Bitcoin Adoption by Country In 2024: A Global Overview

13 MIN READ
Bitcoin Adoption by Country

In 2024, India leads global Bitcoin adoption with 75 million users, followed by China with 38 million. The USA ranks third with 28 million Bitcoin owners, while Brazil and Indonesia report substantial numbers, with 25 million and 23.5 million users, respectively, illustrating the top 5 Bitcoin adoption by country.

Bitcoin adoption is increasing significantly across the globe. Hence, depending on their economic system, regulations, and cultural contexts, different nations have integrated Bitcoin, imposed restrictions, or banned its use, mining, and trading. Critical factors accelerating this phenomenon's surge include economic fluctuations, financial instability, and technology-savvy populations.

A comparative analysis in developed and developing nations, however, reflects differences in technological infrastructure and financial systems inadvertently affect the adoption rate of Bitcoin. In developed countries, technological advancement coupled with regulative support pushes Bitcoin to be an innovative investment. On the other hand, in developing countries, high inflation and unstable economies make Bitcoin very relevant for wealth preservation and day-to-day transactions.

In this PlasBit article, we probe Bitcoin adoption by country and its numerous critical aspects. By analyzing both individual holders and government institutions, we will explore the leading nations in adaptation rates, compare Bitcoin adoption in developed and developing countries, and identify the socioeconomic effects of Bitcoin adoption in different countries.

Analysis of Leading Nations Rates in Bitcoin Adoption by Country

Based on our most recent research in June 2024, we present an in-depth breakdown of the top 10 countries leading in Bitcoin adoption. This quantification includes the total number of Bitcoin holders and the percentage of the population actively using it. Our findings reflect a diverse integration of Bitcoin within various economic frameworks, thus underlining the role of regulatory environments and economic conditions in cryptocurrency adoption. This overview provides the audience with comprehensive information to show how widely Bitcoin has reached different parts of the globe and its age as one of the transformative financial tools in emerging and developed markets. 

bitcoin adopted by country

The table below illustrates Bitcoin ownership by country for 2024 , according to data from GWI.

Detailed Analysis based on country

India (75 million+ Bitcoin Holders)

India leads the list, with 16.80% of its population being Bitcoin owners. Its large population and developing interest in digital assets as an economic protector keep it at the front line of the world cryptocurrency market.

China (38 million+ Bitcoin Holders)

China holds a large amount of Bitcoin, with 5.40% of its population owning Bitcoin. That is impressive considering the historic importance of China in the Bitcoin mining space and strong private ownership despite strict regulations.

United States (28 million+ Bitcoin Holders)

The U.S. has set up a healthy Bitcoin ecosystem; many people participate in the market, around 13.80% of the population. This proves high retail and institutional participation and brings Bitcoin into mainstream financial systems.

Brazil (25 million+ Bitcoin Holders)

In Brazil, 20.60% of its population uses Bitcoin, which makes up around 25 million people. The role of cryptocurrency in financial addition and protection from inflation makes it essential for such strategies in the country.

Indonesia (23.5 million+ Bitcoin Holders)

In Indonesia, the adoption of Bitcoin has increased to 20.10% of the population; the young and tech-savvy population wants to use Bitcoin for investing beyond traditional assets.

Turkey (12.8 million+ Bitcoin Holders)

With a rate of 27.10%, approximately 12.8 million Bitcoin holders reside in Turkey. This growth in the usage of cryptocurrencies might be called a reaction to the unstable national currency, marking Bitcoin as a feasible substitute for financial stability.

Philippines (9.3 million+ Bitcoin Holders)

The Philippines has also largely adopted Bitcoin; it accounts for 23.40% of the population and approximately 9.3 million users, although with varying degrees of involvement for benefits. Friendly regulations and the evident utility of Bitcoin, such as making efficient remittances, have helped power its popularity in the country.

Thailand (9.2 million+ Bitcoin Holders)

Thailand represents about 9.2 million users in the Bitcoin market, accounting for 21.90% of the population. The growth of digital finance, backed by regulatory support, has enhanced the attractiveness of Bitcoin to investors in this country.

