Where are people investing in cryptocurrencies the most in Europe?

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Cryptography is a buzzword in the financial world. Cryptocurrency payment gateway TripleA estimates that there are currently around 31 million users of these digital assets in Europe.

Asia has the most users at 263 million, followed by North America with 57 million and Africa with 38 million.

Even within Europe, it varies greatly from country to country.

Eastern European countries are the biggest fans of crypto investments, according to New York-based blockchain data platform Chainalysis’ 2023 Global Crypto Adoption Index.

The index shows on a scale of 0 to 1 where most people are putting the greatest percentage of their wealth into cryptocurrencies.

The top three in Europe are all in the East. Ukraine (0.215) is at the top, followed by Turkey (0.142) and Russia (0.140).

The focus then shifts to the west. The UK (0.121) is in fourth place and Spain (0.062) in fifth place.

However, when looking at the world as a whole, Europe is taking a backseat. The so-called “Global South” is the shining star of cryptocurrencies.

Asia dominates world affairs

India leads the world in grassroots cryptocurrency adoption and has the highest score in the index (1). It is followed by Nigeria (0.642) and Vietnam (0.568).

Below 0.5, the United States (0.367) and Ukraine (0.215) are in fourth and fifth place. The latter is the only European country in the world's top five and ten.

According to Chainalysis, Central Asia and South Asia are the regions with the highest penetration of cryptocurrencies. In fact, six of the top 10 countries are located there.

Investment in virtual currency is increasing

meanwhile Bitcoin is near all-time highsthe overall market capitalization of cryptocurrencies rose 5% in 24 hours to $2.44 trillion, which is more than the GDP of Germany, the world's third-largest economy.

Cryptocurrency is gaining popularity in the marketit also requires considerable effort to introduce it into the traditional financial system.

In Europe, more than 1,100 blockchain-related companies are thriving between Switzerland, Liechtenstein, and northern Italy, with a combined value of $185 billion as of December 2022.

There are also a number of low- and middle-income countries (LMIs) that are leading the way in crypto adoption, such as El Salvador. The country became the first country to require all businesses in the country to accept Bitcoin.