News + Blog

Menu

Why the U.S. is the Most Crypto-Ready Nation in the World

awareness


The United States is the most crypto-ready nation in the worldthat's according to a recent study from a crypto education website, Crypto Head, which based the study on several key metrics such as public adoption, search interest, and clearly-defined regulations.

The Crypto Ready Index

The study, which was conducted by the team at Crypto Head using their Crypto Ready Index, measured each of the following criteria to determine how well-prepared a country is to handle cryptocurrency on a large scale:


1. The adoption of crypto ATMs

2. Crypto Google searches

3. Transparency in taxation

4. A clearly defined legal system for trading cryptocurrencies


Key Factors of a Crypto-Ready Nation

The study analyzed a range of factors to determine how countries are embracing cryptocurrency. They looked at the number ofATMs that accept Bitcoin, accessibility for potential users, and governmental stance on crypto ownership. The researchers also took note when researching online searches about digital currencies by country because these numbers reveal which nations think highly enough of digital money (and trading) as an accepted form of value exchange.

Bitcoin ATMs Take Over the US

One of the most surprising metrics was centered around crypto ATMs. In 2021, these crypto kiosks were introduced at an alarming rate across various states - there are now more than 10 times as many machines available today compared to two years ago, making cryptocurrencies more accessible to those without bank accounts or computer access. Bitcoin Depot, the largest Bitcoin ATM vendor in the US,has over 6,900 ATM locationsacross the United States & Canada. The company has no problem getting their machines out to the market, in part due to their ability to attract businesses who want to get in on the action byhosting a Bitcoin ATMin their stores.

This sort of exponential growth represents both consumer demand and business opportunities. As cryptocurrencies become easier to access, more people are likely to invest in digital assets - analysts predict that cryptocurrencies will be a$40 trillion asset classwithin the next five years.

Top 10 Countries

Followed behind the United States on this list of crypto-ready nations was Cypress, Singapore, Hong Kong, United Kingdom, Ireland, Slovenia, Australia, Germany, and Canada.

Rank

Country/Region

Searches

Annual Search Increase

# of Crypto ATMs

Tax & Legislation Score (out of 2)

Total Score

1

United States

14,796

140.00%

17,436

2

7.13

2

Cyprus

33,941

139.60%

0

2

6.47

3

Singapore

31,324

111.00%

10

2

6.3

4

Hong Kong

10,356

102.10%

124

2

6.27

5

United Kingdom

21,154

205.40%

200

2

6.06

6

Ireland

24,189

140.30%

35

2

6.05

7

Slovenia

21,849

147.70%

22

2

5.96

8

Australia

23,080

165.60%

32

2

5.94

9

Germany

2,551

112.00%

53

2

5.93

10

Canada

20,783

213.10%

1,464

1

5.86

#1. United States (Highest Ranked & Most Crypto ATMs Overall)

The United States is currently in the lead when it comes to adopting cryptocurrencies. The total score is 7.13 out of 10, with crypto ATM availability being the top metric by far at over 17,000 kiosks (about 16,000 more than that of the 2nd place country, Canada). The US allows ownership and use through banks which have ultimately led to 140% more searches about cryptocurrency within a year's time span compared to last year’s numbers.

The US is home to the world's largest financial hubs, New York City and San Francisco. These two cities are also where many of the topcryptocurrency companiesare located.

#2. Cyprus (Most Crypto Searches Per Capita)

The second-ranked country on the list is Cyprus, with a rating of 6.47/10 and a 139.6% increase in cryptocurrency searches over the past year due to about one-third of the population searching for cryptocurrencies last year - which is higher than any other country in the world! In addition, Cyprus is also lenient with its cryptocurrency ownership & usage laws.

#3. Singapore

The small country of Singapore has the second-highest number of searches per capita for cryptocurrencies, and they also have preferable laws towards cryptocurrency ownership and usage. While they only have 10 Bitcoin ATMs in the country, the area of the small island is a mere 281 square miles which works out to an ATM being placed every 28 square miles throughout the nation.

#4. Hong Kong (Most Crypto ATMs Per Square Foot)

Hong Kong is a city that has seen its population grow exponentially in recent years, with 7.5 million people squeezed into an area smaller than 500 square miles and many of them using cryptocurrency as their method for accessing the global economy. Though there may only be 124 crypto ATMs across its total landmass, Hong Kong boasts the highest number of crypto ATMs per square foot, with 1 ATM every 3 square miles.

#5. United Kingdom

In the United Kingdom, interest in cryptocurrency is growing rapidly with a 205% increase over last year. This trend has been facilitated by their liberal approach towards blockchain technology and digital currencies such as Bitcoin which was introduced back in 2009. Furthermore, there are 200 crypto ATMs across Britain; on top of this UK allows relaxed laws towards usage and ownership of cryptocurrencies.

The country is also one of the latest to join a global race toward central bank digital currencies (CDBC), with plans to launch a new form ofdigital currency that is issued by the Bank of England.

Which Countries Are Next Up?

In general, countries with a liberal approach towardsblockchain technologyand virtual currencies have been found to be the most crypto-ready nations in the world. For example, Estonia has shown its willingness to venture into cryptocurrency by trying its hand at developing a national virtual currency named'ESTCOIN'(but this project was eventually scrapped).

Additionally, other European and Asian countries such as Portugal and South Korea are significantly growing their presence in the cryptosphere; there is no surprise here considering that both these regions currently account for around 40% of all global Bitcoin transactions. As more citizens join the bandwagon, it will be interesting to see how various governments re-react as they witness an increasing number of locals adopting cryptocurrencies as a store of value for their fiat currencies. Only time will tell as to how soon it will be before digital currencies replace fiat as a mainstream medium of exchange for goods and services across the globe.


Feb. 10, 2022