1 week ago
11
November 4, 2024 | 11:18 pm
TEMPO.CO, Jakarta - Bitcoin has rapidly gained global popularity, with millions of people investing in this digital currency. As a result, several countries have emerged as leaders in Bitcoin ownership. From 11.4% to 30.4% of their populations own the cryptocurrency, making these nations pioneers in the cryptocurrency world.
According to Visual Capitalist, the United Arab Emirates holds the top spot, followed by Vietnam and the United States. Here's the list of countries with the highest Bitcoin ownership:
1. United Arab Emirates
The United Arab Emirates (UAE) holds the title of the country with the highest percentage of Bitcoin owners. Among Middle Eastern countries, the UAE is recognized for its crypto-friendly policies, excluding cryptocurrency transactions from value-added tax (VAT). Around 30.4% of the population is reported to own cryptocurrency. While it hasn’t been authorized as legal tender, 29% of users surveyed in Aletihad still see it as a convenient asset.
2. Vietnam
Vietnam follows behind the UAE in terms of bitcoin Bitcoin ownership, with approximately 21.2% of its population engaged in the digital currency. The primary demographic of Bitcoin owners in Vietnam is individuals aged 25 to 34, who often turn to cryptocurrency as an alternative to access banking services. Several key factors contribute to the massive adoption of Bitcoin in the country, including a tax-free regime, limited access to traditional banking, and a growing distrust of the national currency, the dong.
3. The United States
The United States, with a robust cryptocurrency infrastructure and a significant population of Bitcoin owners at around 15.6%, has emerged as a key player in the global Bitcoin market. Americans have embraced Bitcoin for various reasons, including portfolio diversification and everyday transactions. The growing interest from institutional investors has further solidified the U.S.'s position in the Bitcoin ecosystem.
4. Iran
With about 15.0% of its population owning Bitcoin, Iran has emerged as the fourth country with the highest Bitcoin adoption rate. Despite imposing a ban on cryptocurrencies in 2018, the government reversed its stance a year later, recognizing the potential of Bitcoin as an alternative to the U.S. dollar. Although the regulations are not clearly established, it seems that Iranian citizens are allowed to possess Bitcoin, but its use as a payment method remains prohibited.
5. Philippines
With around 13.4% of the total population owning Bitcoin, the Philippines is recognized as one of the fastest adopters of cryptocurrency in the world. Since its introduction in 2017, the digital currency has gained significant popularity during the pandemic, with trading volumes reaching US$1 million. With a large unbanked population, many Filipinos have turned to Bitcoin as an investment vehicle and a source of income.
6. Brazil
Latin America has long been an ideal ground for financial innovation given its history of economic challenges. Brazil, in particular, has proven to be a strong market for the digital currency of Bitcoin. Used by 12% of the population, Bitcoin has been rapidly adopted as Brazilians see it as a refuge from the country's high inflation.
7. Saudi Arabia
Saudi Arabia concludes the list of countries with the highest Bitcoin ownership, with around 11.4% of its populace investing in the cryptocurrency. Despite its illegal status, the government has articulated both warnings and promising outcomes associated with the digital currency. As public awareness grows, more Saudis are incorporating Bitcoin into their financial strategies, even without a regulatory framework to oversee its usage.
Editor's Choice: The Gray Area: Bitcoin's Legal Status Worldwide
Click here to get the latest news updates from Tempo on Google News
The Gray Area: Bitcoin's Legal Status Worldwide
5 jam lalu
Since its inception in 2009, Bitcoin has sparked much debate in the financial world. Let's find out in which countries it is legal and illegal.
10 Countries with Strict Gun Laws, Indonesia Included
11 jam lalu
Unlike the U.S., other parts of the world restrict firearm ownership. Let's discover countries with strict gun laws, including Indonesia and China.
Who Owns the Most Bitcoin in 2024? Here are the Giant Whales
19 jam lalu
Understanding who owns the most bitcoin becomes essential to second-guessing direction of the market. Discover the giant whales in cryptocurrency here
Today's Top 3 News: 7 Richest Bitcoin Owners in the World
1 hari lalu
Tempo English compiled the top 3 news on Sunday, November 3, 2024.
Russia and North Korea Agree to Help Each Other if One is Attacked
1 hari lalu
Russia and North Korea reaffirm their commitment to cooperate amid escalating conflict in Ukraine.
7 Richest Bitcoin Owners in the World, Cryptocurrencies Icons
1 hari lalu
Bitcoin recorded its all-time high of $73,000 in March. Find out the 7 richest bitcoin owners in the world who survived the burdensome crypto winter.
Top 10 Highest Capital Cities in the World
3 hari lalu
Most of the 10 highest capital cities in the world are located at the foot of mountainous areas in their respective countries.
10 Rainiest Countries in the World, Colombia Ranked 1st
4 hari lalu
Colombia stands out as the rainiest country in the world, followed by So Tom & Prncipe. Discover more on the wettest countries globally, here!
Top 5 Sugar-Producing Countries in the World
4 hari lalu
Brazil, India, Thailand, China, and the U.S. are named as the top sugar-producing countries, exporting a whacking amount of the sweetener good.
Top 5 Sugar-Importing Countries, Dominated by Asia
5 hari lalu
In the global market, trade-the export and import of goods-is a key aspect in helping countries meet the needs of their citizens.
