Chainalysis released a report on September 14 on the state of crypto markets worldwide. What about adoption by country? The index measures which countries have the most people putting most of their money into crypto.

The Global Crypto Adoption Index shows which countries are leading in "grassroots" crypto adoption. In other words, not institutions but the people:

1. Vietnam
2. The Philippines
3. Ukraine
4. India
5. United States
6. Pakistan
7. Brazil
8. Thailand
9. Russia
10. China

Vietnam scores high on many fronts: defi, play to earn and move to earn. The Philippines is also known to have started the Axie Infinity craze there, for example.

Interestingly, the Netherlands and Germany are not in the top 20. Half of the countries in the top 20 are lower-income countries. Perhaps not surprising: those countries' own currency is often weak, and people are more likely to look for an alternative, such as Bitcoin or a dollar stablecoin. International payments are also more advantageous for people who have migrants in the family when made in crypto.

Also in the top 10, for example, are Pakistan, Brazil and Thailand. And, perhaps surprisingly: China. It seems that the ban on crypto trading is not strictly enforced.

Higher usage than before bull market

According to Chainalysis' research, despite the current bear market, crypto is still being used well above what it was before the 2020 bull market:

"The data suggests that a critical mass of new users who put capital into cryptocurrency during periods of price growth tend to stay even when prices decline, allowing the ecosystem to consistently grow on net across market cycles."