Cryptocurrency is no longer just a niche or an ideal for people who had a keen eye for potential good investments. In fact, over 150 million people around the world are using cryptocurrencies to some degree. Furthermore, over 15,000 businesses are accepting various types of cryptocurrencies as payment.
Not every country has embraced cryptocurrency the same way, and some countries have barely embraced it.
Countries That Are Crypto Hubs
Merchant Machine, a website that compares payment processing, conducted a study that revealed the United States, Ukraine and the United Kingdom are the top three countries in the world when it comes to crypto use. The study involved looking at factors such as how many businesses accepts cryptocurrencies, how many people own crypto and how many Bitcoin ATMs each country currently has.
The United States is home to the second highest number of people who own crypto. However, the USA has more Bitcoin ATMs than any other country. Currently there are over 32,000 ATMs. Meanwhile, Canada has nearly 2,500 Bitcoin ATMs. India only has two.
One of the explanations for the US being a major crypto hub is the country has remained one of the most powerful economies. Asides from the United States, the other top crypto hubs include (ranked from two to 10):
2. Ukraine
3. UK
4. India
5. Thailand
6. Russia
7. France
8. Netherlands
9. Vietnam
10. Colombia
Why Is The Ukraine A Major Crypto Hub
In terms of worldwide crypto use, the Ukraine ranks number two. Unfortunately, that’s because of the ongoing war, which started in late February when Russia ordered its troops to invade.
In 2021, the Ukraine was ranked four for global crypto use. However, the Ukraine government decided to expand the use of cryptocurrency as soon as Russian troops invaded.
Mykhailo Fedorov, the Ukraine’s Digital Transformation Minister, asked his deputy on the second day of the war to create government wallets that could accept cryptocurrencies as payment.
Since that decision was made, over $100 million in crypto has been raised by the Ukrainian government. This has helped provide support to Ukrainian troops and to purchase supplies to aid in the war.
Ukraine has been given support from various cryptocurrency exchanges such as Binance, as well as protocols such as Tron and Solana. The support continues to grow. Even more interesting is the Ukrainian government also accepts NFTs (non-fungible tokens) to help in its fight against Russia.
Where Can People Do Business With Cryptocurrencies
Owning crypto and being able to use it for good and services are two very different things. Merchant Machine’s ranking of places with the most businesses accepting cryptocurrencies looks different than the list of countries ranking for crypto adoption.
The top 10 cities that have the most businesses accepting crypto are:
1. Bogota
2. Caracas
3. Seoul
4. Paris
5. Athens
6. Bangkok
7. Berlin
8. Madrid
9. Vienna
10. Amsterdam
Bogota, Colombia has many companies accepting cryptocurrencies is because of a program that was launched in 2021. The city’s program was launched to turn the city into a smart city by financing blockchain companies. Bogota set aside a budget of over $600,000 to help fund startups.
In Venezuela, crypto use has been on the rise because of its failing economy, as well as US sanctions, both of which have made Venezuelan’s currency virtually worthless.
The only country on Merchant Machine’s list that has zero businesses accepting cryptocurrency is Vietnam. This could change in the future, as more and more countries continue to embrace crypto.