At the time of writing this article, the total cryptocurrency market cap is 2.16 trillion according to CoinMarketCap. The trend has been indicating positive growth of the cryptocurrency industry for the past year and with the advent of new NFTs, DEFI systems and schemes, CryptoCurrency Adoptions, etc, the total cryptocurrency market cap is only expected to increase with the coming years.
One of the other reasons for this growth is the adoption by countries in accepting bitcoin as legal tender for payment of services and accepting of other such cryptocurrencies. The increased adoption is due to numerous advantages cryptocurrencies offer such as:
There was an in-depth survey/research conducted by research-oriented cryptocurrency platform Coincub. It awarded the point to different countries by considering parameters like Institutional Acceptance, Exchanges, and wallets available in-country, legislations by the governments, favorable taxation policy, the volume of crypto trades, bank activity, Defi acceptance, ATM available, etc. The research was published recently at the beginning of the month of September. It states that the USA is at the number 1 rank in terms of accepting cryptocurrency ecosystem when all the essential parameters are considered. The research can be summarised by a graph shown below
This is majorly due to the influence of the majority of USA-born exchanges like Coinbase, which has made it comparatively easier for cryptocurrency transactions. Also, Defi acceptance, cryptocurrency spending, financial services association with cryptocurrency, has been the reason for the USA having a rank of 1.
But this chart should be taken as reference only for the parameters listed above. If we talk about the investor's interest in these trending assets, then the number 1 country, by the volume of trades is Vietnam. A detailed report has been created by a data-providing service called Chainanalysis. According to its parameters of evaluation,
Vietnam is the number 1 ranked country followed by India. The research can be summarised below.
Additionally, support to cryptocurrency investments has been provided by many countries like
These countries have shown support to accepting bitcoin and other cryptocurrencies by allowing its public investment in these assets, promoting the growth of decentralized applications running on the blockchain, making cryptocurrencies as the legal tender, providing investor-friendly incentives like a well-established taxation policy, and providing clear rules and regulations for these assets.
