machine, a website that compares payment processing services, the US, Ukraine, and the UK are the top 3 countries in the world for the use of cryptocurrencies, based on the number of cryptocurrency owners, the number of businesses that accept cryptocurrencies, and the availability of Bitcoin ATMs.
While India has over 100 million cryptocurrency owners, the US has over 27 million, making it the second-largest market in the world, but it also has the highest proportion of crypto owners relative to its entire population.
The United States has more Bitcoin ATMs than any other country, with over 33,000 devices compared to 2,458 in Canada. By further comparison, India has only 2 Bitcoin ATMs.
Additionally, the US has one of the strongest economies in the world, which may help to explain why cryptocurrency has become so popular there. The same rationale, however, does not support why cryptocurrency has gained such significance in Ukraine.
The complete list of the top 10 countries using cryptocurrency the most is as follows:
10. Colombia
9. Vietnam
8. The Netherlands
7. France
6. Russia
5. Thailand
4. India
3. UK
2. Ukraine
1. US
Where can you conduct cryptocurrency business?
Owning cryptocurrency and being able to use it to make purchases of products and services are very different things.
In fact, the list of nations from Merchant Machine that will have the most merchants accepting cryptocurrency payments in 2022 looks very different from the lists that rank crypto adoption. The number of European cities on the list is the obvious distinction.
The ten cities with the greatest concentration of merchants taking cryptocurrency payments are as follows:
10. Amsterdam, The Netherlands (27)
9. Vienna, Austria (34)
8. Madrid, Spain (35)
7. Berlin, Germany (39)
6. Bangkok, Thailand (39)
5. Athens, Greece (43)
4. Paris, France (46)
3. Seoul, South Korea (47)
2. Caracas, Venezuela (58)
1. Bogota, Colombia (86)
Source: Euronews
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
