According to the research conducted by Merchant Machine, the US, Ukraine, and the UK ranked first, second, and third, respectively, for the global use of cryptocurrencies on August 22.
The United States received a score of 7.75 out of 10 in the survey, placing it in first place internationally for cryptocurrency adoption. Ukraine comes in second with a score of 5.96, followed by the United kingdom with a score of 5.79. The US’s prominence in the crypto sector is unquestionably due to its tech-friendly investors and the environment it provided for its development. On the other hand, the UK is a superpower when it comes to the usage of cryptocurrencies and only trails Ukraine in that regard as a result of the recent growth of cryptocurrencies in Ukraine.
Additionally, Ukraine tops the list of the ten countries with the highest total usage of cryptocurrencies, with a population ownership percentage of 12.73%. People are compelled to purchase cryptocurrencies as a store of value due to the depreciation of the local currency in these countries’ economies. Although the market collapse has raised questions about the viability of cryptocurrencies, some people in the sector believe that a rally is soon to come. For instance, commodity strategist Mike McGlone of Bloomberg Intelligence has argued that the market will increase in the second half of the year.
It is important to note that the regulatory environment will have an impact on how cryptocurrencies are adopted in various nations. Notably, in response to the market meltdown, the majority of jurisdictions have intensified their efforts to pass pertinent laws.