Among the countries that most adopt Bitcoin, a good part is in the group of underdeveloped or developing countries
A recent study conducted by Cryptimi.com analyzed the profile of people who own Bitcoin or cryptocurrencies.
Crypto Owners Analysis it looks specifically at the activities on each cryptocurrency platform, so it can be broken down by country, and aims to understand if cryptocurrency owners are trying to keep their holdings under the radar.
Although it is extremely difficult, if not impossible, to determine from which countries and to which countries transactions are made by measuring the volumes and activities on cryptocurrency exchanges and separating them by country, it is possible to estimate the various activities geographically.
According to Chainalysis, out of 154 countries analyzed, only 12 countries scored zero.
The top 10 countries with the highest scores on the Crypto Global Adoption Index were:
In Venezuela, for example, Bitcoin is used as a shield against economic turmoil, as in other low-developed countries. In these cases, the existence of P2P platforms for buying and selling BTC is decisive.
Other studies on people who own Bitcoin
According to a Gemini study, about 14% of the US population owns cryptocurrencies, or about 21.2 million Americans, 84% of whom have Bitcoin, averaging $8,512, while 27% have ETH, averaging of $10,022.
Looking instead at the overall Bank of Canada survey, ownership of cryptocurrencies among high school students decreased from 3.7% to 2.3%, while among Canadian university students it increased from 6.7% to 9 ,1%.
About 7.3% of Canadians with low literacy levels owned cryptocurrencies, while only 4.1% of those with high levels of financial literacy invested in cryptocurrencies. The conclusion would be that people with more financial knowledge know about Bitcoin, but accept it less.
Another study, by Panos, GA and Karkkainen, also suggests that financially literate people are less willing to buy Bitcoin, and may be in the future.
Another study, conducted by Copper.Co, found that most cryptocurrency owners are long-term investors, especially in Bitcoin. According to their calculations, 56% of all existing BTCs belong to long-term investors, while 18% have been lost, 15% belong to so-called traders and the rest has yet to be created.
According to a survey by Helmut Stix, ownership and purchase intentions are strongly related to expectations of returns on these investments and also to distrust of traditional banking institutions.
Furthermore, Bitcoin owners are more risk tolerant and do not take short-term volatility into account.
In short, speculation is one of the most important factors in convincing people to acquire and hold cryptocurrencies.
However, other factors, such as fear of economic instability and rising inflation rates, also play a role in less developed countries.
Cryptimi.com’s analysis also revealed that people are generally unwilling to disclose their cryptocurrency earnings, especially older people, due in particular to the fear of being hacked and losing their tokens.