While some countries have been slow to embrace cryptocurrency technology, a few have been leading the charge. A new study reveals the countries topping the list of the most crypto-obsessed nations, using data spanning December 2022 to March 2023.
The data used for the analysis was obtained from Google trends by the cryptogmblr.com analytics team shows that Nigeria tops the list of the most crypto-obsessed countries in the world and is closely followed by China.
Switzerland which dubbed itself as the blockchain hub1 of the world takes the 3rd position, ahead of giant countries like Singapore, UAE, and Canada, etc.
Looking at the table and infographic, we can see that Nigeria is the top-ranking country with a Total Trend Score of 441. Nigeria has the highest score in Crypto, Blockchain, Bitcoin, and USDT categories, which suggests that there is a strong interest in these areas in Nigeria.
China comes in second place with a Total Trend Score of 329. China has a high score in NFT, USDT, and Ethereum categories, which indicates that these areas are of interest in China.
Switzerland ranks third with a Total Trend Score of 238. Switzerland has the highest score in the Blockchain category, which is not surprising given that Switzerland is known for its strong financial sector and its support for blockchain technology.
Singapore ranks fourth with a Total Trend Score of 223. Singapore has a high score in the Crypto and DeFi categories, which suggests that there is strong interest in these areas in Singapore.
The other countries on the list also show varying degrees of interest and activity in the different categories, with some countries having high scores in certain categories while having low scores in others. Overall, the table provides a useful overview of the blockchain and cryptocurrency landscape across different regions.
Despite the government putting a ban on the trading of cryptocurrency in Nigeria, the obsession with cryptocurrency is still on the rise2.
It does not come as a surprise that USDT and crypto have a large search volume as the currency(Naira) of Nigeria has been unstable against the dollar for a while, so citizens save in USDT in order to escape inflation.
Another reason for Nigerians’ obsession with cryptocurrency is cross-border payment3. Nigerians working with foreign companies are having issues receiving payment from services like Paypal and Payoneer and have resorted to crypto for cross-border payment.
Nigeria ranks first in the Total Trend Score with 441 points. Nigeria’s score is significantly higher than any other country in Africa, suggesting strong interest in cryptocurrencies, blockchain, and related technologies in the region.
China is the leading country in the region with a Total Trend Score of 329 points. Despite being banned in China, Bitcoin remains popular in the country, and the NFT market is growing rapidly.
Hong Kong, Singapore, and the United Arab Emirates follow China in the Total Trend Score, indicating a relatively high level of interest in crypto and blockchain technologies in these regions.
Switzerland is the leading European country in terms of Total Trend Score with 238 points. The country is home to many leading blockchain and crypto-related companies, making it a hub for innovation and development in the industry.
Netherlands, Slovenia, and Belgium follow Switzerland in the ranking, indicating a relatively high level of interest in cryptocurrencies, NFTs, and blockchain technology in these countries.
Canada is the leading country in North America with a Total Trend Score of 153 points. The country has a relatively high level of interest in cryptocurrencies, blockchain, and DeFi.
Pakistan is the leading country in South Asia in terms of Total Trend Score with 191 points. The country has a growing interest in cryptocurrencies, particularly Bitcoin and Binance Coin.
Sri Lanka follows Pakistan in the ranking, indicating a moderate level of interest in crypto and blockchain technology in the country.
In conclusion, the analysis of the table by region shows that there is a growing interest in cryptocurrencies, NFTs, and blockchain technology worldwide. While some countries have a significantly higher level of interest than others, it is clear that the industry is expanding globally.
This table ranks countries based on their performance and interest in different categories related to blockchain and cryptocurrency. The categories included are Crypto, NFT, DeFi, Blockchain, Bitcoin, BNB, USDT, and Ethereum. The table also includes a Total Trend Score, which is the sum of each country’s score across all categories.
These phrases were merged to create a ‘total trend score’ for each country to determine which nations exhibited the highest interest in cryptocurrency between December 2022 and March 2023.
Data from Coinmarketcap was also taken into consideration. The top 4 crypto coins by market volume “Bitcoin”, “Ethereum” “BNB” and USDT were considered in our analysis.
The rise of cryptocurrency has led to the emergence of several countries that have become particularly crypto-obsessed. These nations have recognized the potential of digital currencies and are taking steps to embrace and regulate them, with some even going as far as to make them legal tender.
While the benefits and drawbacks of cryptocurrency are still being debated, it is clear that these crypto-obsessed countries are betting on a future in which digital currencies play a significant role in the global economy. As the world continues to evolve, it will be interesting to see how this trend develops and how other countries respond to the crypto revolution.
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