A study conducted by Chainalysis regarding the level of adoption of cryptocurrencies showed that countries with lower-average incomes occupy the majority of positions in the top 20.

While the global adoption of digital assets has slowed down significantly due to the general decline of the cryptocurrency market, emerging markets are actively introducing digital currencies, significantly surpassing countries with higher income levels.

The results show that in terms of the adoption of cryptocurrencies, emerging markets are far ahead of more developed countries. 

Vietnam, the Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia occupy positions in the top 20 countries according to the overall adoption index, with Vietnam taking the first place.

Upper-middle income countries such as Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador are also in the top 20, while the United States and the United Kingdom are the only high-income countries in the index.

In addition to the adoption rating, the report also showed that, despite the fact that adoption has slowed down amid the bear market, the adoption rate is still higher than what was observed in the industry before the bull run of 2020.

Conclusion

The results of the presented report show that the majority of new users who invest in cryptocurrencies during periods of price growth, as a rule, remain even when prices decrease. 

They do not sell their assets not to lose money on the fall of the market. This allows the ecosystem to grow steadily in the network throughout all market cycles. 

One of the reasons for this may be the value that users in emerging markets get from using digital assets. 

These countries dominate the adoption index, largely because cryptocurrency provides unique, visible benefits to people living in unstable economic conditions.