Vietnam (9.2 million+ Bitcoin Holders)

The extent of the population engaged with Bitcoin in Vietnam is high, as almost 18.50% of its population is involved, going up to 9.2 million users. Its positive economic trend and tech-savvy population have accelerated its acceptance rate all across the board.

Nigeria (8.6 million+ Bitcoin Holders)

With 13% of the population, Nigeria adopted Bitcoin substantially because of economic pressures like inflation and currency devaluation; it has 8.6 million people using Bitcoin. In this case, Bitcoin has become a vital resource for youth and businesses.

At Plasbit, we've provided the bar chart below to offer a clear visual representation of Bitcoin ownership across various countries in 2024, helping our readers better understand the countries leading in Bitcoin adoption.

bitcoin owner by country

The adoption of Bitcoin soars across the board, driven by diverse economic needs. India tops the list with the most significant number of owners against economic uncertainties, while countries like Brazil and Nigeria do the same for financial stability amidst festering inflation. Countries like China, Indonesia, and Vietnam report healthy growth due to regulatory support and economic aspirations. One country after another has its unique approach to embracing Bitcoin as a solid financial tool, which is shaped by the economic landscape.

Heatmap Chart illustrating Bitcoin Adoption by Country

For further clarity and to better understand Bitcoin's geographical distribution, at PlasBit, we have designed the following Heatmap chart that presents Bitcoin adoption by country based on the total population of Bitcoin owners. This map successfully illustrates how the level of Bitcoin usage varies across countries, derived from several factors, including economic, technological, and social factors.

Heatmap Chart illustrating Bitcoin Adoption by Country

Not only does this heatmap give a broad vision of Bitcoin ownership, but it also underlines Bitcoin Adoption's multifaceted impact on different economic systems. It has provided a rich analysis of the transformative role of Bitcoin as a revolutionary factor in the contemporary financial world. In fact, Bitcoin is considered both an innovative investment in countries with a stable economy and a viable lifeline for countries with underdeveloped traditional banking infrastructures dealing with financial instability and inflation.

Analysis of Bitcoin adoption by country from 2019 to 2024

We have also provided the following chart based on our in-depth research that illustrates the percentage of different countries using Bitcoin from 2019 to 2024. This kind of representation assists in showing the changes and trends of the various countries’ interactions with Bitcoin over the years.

Analysis of Bitcoin adoption by country from 2019 to 2024

The evaluation of Bitcoin adoption from 2019 to 2024 reveals various patterns in different countries, which underlines the changes in the global cryptocurrency market. Argentina stands out as an example where the usage of Bitcoin has been steadily increasing, and it is at 30% in 2024, which indicates that people in Argentina rely more on cryptocurrencies due to the unstable economy.

Brazil and India also experienced considerable growth in 2022 for India, likely due to a growing adoption of digital financial services. On the other hand, Switzerland and the United States show a relatively slower and steady upward trend, which indicates that the markets in those countries are more controlled and developed.

All in all, the upward trend of the majority of the countries under discussion evidences the growing interest in Bitcoin on the global level, which proves its importance as an investment option and efficient instrument for hedging against economic risks.

Government and Institutional Bitcoin Holdings

Governments and institutions worldwide are increasingly holding significant amounts of Bitcoin, reflecting diverse motivations such as economic strategy, legal seizures related to criminal activities, or progressive financial policies.

Government and Institutional Bitcoin Holdings

United States

Total Holdings: 207,189 BTC

The United States government holds the most significant number of Bitcoins, and almost 56% of this amount has been accumulated by the FBI’s legal seizures through various crackdowns on illegal activities, such as the Silk Road case.

China

Total Holdings: 194,000 BTC

Although China has banned cryptocurrency trading and mining, it still holds a considerable amount of Bitcoin, mostly from seizures of illegal activities.

Ukraine

Total Holdings: 46,351 BTC

Ukraine has embraced Bitcoin donations to support its efforts during the ongoing conflict with Russia, significantly increasing its reserves.

