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Crypto Ownership & Interest by Country: A Report by Investing in the Web

Toni Nasr, CFA, FRM| Updated January 3rd, 2024

Over the last decade, cryptocurrencies have grown exponentially from a niche experiment to a global phenomenon that has captured the attention of mainstream investors. 

While initially embraced by tech-savvy early adopters, broader adoption has emerged in recent years, attracting retail and institutional investors due to increased awareness. This surge in popularity can be attributed to several factors, including the potential for high returns, perceived advantages over traditional assets, and the underlying appeal of blockchain technology. As a result, research indicates a steady increase in the percentage of the global population that owns cryptocurrencies in many countries over the past five years.

In this report, we aim to analyse cryptocurrency ownership by country, which refers to individuals or entities that hold and possess cryptocurrencies in their digital wallets or accounts. 

While no official source outlines these statistics, we have gathered data from reputable sources to estimate them. We examined two different studies, TripleA and GWI, which provide different estimates of cryptocurrency ownership by country. We also checked the search volume on Google for certain keywords in those countries to further validate their findings.

Some of the key findings of this report include:

  • India, China, and the United States are the top 3 countries with crypto ownership;
  • No official numbers on crypto ownership by country; however, estimations indicate a higher rate of cryptocurrency ownership in countries with young, tech-savvy populations.
  • Countries undergoing high inflation or financial crises have higher crypto ownership rates, such as Turkey and Argentina, than other countries.
  • Institutional investors are increasingly investing in cryptocurrencies, as evidenced by the recent launch of several cryptocurrency-focused ETFs and mutual funds.

Crypto Ownership by Country according to TripleA

Rank Country Population % of Population Owning Crypto Number of Crypto Ownership
1 🇮🇳 India 1,428,627,663 7.23% 103,317,638
2 🇨🇳 China 1,425,671,352 4.08% 58,187,265
3 🇺🇸 United States 339,996,563 13.22% 44,959,854
4 🇻🇳 Vietnam 98,858,950 20.54% 20,301,468
5 🇵🇰 Pakistan 240,485,658 6.40% 15,400,547
6 🇵🇭 Philippines 117,337,368 13.02% 15,279,906
7 🇧🇷 Brazil 216,422,446 6.98% 15,113,232
8 🇳🇬 Nigeria 223,804,632 5.75% 12,862,740
9 🇮🇩 Indonesia 277,534,122 4.55% 12,615,365
10 🇮🇷 Iran 89,172,767 13.46% 12,000,000
11 🇷🇺 Russia 144,444,359 5.87% 8,485,749
12 🇹🇭 Thailand 71,801,279 9.32% 6,692,796
13 🇸🇦 Saudi Arabia 36,947,025 17.53% 6,476,813
14 🇿🇦 South Africa 60,414,495 10.00% 6,041,450
15 🇯🇵 Japan 123,294,513 4.13% 5,096,970
16 🇪🇹 Ethiopia 126,527,060 4.01% 5,079,631
17 🇹🇷 Turkey 85,816,199 5.46% 4,684,727
18 🇲🇽 Mexico 128,455,567 3.39% 4,356,394
19 🇧🇩 Bangladesh 172,954,319 2.43% 4,197,718
20 🇫🇷 France 64,756,584 5.90% 3,820,638
21 🇺🇦 Ukraine 36,744,634 10.30% 3,784,697
22 🇬🇧 United Kingdom 67,736,802 5.52% 3,740,280
23 🇩🇪 Germany 83,294,633 4.19% 3,490,926
24 🇪🇬 Egypt 112,716,598 2.95% 3,326,467
25 🇻🇪 Venezuela 28,838,499 10.30% 2,970,365
26 🇰🇪 Kenya 55,100,586 4.92% 2,713,117
27 🇦🇪 United Arab Emirates 9,516,871 27.67% 2,633,001
28 🇦🇷 Argentina 45,773,884 5.56% 2,544,102
29 🇨🇴 Colombia 52,085,168 4.81% 2,505,605
30 🇰🇷 South Korea 51,784,059 3.98% 2,059,015
31 🇲🇦 Morocco 37,840,044 4.90% 1,854,162
32 🇨🇩 DR Congo 102,262,808 1.67% 1,712,781
33 🇨🇦 Canada 38,781,291 4.15% 1,608,595
34 🇹🇿 Tanzania 67,438,106 2.34% 1,576,608
35 🇮🇹 Italy 58,870,762 2.43% 1,428,685
36 🇪🇸 Spain 47,519,628 3.00% 1,425,589
37 🇳🇵 Nepal 30,896,590 4.43% 1,369,467
38 🇵🇱 Poland 41,026,067 2.80% 1,148,730
39 🇲🇾 Malaysia 34,308,525 3.03% 1,040,179
40 🇩🇿 Algeria 45,606,480 2.18% 994,441
41 🇵🇪 Peru 34,352,719 2.49% 857,040
42 🇸🇬 Singapore 6,014,723 13.93% 837,851
43 🇮🇶 Iraq 45,504,560 1.81% 822,055
44 🇲🇲 Myanmar 54,577,997 1.44% 784,984
45 🇬🇭 Ghana 34,121,985 2.16% 738,074
46 🇦🇺 Australia 26,439,111 2.67% 705,743
47 🇪🇨 Ecuador 18,190,484 3.71% 675,156
48 🇲🇿 Mozambique 33,897,354 1.81% 613,753
49 🇰🇭 Cambodia 16,944,826 3.34% 565,577
50 🇺🇬 Uganda 48,582,334 1.16% 563,401

