Cryptocurrencies are spreading quite rapidly, especially in Asia, where they are used by more people than anywhere else, around 160 million. Triple-A, a leading cryptocurrency payment company, predicted that in 2021, crypto ownership would exceed 3.9%. Over 18,000 businesses have already accepted cryptocurrency as payment, including Starbucks Coffee, Booking.com, and Coca-Cola.
According to Triple-A, in retail, 40% of customers pay with cryptocurrency for the first time. Meanwhile, retail crypto transactions are increasing by 12.5% annually. Additionally, luxury brands have begun using cryptocurrency as a payment method because it provides protection from counterfeits and grey markets.
Digital remittances and cross-border transfers reached $95.96 billion in 2020 because crypto remittance is 388 times faster and 127 times cheaper than traditional methods of transferring remittances. Additionally, cryptocurrency is taking over the gaming industry, where its estimated market revenue in 2020 will be $321 million.
Due to the ease of using cryptocurrency, more people in countries have begun using it for transactions, which is why the US is not at the top of the list of countries with the most crypto users. We calculated the cryptocurrency adoption index based on average people’s volume of transactions and personal savings. The list was compiled according to the country with the highest adoption index (out of 1).
Originally Published In Express Tribune