A recently released study of Hellosafe shows that the adoption of digital currency is exploding globally.
The studywhich relied on surveys and publicly available data, investigated the increase in digital currency users between 2019 and 2024. It found that the holders have increased massively when on average on average over the studied countries, but some regions grow much faster than others.
Which countries saw the biggest increases?
In absolute terms, India Saw the largest increase in holders with 205 million people who bought at least a few digital currencies between 2019 and 2024. When these later adoptors are added to the 109 million who bought earlier, India has the largest number of holders in the world with an astonishing 314 million in total.
However, Canada (225%), Germany (225%), USA (220%) and United Arab Emirates (210%) also saw significant growth in percentage terms. SwedenThe PakistanThe Taiwanand India All saw 200%+ increases.
Apart from Outlier Germany, European countries saw modest growth in the number of holders. For example, France saw 3.3 million people buy their first coins while UK Saw 4.8 million. However, emerging economies stood out as Boomtowns for adoption of digital currency. Nigeria, Egypt, Indonesia and Philippines Saw a significant increase in digital currency adopts, with hundreds of millions of people dipped their toes in the digital currency pool for the first time.
Interestingly, there were some countries that reported negative growth. China (-18%), which banned digital currencies in 2019 and cracked again in 2021Saw a decline in holders along with Colombia (-33%) and Peru (-7%).
What do these trends drive? Greater accessibility, government’s efforts to drive awareness and adoptionAnd a growing interest in speculation and technology -related investments.
Why the difference between the development world and the West?
At Cooingeek we have reported on digital currency trends all over the world for several years.
One thing stands out: While Westerners in North America and Europe tend to see digital currencies as speculative assetsThey can turn around for more dollars or euros, people in emerging markets see blockchain, StablecoinsAnd other associated technology as a tool to drive economic growth and transform their communities. Last year, for example, we reported on how Stablecoins are huge in East Asia. Only in one year, this region received over $ 400 billion in Stablecoins and other digital currencies.
Attitudes to technology also differ. Take Central Bank’s digital currencies (CBDCS), for example; In places like Germany and America, many are worried about their consequences for political freedoms, while in Nigeria, Indonesia and the world of development, People see the potential For softer, more efficient payments.
In essence, this difference can be attributed to how stable and available existing payment systems and currencies are. While most people in the West already have access to decent stable banking/payment systems and currencies, many in fast-growing developing countries do not. In developing countries, people tend to see Stablecoins as a way to save in USD while blockchains are considered a tool for cheaper payments and computer sovereignty.
Prediction: The world of development will move forward because of these trends
It is no secret that developing countries are the fastest growing in the world. They are also quickly starting to catch up with the technology, partly thanks to cheaper imports from China as it tries to move up the manufacturing value chain while the costs keep the costs.
If these growth economies continue to see blockchain and digital currencies as ways to improve efficiency and as tools to circumvent weak financial systems, gain access to global markets and preserve wealth, they will grow even faster and will reap long -term rewards.
As emerging economies continue to build ports, railways, power plants, telecommunications networks and more, all while using blockchain and digital currencies to Release creativity And unlock efficiency, the West must ask a threatening question: does it miss the bigger image?
By speculating in memecoins and turning useless tokens in the Altcoin casino instead of using the technology for truly transformative, productive use cases, and the developed world risks leaving developing countries. The earlier the speculative frenzy ends and entrepreneurs will work with the technology for benefitThe better!
See: IPv6 & Blockchain – Pioneering Next Digital Revolution
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