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Monitoring company Chainalysis released its report on cryptocurrency adoption today. France was placed on the European podium.
France in the lead
With nearly $1 trillion adopted in cryptocurrencies, Europe ranked second in the Global Cryptocurrency Adoption Index. The continent accounts for nearly 21% of global transactions.
France acquired a tenth of these cryptocurrencies, or $101 billion. Only the Germans and the English received more. France ranks 22nd in the world index.
This rather disappointing place for the seventh richest country in the world is due to the fact that the ranking does not take into account only volumes. A number of other parameters come into consideration, which make it possible to measure acceptance as much as possible. For example, for the same volume, a country that does more transactions (smaller amount) will rank higher.
As in previous years, North America leads with an estimated on-chain value of $1.3 trillion received between July 2023 and June 2024 (including approximately 340 billion BTC). Or 22.5% of the world ship. The United States is ranked fourth.
North America’s dominance of the cryptocurrency market is largely fueled by institutional activity thanks to the launch of Bitcoin ETF giants such as BlackRock or Fidelity. The share of transaction volume originating from remittances over USD 1 million is much higher there than in the rest of the world.
Returning to the old continent, transactions worth less than USD 1 million were mainly conducted in stablecoins (52%). Next are altcoins (18%) and bitcoin and ethereum with 15% each.
The decline in BTC transactions in 2024 probably means that bitcoiners do not want to part with it. Bitcoin’s return to its all-time high explains this.
Bitcoin and stablecoins are growing strongly in the East
Eastern Europe has become a $500 billion global heavyweight. In other words, the whole of Europe (with Russia, Poland, Ukraine, etc.) received the equivalent of $1500 billion in cryptocurrencies, more than North America.
Ukraine and Russia are, unsurprisingly, the regional leaders. Both countries are ranked 6th and 7th in the global index. Russia moved up six places compared to last year.
Russians are increasingly using both bitcoin and stablecoins to conduct international transactions that are hindered by Western sanctions. The country is effectively disconnected from the SWIFT network, which greatly complicates life for exporters and importers.
Ukrainians also use it to escape conscription. Conscripts’ credit cards are systematically deactivated for payments abroad. Bitcoin and other cryptocurrencies are then used to escape. Another explanation is money laundering through “donations” to Ukraine.
The Chainalysis report is related to our interview with the CEO of the Russian exchange Kickex. In particular, Anti Danilevski stated:
“The adoption of cryptocurrencies in Russia is largely driven by the need to transfer money abroad due to sanctions and challenges posed by international financial restrictions. Many Russians, especially IT specialists and their families living abroad in countries like Thailand or Bali, have turned to cryptocurrencies to send and receive money. And not just bitcoins. Stablecoins are also widely used. »
Little by little, Bitcoin and stablecoins are booming all over the world. More information can be found in the annual report, which will be published this Wednesday 17. Here is our article on last year’s report.
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The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.