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Chainalysis presented the Global Crypto Adoption Index 2021. In it, blockchain forensic scientists compose a global ranking of countries with the greatest potential for cryptocurrency adoption. In general, the adoption of cryptocurrencies has accelerated in recent months.

Chainalysis has the process of global adoption of cryptocurrencies in comparison between countries resident. The Global Crypto Adoption Index shows that the acceptance and use of crypto assets has not only increased worldwide, but has grown exponentially since 2021.

There are strong regional differences between adoption drivers. While the growing acceptance in emerging countries is due to the increased use of P2P platforms, trade transactions and inflation hedges, acceptance in industrialized countries is largely driven by “institutional investors”.

Chainalysis has Adoption in 154 PPP countries, transaction volume in relation to average income, evaluated based on P2P trading volume and weighted accordingly. For example, emerging countries, in which the volume of transactions is generally lower than in industrialized countries, but higher in comparison with per capita income, also receive a higher index rating. Accordingly, the study focuses on “use cases related to individual transactions and savings, rather than trading and speculation.” Score ranges from 0 to 1, with 1 reflecting the highest adoption rating.

The method holds some surprises in store. For example, India ranks second with a score of 0.37, even though the country has great regulation of cryptocurrency trading. Only in March a similar law banning banks from all crypto services was repealed. Vietnam ranked first, and Pakistan ranked third. Germany did not reach any of the 20 places.

Cryptocurrency acceptance is growing exponentially around the world, as Chainalysis is being evaluated in the new “Adoption Index.” But Germany is still lagging behind.