El Salvador

Total Holdings: 2,381 BTC

As the first country to proclaim Bitcoin as a legal currency, El Salvador has been purchasing Bitcoins with an active disposition towards their integration into its economy and promoting financial innovation.

Finland

Total Holdings: 1,981 BTC

Finland's holdings come from Bitcoin seized in criminal investigations. The country plans to use these funds to support Ukraine.

The varied strategies governments use to acquire Bitcoin emphasize its rising importance in the global economy. Whether utilized as legal currency or to support national efforts, these holdings illustrate the dynamic ways digital assets are integrating into traditional financial systems.

Bitcoin Adoption by Country

Why Are Some Countries Leading in Bitcoin Adoption?

The socio-economic, technological, and governmental support can explain the differences in the level of Bitcoin adoption by country. Let’s examine closely why some countries are leading in adopting Bitcoin and how variation in adoption rates can be seen in different national conditions.

Governmental support

The legal and regulatory environment of a country can either promote or inhibit Bitcoin adoption. For instance, Switzerland has clear, supportive regulatory frameworks and remains a hub for Bitcoin and blockchain technologies that attract businesses and investors. In contrast, strict regulations and the ban on cryptocurrency trading have placed China amongst the most prominent players in the Bitcoin market through private ownership.

Tech-Savvy Population

The probability of adopting Bitcoin is high, where the population has a high literacy level in technology. Due to the highly developed technological environment and the population with a high level of IT literacy, the United States has a strong Bitcoin market. Known as having a sophisticated technological environment, South Korea has reported high Bitcoin use among its technologically savvy youth and professional communities.

Limited Access to Traditional Banking

The lack of access to banking services in many locations makes people consider Bitcoin an accessible solution to their financial needs. In the Philippines, with its numerous remote islands that result in insufficiently expanded banking facilities, Bitcoin is an alternative form of a more inclusive and efficient financial system.

Comparing Bitcoin Adoption in Developed and Developing Countries

By comparing Bitcoin's Adoption in developed and developing countries, we not only explore the drivers of Bitcoin adoption but also reveal the distinct roles Bitcoin plays among different nations based on each region's economic and financial context.

Bitcoin Adoption in Developed Countries

In developed countries, Bitcoin is embraced as an innovative investment but not a necessity. Countries with robust economic systems that allow financial innovations tend to be more open toward new financial technologies like Bitcoin. For instance, there are many institutional investors and individual Bitcoin owners in the United States, a developed country with a well-established economic infrastructure and a firm financial system.

Entrepreneurial Spirit

Bitcoin adoption is higher in countries like the United States, which is more pro-entrepreneurial and innovative. The dynamic financial technology sector, venture capital investment, and technological experimentation cultures can boost Bitcoin's growth.

Regulatory Clarity and Support for Blockchain Innovation

Bitcoin adoption is higher in countries with well-established regulatory and governmental financial rules. For instance, Japan and Germany are two developed countries that have clear legal-prescribed rules and governmental guidelines on Bitcoin. In Japan, cryptocurrency is legally accepted as a payment method for business and commercial transactions; likewise, it is recognized as a legal financial instrument in Germany. Regulatory clarity and support for Blockchain innovation raise Bitcoin adoption rate in developed countries and help to create certainty for businesses and individuals to engage with Bitcoin not only as an investment option but also as a means of payment.

Bitcoin Adoption in Developing Countries

Economic Instability

Bitcoin adoption is a necessity in developing countries rather than an innovative investment tool. People use Bitcoin as a store of value and even as protection against the volatility of local currencies. An essential driver of Bitcoin adoption in developing countries is economic instability, which brings many variables such as high inflation, devaluation of the local currency, and even financial crisis within the country.

Hyperinflation

Countries prone to hyperinflation, such as Venezuela and Zimbabwe, which leads to the devaluation of their local currencies, have increasingly warmed up to Bitcoin adoption. Citizens turned to Bitcoin to secure the value of their assets, and they used Bitcoin as a means of transaction. Another good example is the decline of the Turkish lira in recent years due to political risks, high inflation rates, and poor economic management. The local population has started to use Bitcoin to evade local monetary policies and save Bitcoin as a store of value.

