Developing countries have reached a historic high in terms of cryptocurrency use among the population. This is especially true in Latin America, Africa, and Asia. Learn more about the top 10 countries with the highest level of cryptocurrency use in 2024

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According to statistics, the trends of cryptocurrency adoption in developing countries have reached a historic high. According to the Crypto Market Sizing Report published by Crypto.com, global cryptocurrency ownership grew by 34% in 2023 alone, which is a significant historical high.

Of the 580 million people who purchased cryptocurrency last year, 72% were in Bitcoin (BTC) and Ethereum (ETH). The number of Bitcoin users grew from 222 million in January 2023 to 296 million in December of the same year, while Ethereum holders increased from 89 million to 124 million.

This growth has been attributed to various macroeconomic factors such as geopolitical conflicts, financial constraints on inflation, and the effects of the pandemic. All this has prompted people to look for alternative investment instruments, including cryptocurrencies, which are often used as a hedging tool.

In this article, we have listed the 10 countries with the highest rates of cryptocurrency use in the world. So, let's get started.

10. Russia 

Total population as of 2024: 144.4 million

Percentage of people who own cryptocurrency: 6,06%.

Number of people who own cryptocurrency: 8,749,780

Russia ranks 10th in our list of countries with the highest cryptocurrency adoption rate, with about 8.74 million Russians owning cryptocurrency. Despite the ongoing macroeconomic turmoil in the country due to the war with Ukraine, the popularity of cryptocurrencies is not decreasing.

9. Indonesia 

Total population as of 2024: 277.5 million

Percentage of people who own cryptocurrency: 4,40%.

Number of people who own cryptocurrency: 12,205,132

About 4.40% of Indonesia's total population of about 12.2 million people own cryptocurrency, holding the 9th place. Although in the period from 2022 to 2024, the statistics decreased by less than 1%. 

8. Nigeria

Total population as of 2024: 223.8 million

Percentage of people who own cryptocurrency: 5,93%.

Number of people who own cryptocurrency: 13,261,259

Nigeria is ranked 8th on our list of countries with the highest cryptocurrency adoption and is on its way to becoming one of the key digital currency players in Africa. As of 2024, about 6% of the total population of Nigeria owns cryptocurrencies.

7. Philippines 

Total population as of 2024: 117.3 million

Percentage of people who own cryptocurrencies: 13,43%.

Number of people who own cryptocurrency: 15,761,549

The Philippines is a prominent player in the cryptocurrency space and is ranked 7th on our list of countries with the highest cryptocurrency adoption rate, thanks to a 7.3% increase in the number of cryptocurrency holders between 2022 and 2023. This change has led to the fact that as of 2024, 13.43% of the country's total population owns cryptocurrency. 

6. Pakistan

Total population as of 2024: 240.4 million

Percentage of people who own cryptocurrency: 6,60%.

Number of people who own cryptocurrency: 15,879,216

Pakistan does not recognize cryptocurrencies as an official method of payment, but about 15.8 million of its citizens own some kind of digital currency. This number has grown from 9.0 million in 2022. Pakistan is ranked 6th among the countries with the highest level of cryptocurrency adoption.

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5. Vietnam 

Total population as of 2024: 98.8 million

Percentage of people who own cryptocurrency: 21,19%.

Number of people who own cryptocurrency: 20 945 706

About 20 million people in Vietnam own some type of cryptocurrency, which makes the country the 5th on our list. As of 2022, about 70% of the country's digital currency holders were between the ages of 18 and 34, which demonstrates a huge difference between the contrasts in the interests of different generations. 

4. Brazil

Total population as of 2024: 216.4 million

Percentage of people who own cryptocurrency: 11,99%.

Number of people who own cryptocurrency: 25 955 176

Brazil ranks 4th on our list of countries with the highest cryptocurrency adoption rate and is one of the friendliest countries in the world when it comes to cryptocurrency use. This is one of the main reasons why the country has seen a significant increase in the use of cryptocurrencies over the past year. 

3. United States of America

Total population as of 2024: 339.9 million

Percentage of people who own cryptocurrency: 15,56%.

Number of people who own cryptocurrency: 52,888,108

The United States ranks third on our list of countries with the highest cryptocurrency adoption, with the majority of cryptocurrency holders in the 18-34 age bracket. About 15.56% of people in the country own cryptocurrency out of a total population of 333.9 million people. 

2. China 

Total population as of 2024: 1.425 billion

Percentage of people who own cryptocurrency: 4,15%.

Number of people who own cryptocurrency: 59,134,683

As of 2024, about 5.5% of China's gigantic population (1.42 billion) owns cryptocurrency. The country ranks second on our list of countries with the highest cryptocurrency adoption. The number of cryptocurrency users grew to 59 million in 2023, indicating a positive acceptance of cryptocurrencies in the country.

1. India

Total population as of 2024: 1.428 billion

Percentage owning cryptocurrency: 6,55%.

Number of people who own cryptocurrency: 93,537,015

India tops the charts for the highest level of cryptocurrency use in the world: as of 2024, about 93.5 million people out of 1.42 billion people own cryptocurrency. Despite the fact that the Indian government is seeking to introduce a complete ban on the trading and use of digital currencies, the country has taken the top spot in our ranking due to the growing interest of the population in digital currencies, backed by a thriving IT industry.

Igor Usyk - Head of Migration department at VisitWorld

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