As the cryptocurrency sector grows, digital assets are being used for a variety of purposes such as payments and investments. However, the use of cryptocurrencies for such functions varies significantly by country, depending on various factors.
New research indicates that among several countries around the world, the United States ranks first globally in the overall use of cryptocurrencies, reaching 7.75/10. Ukraine came in second with a score of 5.96, followed by the United Kingdom with 5.79. according to data shared by Merchant Machine with Finbold on August 22.
In particular, the score is calculated according to the number of cryptocurrency owners in a country, the global decentralized finance (DeFi) acceptance index, the number of businesses that allow cryptocurrency payments, the number of Bitcoin (BTC) ATMs, and the monthly search volume of cryptocurrency terms.
The study notes that the U.S. and U.K. top rankings are supported by factors such as the size of their economies and advanced crypto economies. However, the study found that Ukraine, the poorest country in Europe in terms of GDP and GNI per capita, ranks highly due to the overall trend of cryptocurrency adoption by emerging economies.
Additionally, among the top ten countries that use cryptocurrencies overall, Ukraine ranks first based on the percentage of the population that owns digital assets at 12.73%.
Such countries face economic challenges characterized by the devaluation of their local currencies forcing their citizens to invest in cryptocurrencies as a store of value.