Currency Controls

Sometimes, in countries with heavy capital controls, like Argentina, Bitcoin helps people avoid controls that make financial transactions difficult. Moreover, users can effectively prevent government control and be involved in international transactions.

Socio-Economic Consequences of High Bitcoin Adoption

High adoption levels of Bitcoin have enormous and vivid effects, both negative and positive, on the socio-economic perspective.

Positive Aspects

Financial Inclusion

Bitcoin can create potential financial inclusion as a decentralized financial service is available to anybody owning a smartphone. It makes the services available to anyone with an internet connection, thus bringing them into the globe's economy. This is important and transformative, as most individuals cannot access bank accounts in areas with low banking infrastructures. In Kenya, for example, Bitcoin complements mobile money services like M-Pesa to extend financial services to rural and underserved populations.

Economic Empowerment

Bitcoin can be considered an alternative to unstable local currencies, which helps people and companies safeguard their money and make transactions easily. It actually empowers individuals and businesses, like people in countries with high inflation rates, such as Argentina and Zimbabwe, to store their wealth or freely participate in international trade and transact without the threat of currency devaluation.

Negative Impacts

Market Volatility

One major drawback of Bitcoin is its price fluctuation and instability. Market Volatility can destabilize Bitcoin's reliability for day-to-day transactions. Because Bitcoin holders, acting as either buyers or investors, must accept the risk of unpredictable and significant price fluctuations in different periods.

Potential for Financial Crimes

Last but not least, Bitcoin anonymity has paved the way for illegal and fraudulent activities such as money laundering or illegal crypto platforms on the dark web, such as the Silk Road case. Therefore, Bitcoin transactions' pseudonymous nature has the potential for financial crimes, and this is a global challenge for all cryptocurrency law enforcement authorities.

Technological Infrastructure and Bitcoin Adoption

A nation's technological development, such as internet use and smartphone penetration, which characterize the population’s ability to interact actively with the Bitcoin environment, play a significant role in Bitcoin Adoption and investors' engagement with the Bitcoin ecosystem effectively.

Importance of Internet Access

Widespread internet access is, without a doubt, the core component of Bitcoin mining and its transactions. The lack of a stable Internet connection greatly hinders users' interaction with Bitcoin and thus restricts its usage as a financial instrument in less developed areas. Hence, stable Internet access is critical, allowing users to participate in exchanges, manage their virtual wallets, and interact within the blockchain networks.

Smartphone Penetration

Smartphone penetration also significantly impacts Bitcoin Adoption. Smartphones are the most used devices through which people are connected to the internet in many regions. Widespread use of smartphones enables people to easily buy, sell, and use Bitcoin through applications on mobile phones. This is especially valid for areas with a weak banking infrastructure, while smartphones help connect people with the digital economy.

Future Challenges for Countries with High Bitcoin Adoption

As the first digital currency, Bitcoin has received considerable attention and usage across the world. However, several challenges, such energy consumption, scalability, and transaction rates, have hindered its growth and acceptance in the market. These issues are critical to resolve to promote the safety and stability of the Bitcoin ecosystem and its applicability as a financial instrument.

Energy Consumption and Environmental Concerns

One of the most crucial concerns regarding Bitcoin adoption is the substantial amount of energy Bitcoin mining needs. This large-scale energy consumption is raising environmental concerns. Consequently, it necessitates the development of better energy-saving technologies and practices for a sustainable future.

Scalability

Bitcoin scalability is another primary concern that must be considered. The present infrastructure does not efficiently carry out comprehensive transactions, leading to possible delays and high transaction fees. Therefore, scalability improvement is needed to support more users and enhance Bitcoin adoption worldwide.

Transaction Speeds

If Bitcoin is supposed to be a viable option for day-to-day trading, upgrading its processing capacity and timing is crucial. Unlike more recently founded payment systems, bitcoin transactions may be relatively slow, especially during peak times.

