According to research conducted by GWI, Turkey experienced the highest growth in crypto ownership, with a significant surge of 27.1% from July-September 2021 to July–September 2022. Following closely, Argentina and the Philippines secured the second and third spots, respectively, with an impressive increase in their crypto ownership rates of 23.5% and 23.4%, as per GWI research data.
The study focuses on individuals aged 16 to 64 and examines their ownership of any form of cryptocurrency. A chart showcasing the top 15 countries with the highest surges in crypto ownership, along with the global average of an 11.9% increase, is provided below.
While Turkey claims the top position in the chart, it’s worth noting that the United Arab Emirates, Vietnam, and Portugal also witnessed remarkable growth rates. Though the data doesn’t explicitly state the reasons behind the surge in crypto ownership, the top three countries share a common factor: rampant inflation.
In late 2021, the Turkish lira experienced a rapid depreciation of 44% against the US dollar. Additionally, the country’s inflation rate exceeded 30% in early 2022 and closed the year at a staggering 72.31%. These economic circumstances prompted many Turks to turn to cryptocurrencies, leading to a significant surge in daily trading volume, which averaged around $1.8 billion.
Similarly, Argentina faced an alarming inflation rate of 94.8% in 2022, the highest percentage observed since 1991. The devaluation of the Argentine peso likely contributed to citizens embracing cryptocurrencies, much like their counterparts in Turkey. Notably, the adoption of crypto in Argentina became evident when a Bitcoin (BTC) wallet became the number-one application in the country within a week of its launch.
The situation in the Philippines mirrors the trends observed in Turkey and Argentina. The country witnessed a notable increase in inflation, with a rate of 8.1% recorded in December 2022, marking a significant 107% surge from the 3.9% registered in 2021. This rise in inflation is also reflected in the growing adoption of cryptocurrencies among the Filipino population.
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