Updated 07 Jul, 2021

Which Countries are Most Prepared to Adopt Bitcoin?

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Key Takeaways:

  • A new list by Crypto Head ranks which countries are most prepared to adopt crypto
  • The research looks at measures such as crypto ATMs, governmental stance toward crypto and online crypto-related searches

A Report Looks at 200 Countries to See How Prepared They Are to Adopt Crypto

A new study released by Crypto Head analyzes the readiness of 200 countries to accept Bitcoin and cryptocurrencies as mainstream payment methods. The thorough report looks at metrics such as the total number of crypto ATMs in each country, their accessibility and usage.

In addition, it includes governmental legal stance and outlook toward an accommodative regulatory framework over cryptos. Moreover, the study examines whether local banks are tilted toward crypto acceptance and how, in general, they view the emerging digital asset market. The report also measures the rising interest in cryptocurrencies by tracking the number of online searches related to the digital tokens.

US Comes as a Definitive First

The data, published last week, reveals that the United States has come first as the country most ready to adopt Bitcoin and other cryptocurrencies. The US hits a “crypto-ready” score of 7.3 (out of 10) based on the above-mentioned criteria. The category that highlights the US is leading the way is the number of crypto ATM machines, more than 17,000.

The US also tops the first place in the rankings due to its legislative system which allows ownership of Bitcoin and its use in banks. As to the online search category, the country marks a 140% increase in searches for cryptocurrency in the past year.

Cyprus and Singapore Take Second and Third Place

The other two countries to form the top three include Cyprus, in second place, and Singapore, in third place. Cyprus scored 6.47 as it has registered a total of 33,941 per 100,000 people who have performed a crypto-related search. In other words, more than 30% of its population have shown interest in crypto, the highest level of interest for any country in the world. The increase in searches over the past year has climbed 139.6%.

Singapore, the third most prepared country to embrace digital assets, scored 6.3. Singapore, similar to Cyprus, boasts more than 30,000 crypto-related searches and its laws are accommodative toward owning and trading cryptocurrencies.

Next on the list are countries such as Hong Kong, which ranks fourth, the UK coming in fifth place. Ireland, Slovenia, Australia, Germany and Canada make up the top ten, in an ascending order.

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