Home Crypto Grassroots Crypto Adoption Being Led by Lower Middle-Income Nations Like India, Nigeria and Ukraine – Report

Grassroots Crypto Adoption Being Led by Lower Middle-Income Nations Like India, Nigeria and Ukraine – Report

by Janine Lindsey

The global economy has faced numerous challenges in recent years, particularly due to the Covid-19 pandemic. This has resulted in high levels of inflation and economic uncertainty. The crypto and blockchain industry has not been immune to these issues, with platforms like FTX, Three Arrows Capital, and Celsius experiencing significant collapses.

However, a recent report on crypto adoption suggests that consumers around the world are increasingly using decentralized digital currencies for financial transactions, particularly in lower middle-income (LMI) nations. According to the report by blockchain analysis firm Chainalysis, LMI countries have seen stronger grassroots adoption of cryptocurrencies than anywhere else in the world.

LMI nations are typically countries on the rise, with rapidly expanding industries and populations. Many of these nations have experienced substantial economic development in the past few decades, transitioning from low-income to lower middle-income status. In fact, 40% of the global population lives in LMI nations, making it the largest income category.

Chainalysis suggests that if LMI countries are the future, then cryptocurrencies will play a significant role in that future. This, combined with institutional adoption mainly led by high-income nations, paints a promising picture for the future of the crypto industry.

The report also highlights the potential for a combination of bottom-up and top-down crypto adoption in the future, depending on market conditions and socioeconomic factors.

Overall, despite the challenges faced by the crypto industry, grassroots adoption in lower middle-income countries offers hope for its future. As these nations continue to develop and embrace cryptocurrencies, it is likely that digital currencies will become an integral part of their economies.

Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views of The Daily Hodl. Investors should conduct their own research before making any investment decisions in cryptocurrencies or digital assets. The Daily Hodl does not provide investment advice.

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