A new report looking into the numbers of cryptocurrency exchange users, as well as their countries of origin, indicates that most of the traffic is coming from the United States. When visiting different cryptocurrency exchanges, weighing the pros and cons of each, and reading through detailed cryptocurrency exchange reviews, the data reveals that Americans are the most enthusiastic about the latest asset class followed by Japanese and South Korean crypto traders.
Collected and published by cryptocurrency data analytics firm DataLight on April 29th, the report reveals that American cryptocurrency traders account for as much as 22 million monthly visits to the top 100 cryptocurrency exchanges on the market. Japan, which came in second place, accounted for just over 6 million monthly visits with South Korea fell just shy of that mark at an estimated 5.7 million.
DataLight gathered the information used in the report by looking at website traffic data from the 100 most popular cryptocurrency exchanges. However, it should be noted that analysts looked only at the number of cryptocurrency traders, not the amount relative to respective country size. While the US did top the list by an impressive margin, the country is also home to over 327 million people; Japan, by contrast, is home to only 126.8 million. Additionally, because DataLight used IP addresses for detecting countries of origin, the website also indicated that Chinese traders and others using virtual private networks (VPNs) to access exchange sites were not accounted for in the study.
Along with being a larger country, it’s no surprise that Americans lead the way in cryptocurrency trading. As the report indicated, the US came in at the number one spot “unsurprisingly.” Just last month, crypto-focused venture capital firm Blockchain Capital
commissioned a study that showed 9 out of every 10 Americans have already heard about Bitcoin. Now, with Bitcoin awareness growing rapidly, there’s no shortage of cryptocurrency exchanges looking to help new investors, traders, and enthusiasts enter the cryptocurrency markets.
Besides the US, Japan, and South Korea assuming the top positions on the list, the report revealed an additional interesting story about cryptocurrency adoption in nations with volatile currencies. While countries like the US, UK (#4 on the list), and Japan were expected to be leaders, other countries like Brazil, Vietnam, and Turkey broke into the top 10 positions as well.
All of the less-anticipated countries to break into the top 10 countries have one thing in common: volatile fiat currencies. Turkey, for example, which ranked one slot above Canada with an estimated 2.4 million active monthly traders, underwent significant economic uncertainty in 2018 as the Turkish Lyra fell victim to hyperinflation. Likewise, Brazil, which came in at number 6 on the list beating out Germany, is experiencing fiat currency concerns of its own. In March, numbers from the Brazilian Statistics and Geography Institute (IBGE) revealed that inflation in the country reached its highest point in 4 years.
For both countries, along with many others dealing with economic uncertainty around local fiat currency, cryptocurrencies offer other options for storing value.
In recent years, one of the most notable examples of the phenomena can be seen in Venezuela where citizens see Bitcoin and other cryptocurrencies like Dash as a safer investment than government-issued currency to help combat hyperinflation. Now, with cryptocurrency continuing to gain recognition and increased adoption rates, countries with volatile currencies could play a significant role in driving the adoption of decentralized, peer-to-peer cryptocurrencies.