Summing up, the public adoption process of Bitcoin is not easy and requires overcoming several obstacles. Creating ecofriendly mining technologies, increasing the network's capacity, and speeding up the transactions are crucial steps to Bitcoin's ability to become a viable and sustainable method of international payments.

PlasBit Contributing to Bitcoin Adoption

Considering all the challenges mentioned above regarding Bitcoin adoption, Crypto exchanges play a critical role in shaping the future development and adoption of Bitcoin. Providing a secure platform for customers to exchange digital currencies safely would considerably increase the number of crypto owners and contribute to Bitcoin Adoption.

Simplifying Access to Bitcoin

Providing easy access to the Bitcoin market is a pivotal step in increasing Bitcoin adoption, especially for newcomers. At PlasBit, we believe that Bitcoin should be available to everyone, and we are committed to ensuring this becomes a reality. Since our inception in 2020, we have been striving to offer professional financial services with the help of blockchain solutions. Our mission is to build a new monetary world free from borders and provide people with the tools to control their money without the aid of banks or governments.

Building Trust and Security

As the use of Bitcoin increases across the world, it is crucial to maintain the confidence of the users and their assets. Cryptocurrencies have continued to grow in popularity and adoption, and this growth has been accelerated by the services offered by PlasBit as a leading cryptocurrency exchange. Security is not only about protecting assets but also about building trust for newcomers to enter the world of cryptocurrency. Here’s how our dedicated security the broader adoption of Bitcoin:

Cold Storage and Asset Protection

We ensure the safety of our users' assets by storing 100% of their cryptocurrencies in cold storage. This significantly reduces the risk of hacking and possible internet threats. By keeping client assets away from the online environment, we guarantee the maximum level of asset security.

Two-Factor Authentication

To prevent unauthorized access to our customers’ accounts, we use high-security measures, including two-factor authentication through SMS, email, and authenticator apps, allowing only our users to access and manage their accounts.

Round-the-Clock Support

In case of any questions or problems, we provide 24/7 customer support service through chat or email. Our round-the-clock customer support solidifies our users’ confidence in our platform.

Withdrawal Confirmations and Login Alerts

To add another layer of security to our users' accounts, we incorporate withdrawal confirmation and login notifications. These features give our users a real-time notification of the activities being carried out on their accounts, hence enabling them to take appropriate action in case of any suspicious activities.

PlasBit's high security and customer service standards have provided a stable and credible crypto exchange to build confidence in the digital currency world. Our commitment to security guarantees that both new and experienced users can participate in the cryptocurrency world without any fear, thus promoting the continuous growth and legitimacy of the digital currency market.

Conclusion

The use of Bitcoin is not the same in all countries of the world because it is influenced by factors that are unique to each country. This means that technological innovation and favorable legal frameworks have made Bitcoin an attractive investment in developed countries such as the United States. Developed countries have solid financial systems that smoothly incorporate Bitcoin into the financial sector. On the other hand, economic uncertainty and high inflation rates are the main factors that encourage using Bitcoin to save and pay in developing countries such as Turkey, Vietnam, and Nigeria. This diverse adoption shows that Bitcoin can versatilely fulfill various financial requirements across multiple economies.

The socio-economic role of Bitcoin is immense and multifaceted. For people in developing nations where conventional banking systems are restricted or nonexistent, Bitcoin is a source of hope, offering basic financial services to those who cannot access banking services. It provides a safe means for buying and selling goods and services and protects against economic fluctuations. On the other hand, in developed countries with grown technological systems, Bitcoin is known for its innovative capabilities and catalyzing new financial solutions. As a peer-to-peer currency, Bitcoin allows people and companies to participate in a more free and liberal economy.

Bitcoin adoption is increasing worldwide through mobile and web application platforms that provide digital security and user-friendly interfaces for users to access Bitcoin easily. The role of Bitcoin as a leading digital asset in preserving wealth and providing financial stability is undeniable, and regulations in various countries are likely to address Bitcoin's significant impact to facilitate its transactions and consider it a crucial tool for empowering economies across different parts of the world.

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