While crypto is ‘only’ used by a small 14% of Americans, they generate more exchange volume than anyone else. The cryptocurrency exchange Huobi releases new data to see confirming that the United States (US) will have the most ‘mature’ crypto market in 2022.
Investigate the use of crypto
The crypto market has taken a beating over the year. Nevertheless, worldwide interest remains ‘extremely active’. Huobi Global’s subsidiary, Huobi Research, has conducted research into this.
This research showed that the US accounts for about 9.2% of the global centralized exchange volume (CEX). In the area of DeFi, this is higher, where the US represents approximately 31.8% of global volumes.
Because the US is such a large area in relative terms, the percentage of the population using crypto is not as high as in some other jurisdictions. For example, about 13.7% of Americans use crypto, while in Vietnam, for example, this is already 20.3%. In Ukraine, nearly 16% of residents reportedly use crypto. This is shown again in the figure below.
Vietnam country with highest crypto adoption rate
The US overall has the highest normalized score for “crypto market maturity”, followed by Vietnam. It is worth noting that the US is by far first here, with a score of 91.9 versus Vietnam’s 35.
Huobi described Vietnam as the country with the highest adoption rate in cryptocurrencies despite the US score. The crypto trading scene has been labeled as “extremely active” in both South Korea and Japan. The report says the following:
Japan and South Korea have contributed huge traffic to exchanges. Specifically, South Korea ranks 2nd with 7.4% and Japan ranks 6th with 3.85% in Asia
China and Singapore have the lowest maturity scores
The countries that have the lowest scores in the maturity score. These are like China and Singapore, with a score of 5.9% and 5.4% respectively. It is worth noting that Singapore does stand out for its position, given the pace of regulatory expansion and adoption of cryptocurrency as a technology. It is therefore possible that the percentage of Singapore will shoot up (considerably) in the near future. Huobi wrote the following about this:
Singapore has become the premier destination for tech startups, luring a host of innovators and unicorn companies, including, of course, the crypto players. Singapore maintains a high degree of tolerance and openness to the crypto industry: regulations are enforced, but there is still plenty of room for innovation.
At the moment, the report only identifies that only 4.9% of the Singaporean population trade crypto, accounting for 0.8% of global CEX volumes, with an internet population index of only 2/100. Finally, steps still need to be taken in this area.