Cryptocurrency adoption has seen remarkable growth worldwide over the past few years, with some countries embracing Bitcoin and blockchain technology more than others. From Asia to Europe, and across North America and the Middle East, crypto adoption rates have been on the rise over the past five years, and with Bitcoin up over 115% over the past 12 months, several countries are primed to take advantage of the latest cryptocurrency boom. Using the latest data from Statista, we’ve ranked the top 10 countries with the highest growth rates in cryptocurrency adoption over the past five years.
In this article, we’ll explore the top 10 countries with the highest cryptocurrency adoption growth over the last five years and discuss the factors contributing to crypto adoption in each nation.
- India: 238%
- South Korea: 233%
- Canada: 225%
- United States: 220%
- United Arab Emirates: 210%
- Pakistan: 200%
- Finland: 200%
- Germany: 200%
- France: 175%
- Sweden: 175%
1. India
- YoY Growth: 23%
- 5-Year Growth: 238%
India has seen a significant surge in cryptocurrency interest, driven by factors such as a large tech-savvy population, increasing internet penetration, and a growing interest in decentralized finance (DeFi) platforms.
Approximately 30% of the population was estimated to have engaged with cryptocurrency in some form as of last year.
2. South Korea
- YoY Growth: 5%
- 5-Year Growth: 233%
South Korea has a vibrant crypto community, with a high level of awareness and adoption among both retail investors and institutions. Government support for blockchain technology has also contributed to its growth.
South Korea continued to lead in crypto adoption, with over 40% of its population actively involved in cryptocurrencies heading into 2024.
3. Canada
- YoY Growth: -7%
- 5-Year Growth: 225%
Despite a slight decrease in YoY growth, Canada remains a significant player in the crypto space. The country has a well-developed infrastructure for cryptocurrency exchanges and a favorable regulatory environment. Canadians can also buy crypto stocks and ETFs, allowing investors to gain exposure to cryptocurrency without owning any coins.
Approximately 25% of Canadians were estimated to have used or invested in cryptocurrencies by the beginning of 2024.
4. United States
- YoY Growth: 7%
- 5-Year Growth: 220%
The United States is one of the largest markets for cryptocurrencies, driven by institutional adoption, favorable regulations in some states, and the presence of major crypto companies and investors. In January 2024, the SEC approved the first Bitcoin ETFs in the U.S., making it easier for investors to capitalize on the exponential growth in the cryptocurrency market.
With increasing institutional interest and consumer adoption, around 20% of the US population is estimated to be involved in cryptocurrencies in 2024.
5. United Arab Emirates
- YoY Growth: -9%
- 5-Year Growth: 210%
The UAE has been proactive in embracing blockchain and cryptocurrencies, with initiatives like the Dubai Blockchain Strategy. High internet penetration and a tech-forward approach have fueled adoption.
Despite a slight decrease in growth, the UAE maintained a high crypto adoption rate, with approximately 20% of its population actively engaged in cryptocurrencies.
6. Pakistan
- YoY Growth: -5%
- 5-Year Growth: 200%
Pakistan has seen a surge in crypto interest, driven by factors such as a young population, increasing smartphone penetration, and a desire for alternative investment opportunities.
Crypto adoption continued to grow steadily in Pakistan, with around 15% of the population participating in crypto investing.
7. Finland
- YoY Growth: 9%
- 5-Year Growth: 200%
Finland’s tech-savvy population and progressive regulatory environment have contributed to its crypto growth. Cryptocurrency awareness and usage are steadily increasing.
Finland maintained a strong crypto adoption rate, with approximately 25% of its population actively using or investing in cryptocurrencies.
8. Germany
- YoY Growth: 0%
- 5-Year Growth: 200%
Germany has emerged as a crypto-friendly nation, with clear regulations and growing acceptance of digital assets among businesses and consumers.
With growing regulatory clarity and mainstream acceptance, around 20% of Germans were estimated to be involved in cryptocurrencies heading into 2024.
9. France
- YoY Growth: 22%
- 5-Year Growth: 175%
France has shown strong growth in cryptocurrency adoption, supported by government initiatives to attract blockchain startups and foster innovation in the sector.
France continued to see increasing crypto adoption, with approximately 20% of its population actively engaged in cryptocurrencies by the beginning of 2024.
10. Sweden
- YoY Growth: 0%
- 5-Year Growth: 175%
Sweden has a tech-savvy population and a history of embracing digital innovation. Cryptocurrency adoption is growing steadily, driven by factors such as a cashless society and increasing interest in digital assets.
Sweden maintained a steady growth in crypto adoption, with around 20% of its population involved in cryptocurrencies by 2023.
Top 10 Countries With The Highest Crypto Adoption Growth
| Country | 2019 | 2020 | 2021 | 2022 | 2023 | YoY Growth | 5 Yr Growth |
|---|---|---|---|---|---|---|---|
| India | 8% | 8% | 10% | 22% | 27% | 23% | 238% |
| South Korea | 6% | 8% | 8% | 19% | 20% | 5% | 233% |
| Canada | 4% | 6% | 6% | 14% | 13% | -7% | 225% |
| United States | 5% | 7% | 8% | 15% | 16% | 7% | 220% |
| United Arab Emirates | – | 10% | 13% | 34% | 31% | -9% | 210% |
| Pakistan | 6% | 6% | 14% | 19% | 18% | -5% | 200% |
| Finland | 4% | 5% | 6% | 11% | 12% | 9% | 200% |
| Germany | 4% | 6% | 6% | 12% | 12% | 0% | 200% |
| France | 4% | 6% | 5% | 9% | 11% | 22% | 175% |
| Sweden | 4% | 4% | 6% | 11% | 11% | 0% | 175% |
