Which Country Is A Global Leader And Why?
If you are interested in knowing more about Bitcoins and how nations are accepting this, you should find out which countries are leading in Bitcoin trades. Crypto trading in Bitcoins and other crypto coins in the past year were the highest in Africa and in Latin America than in the more developed economies.
Researchers came to this conclusion after analyzing Bitcoin trade volumes against fiat currencies that were used to buy this crypto. For example, about $420 million worth of Russian rubles had been used for purchasing Bitcoins and $400 million worth of Nigerian naira. Bitcoin’s trading volume was recorded to be the highest in Nigeria, almost twice more than in Europe. Likewise, Columbia’s volume was twice that of the market size in Canada.
It has been seen that maximum crypto trading activities takes place in Nigeria than anywhere else. This shows the Nigerians’ lack of faith in conventional investment options. For many young Nigerians who had to perform odd jobs for survival, the Bitcoin appeared to be an exciting prospect. They have read articles on the Bitcoin and watched YouTube videos to learn how the crypto market operates. In this way, many Nigerians have started trading cryptos, becoming wealthier in the process. Success stories of many young Nigerians have inspired others in the country to dabble in cryptocurrencies like the Bitcoin.
According to data compiled by Statista through online survey in 2020, almost 32% of survey respondents participated in Bitcoin trading. Out of the top 10 nations leading in trade volumes, Nigeria ranks third only to the US and Russia. The country generates $400 million and more in transactions. Nigeria may have come out of recession in the past few years but the economic environment is still challenging. This makes alternative income sources like crypto trading and alternative currencies like cryptos more appealing.
Japan has always been the Asian hub for crypto trading being at the forefront of all tech advancements. It even announced a Payment Services Act for regulating cryptos and their usage. After Japan, comes the US which is one of the leading nations in terms of crypto acceptance. With MasterCard giving a boost to this trend and Tesla endorsing Bitcoins, this crypto is quite the rage in this country. Companies like Dell, Microsoft, and Subway have already begun accepting BTC payments.
Germany has been one of the developed countries accepting cryptos and engaged in creating cutting-edge blockchain projects. Germany has made the Bitcoin legal and this has increased its value globally. Canada too is one of the countries to have accepted Bitcoins but imposes rules to guard against using this for money-laundering.
The Philippines is a surprise entry in this list of countries leading in Bitcoin trading; the Central Bank here allowed use of exchanges as remittance or transfer companies. Australia is a nation that has effectively embraced the crypto and made trading legitimate. The government declared that the Bitcoin would be viewed as property and liable to capital gains taxes. France has also legalized cryptos in 2014 and allowed traders to use the coins for various purposes.