- The Block has analyzed the website traffic of the 48 most frequently used cryptocurrency exchanges over the period of 6 months
- About half of the total traffic in the last six months came from just five countries — United States, Japan, South Korea, Indonesia, and India
- What’s far more interesting, though, is to look at each country’s traffic relative to its population
- Singapore, South Korea and Switzerland have the highest cryptocurrency interest relative to population
- There is a positive linear relationship between GDP per capita (PPP) and traffic weighted by population, which suggests that poorer countries are not trading cryptocurrencies as much as wealthier countries
Given the pseudo-anonymous nature of cryptocurrencies, it’s nearly impossible to accurately estimate how many people use them and where they are located. However, by looking at the traffic on cryptocurrency exchanges, we can get a directionally accurate representation of which countries are using cryptocurrencies the most.
According to The Block’s findings, Singapore, South Korea, and Switzerland have the highest cryptocurrency interest relative to population.