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Of the countries that the firm analyzed, it found that Ukraine, Russia, and Venezuela lead the world in terms of crypto adoption. Ahlborg had previously noted that Africa and Latin America are currently showing huge growth in interest in cryptocurrencies such Bitcoin.
In Latin America, for instance, it is Venezuela and Colombia that currently lead the way in terms of Bitcoin trading volume, according to data from Useful Tulips, as well as crypto adoption as defined by Chainalysis.
Colombia, meanwhile, ranks ninth in the world in crypto adoption despite strict regulations that govern the industry in the country and act as a bottleneck for wider acceptance. The rising number of Bitcoin ATMs and payment fintechs in Colombia may also be a signal to foreign investors, developers, and entrepreneurs that the region is primed for a crypto boom.
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