The New Adoption index, presented by Chainalysis, containing the ranks of 154 countries according to crypto adoption shows fascinating facts. According to the report, global crypto adoption has increased by 2300% since 2019 and 881% in the last year.
The Crypto adoption wave is very strong and it’s taking floating everything with itself. The last two years have been very important for the crypto market. Organizations like Twitter, Tesla, Walmart, and others are influencing people and attracting them to invest. A preview of the Geography of Cryptocurrency report 2021 was shared by Chainlysis.
The New Adoption index Methodology
The final version of the report will be published in September 2021. This report is the second iteration of the firm to measure crypto adoption around the world. The preview describes that “The New Adoption index” final report will contain three metrics. Each one will describe the following:
- “on-chain cryptocurrency value received, weighted by purchasing power parity (PPP) per capita.”
- “The on-chain retail value transferred, weighted by PPP per capita,”
- “peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and the number of internet users.”
This report will be different from the previous one because it doesn’t contain the fourth metric which was “Number of deposits by country weighted by [the] number of internet users.” The New Adoption index shows the interest of people in this evolving market. The firm explained by saying:
We rank all 154 countries according to each of those three metrics, take the geometric mean of each country’s ranking in all three, and then normalize that final number on a scale of 0 to 1 to give every country a score that determines the overall rankings. The closer the country’s final score is to 1, the higher the rank.
According to the report Vietnam leads this race followed by India and Pakistan at 2nd and 3rd place respectively. In the last report, China was in the fourth position but due to the banning of crypto firms, it stands in 13th position. The US has also lost its 6th position which is now 8th.
The New Adoption index shows how the underdevloped countries are embracing the crypto market. For more interesting and informative content please click here.