Global demand for cryptocurrencies continues to accelerate at the start of 2022. Statistics for 2021 confirm that there are several regions where Bitcoin and alternative currencies continue to make inroads. Additionally, these regions can benefit from more convenient solutions, including high-cap prepaid cards to spend cryptocurrency like traditional money.
Source: Chain Analysis
People living in Vietnam have shown a huge appetite for Bitcoin and other cryptocurrencies throughout 2021. The country ranks very high for On-Chain Value Received, On-Chain Retail Value Received, and Trading Volume. exchanges between peers. A high score on these metrics confirms that Vietnam is home to many cryptocurrency enthusiasts. This is also an area where play-to-earn blockchain games are making inroads, as many people have low incomes and will be looking for ways to supplement it.
As one of the most technologically advanced countries in the world, India is making inroads in the cryptocurrency industry. Granted, its peer-to-peer trade volume ranks the country 72nd in the world, but the region benefits from on-chain value received and on-chain retail value received. The big question is whether the P2P volume in the country will increase as the local government is not in favor of cryptocurrencies at the moment.
Pakistan is another country where low-income households are looking for ways to supplement their income in different ways. The exploration of opportunities in the cryptocurrency space is gaining momentum, thanks to a substantial increase in peer-to-peer trading volume. However, the country does not yet rank in the top 10 for on-chain value and on-chain retail value received. This may change with the introduction of practice, prepaid payment cards, which makes spending crypto much easier.
The first and only European country in the top 10 is Ukraine. a region where blockchain technology is widely kissed. It also means that cryptocurrencies can thrive in Ukraine, resulting in high on-chain value and received on-chain retail value. However, the country ranks 40th in P2P trading volume, indicating a much greater room for growth in the coming years.
One aspect that makes Kenya rather intriguing when it comes to crypto adoption is that it ranks #1 in peer-to-peer trading volume. Most people wouldn’t expect the country to be this high in the rankings, but Bitcoin is a crucial aspect of the local economy these days. Interestingly, Kenyans do not necessarily use their crypto in a retail environment, nor does the country rank well for on-chain value received. Making cryptocurrency easier to spend through prepaid cards or other means can help improve this situation.
Overall adoption and interest in cryptocurrencies is growing across Nigeria. The country achieves relatively high scores in all the basic indicators, coming close to obtaining a place in the top 10 at all levels. It is good to see African countries more actively adopting crypto assets throughout 2021 as they provide an alternative ecosystem where financial inclusion is a top priority.
Most people will know that Venezuela is experiencing runaway inflation which is proving rather difficult to control. One way to improve the situation is to explore alternative options, including cryptocurrencies. The overall volume of peer-to-peer exchanges has increased significantly, although the chain [retail] value has room for improvement. Venezuela is another region where prepaid cards with cryptocurrency support can make life easier for residents.
Even though all cryptocurrencies are valued in US dollars, the United States is a special region for the use of crypto. Despite ranking #3 and #4 for on-chain and on-chain retail value, the United States is not in the top 100 for peer-to-peer trade volume. This is somewhat surprising, as cryptocurrencies remain relatively unregulated in the United States today. However, the United States remains well ahead of countries like China, Brazil and the Russian Federation on this front.
The overall adoption of cryptocurrencies is increasing sharply around the world. Regions where financial inclusion is difficult to achieve – parts of Asia, Africa, Eastern Europe and South America – keep climbing the leaderboards at every level. However, there is still a need to simplify cryptocurrency spending.
One way to do this is by using Club Swan prepaid cards that support over 150 crypto assets to be spent worldwide. Plus, the cards work both online and offline, allowing customers to get the most bang for their buck. Additionally, the daily transaction limit of $15,000 will meet the needs of many, enabling higher on-chain retail value worldwide.
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