Chainalysis Report: Global Cryptocurrency Adoption in 2024

Chainalysis released its latest Global Cryptocurrency Adoption Index for the first half of 2024. The report is calculated using several parameters, including the usage of DeFi and CeFi protocols, to evaluate the level of cryptocurrency adoption across more than 150 countries.  

The calculation methodology includes:

• The amount of money users spend on purchasing virtual currencies;
• The number and volume of transactions passing through crypto platforms;
• The population size;
• The country’s GDP per capita.

The higher these indicators, the higher the index, with the maximum score being 1.  

Topping the regional rankings are Central and South Asia, along with Oceania (CSAO), home to 7 of the top 20 countries. Latin America ranks second (5 of 20 countries), while Eastern Europe secures third place (2 of 20 countries).  

India leads the index for individual countries. The amount of money invested by Indian cryptocurrency users significantly exceeds the average national income. Nigeria ranks second, followed by Indonesia. The U.S. (4th), Ukraine (6th), and the Philippines (8th) are also among the top 10.  

This report differs slightly from last year’s: Vietnam, which was in third place, has slipped, and Ukraine moved down a spot. In contrast, Russia risen from 13th to 7th, driven by the country’s efforts to evade economic sanctions.  

We covered in detail how the Kremlin uses cryptocurrencies to circumvent Western sanctions in our dedicated article.