The global crypto adoption skyrocketed in 2020, growing over nine-fold, according to the latest Chainalysis report. The growing popularity of P2P trading platforms are one of the key reasons for this exponential uptake.
Chainalysis today publishes findings of its 2021 Chainalysis Global Crypto Adoption Index. The findings clearly indicates a big shift towards cryptocurrency at global level.
“Cryptocurrency adoption has skyrocketed in the last twelve months, and the variation in the countries contributing to that show that cryptocurrency is a truly global phenomenon,” concludes Chainalysis.
This crypto market analysis is based on web traffic of hundreds of millions of online crypto transactions. It takes into consideration of data from 154 countries. The goal of this index is “to provide an objective measure of which countries have the highest levels of cryptocurrency adoption”.
Key findings of the report
- The global crypto adoption has grown by over 2300% since Q3 2019 and over 881% in 2020.
- P2P crypto trading volumes have declined in China and the United States compared to worldwide volumes.
- P2P platforms are driving cryptocurrency usage in emerging markets.
- Currency devaluation in emerging markets is driving residents to buy crypto on P2P platforms to preserve their savings.
- Countries from smaller economies such as Central and Southern Asia, Latin America, and Africa generates more web traffic to P2P trading platforms than from larger economies of Western Europe and Eastern Asia.
P2P platforms are gaining huge popularity in countries where crypto is banned. Also, in countries where central banks do not allow banks to service crypto firms. These platforms enable people to directly buy and sell digital assets