Dubai, UAE — Nearly 31 percent of the people in United Arab Emirates owned or used crypto, behind only Nigeria (47 percent) and Turkey (31 percent), data from BitcoinCasinos.com shows.
The global crypto market revenue is expected to double this year to almost $38 billion, following a challenging year in 2022.
Although the United States and the United Kingdom were the world’s leading crypto markets, Nigeria, Turkey, and the United Arab Emirates have the highest crypto ownership rates.
According to Statista’s Global Consumer Survey, countries in Africa, Asia, and South America have higher crypto adoption rates than Western countries. Indonesia with 29 percent, and Brazil with 28 percent are other top crypto users.
The survey shows that Western countries have four times lower crypto adoption rates, with the United States at 16 percent, followed by Switzerland, South Korea, and Norway.
The crypto adoption rate in Germany, the United Kingdom, France, and Italy is even lower, at 12 percent and 11 percent.
The survey also reveals that some countries experienced significant crypto adoption growth in 2023, including Indonesia, which recorded a 10 percent increase year-over-year, followed by Turkey at 7 percent, Brazil and India at 5 percent each.
However, Argentina saw a significant decline of 9 percent in crypto ownership, with only 26 percent of the population using cryptocurrencies in 2023, down from 35 percent in the previous year. Japan’s share of crypto owners also plunged by 7 percent to only 6 percent in 2023.
The trend shows that crypto ownership rates are increasing globally, especially in developing countries. This shift in adoption could impact global financial markets, as more people turn to cryptocurrencies for their transactions and investments.