New Delhi: Amid despondency in markets, Cryptocurrencies are the latest fad which have generated huge interest in youth owing to exponential returns.
Besides its rising popularity across the globe, the crypto currencies have found huge connect with Indian investors. And, it’s evident from the numbers.
An analysis by blockchain data platform Chainalysis shows that India has emerged as second most hottest destination in terms of cryptocurrency adoption and ranks only behind Vietnam.
Overall, the worldwide adoption of cryptocurrency has grown by over 2,300% since 3rd Quarter of 2019 and over 881% in last year.
The analysis found out that the increase in crypto adoption differed from markets to markets. While some Emerging markets turned to crypto currency to preserve their savings in face of currency devaluation, for carrying out business transactions while the currency adoption in North America, Europe and Eastern Asia has largely been driven by institutional investment.
3 factors which accounted for crypto adoption included peer-to-peer (P2P) exchange trading volume and value received.
India followed by Pak & Ukraine, US & China at 8th & 13th spot
After Vietnam, India is only the second fastest country in ‘adopting’ the new currency.
India was followed by Pakistan and Ukraine at rank 3 and 4th position respectively. While US & China have dropped from 6th & 4th position to 8th and 13th position respectively.
Most of the top 20 countries are developing countries like Tanzania, Togo and Kenya.