Source: TripleA Global Crypto Ownership data, August 2023

According to this study, the global crypto ownership rates are estimated to be around 4.2%, encompassing more than 420 million crypto users worldwide.

Top countries with significant crypto ownership include India, China, and the United States as of 2023. TripleA’s Global Crypto Ownership study employs a methodology that includes Country Weighted Scoring, Global Weighted Scoring, Outlier Research, and Primary Data Collection. These metrics are utilised to comprehensively understand crypto ownership trends, drawing from various data sources. It should be noted that some of the data used in the study are sourced from third-party providers and normalised to reach the final estimations.

After checking the study’s findings, concerns arise regarding the reliability of estimations for specific countries. Surprisingly, European countries like the Netherlands and Portugal, known for their vibrant crypto communities, are absent from the top 50 list despite their substantial crypto adoption rates reported in other studies. Conversely, some countries with lower internet penetration rates are included in the top 50 list, surpassing well-developed nations with higher crypto adoption and transaction usage.

Crypto Ownership by Country according to GWI

Rank Country % Crypto Ownership of Internet Users Ownership*
1 🇮🇳 India 16.80% 75,074,955
2 🇨🇳 China 5.40% 38,777,976
3 🇺🇸 United States 13.80% 28,057,876
4 🇧🇷 Brazil 20.60% 25,278,575
5 🇮🇩 Indonesia 20.10% 23,518,686
6 🇹🇷 Turkey 27.10% 12,809,509
7 🇵🇭 Philippines 23.40% 9,313,395
8 🇹🇭 Thailand 21.90% 9,222,408
9 🇻🇳 Vietnam 18.50% 9,202,977
10 🇳🇬 Nigeria 13.00% 8,641,097
11 🇲🇽 Mexico 10.20% 6,671,777
12 🇦🇷 Argentina 23.50% 6,083,006
13 🇿🇦 South Africa 19.00% 5,454,704
14 🇰🇷 South Korea 13.30% 4,792,169
15 🇩🇪 Germany 9.00% 4,365,971
16 🇬🇧 United Kingdom 9.50% 3,932,426
17 🇲🇾 Malaysia 15.60% 3,634,096
18 🇨🇴 Colombia 12.30% 3,273,709
19 🇨🇦 Canada 13.70% 3,211,731
20 🇷🇺 Russia 3.60% 3,020,158
21 🇯🇵 Japan 5.00% 2,967,699
22 🇪🇸 Spain 9.90% 2,918,637
23 🇪🇬 Egypt 5.20% 2,616,468
24 🇫🇷 France 7.70% 2,615,790
25 🇵🇱 Poland 11.10% 2,554,734
26 🇦🇺 Australia 14.80% 2,441,705
27 🇮🇹 Italy 6.80% 1,921,542
28 🇸🇦 Saudi Arabia 7.10% 1,862,500
29 🇳🇱 Netherlands 17.60% 1,825,763
30 🇹🇼 Taiwan 10.90% 1,661,065
31 🇦🇪 United Arab Emirates 19.60% 1,548,205
32 🇨🇱 Chile 11.60% 1,414,037
33 🇰🇪 Kenya 12.40% 1,169,036
34 🇲🇦 Morocco 4.80% 1,054,920
35 🇷🇴 Romania 8.90% 966,671
36 🇵🇹 Portugal 17.50% 941,140
37 🇨🇭 Switzerland 14.60% 813,741
38 🇧🇪 Belgium 9.90% 688,603
39 🇦🇹 Austria 12.20% 670,879
40 🇨🇿 Czech Republic 11.60% 636,607
41 🇭🇰 Hong Kong 13.20% 616,179
42 🇸🇬 Singapore 15.30% 611,324
43 🇬🇷 Greece 10.30% 523,415
44 🇸🇪 Sweden 8.60% 497,936
45 🇳🇴 Norway 13.10% 461,480
46 🇬🇭 Ghana 3.30% 459,418
47 🇮🇪 Ireland 12.00% 374,719
48 🇳🇿 New Zealand 10.40% 339,283
49 🇩🇰 Denmark 8.60% 317,051
50 🇮🇱 Israel 5.90% 292,300

*Estimated by Investing in the Web based on the percentage crypto ownership of GWI, internet penetration rate and population between 15 and 64 as reported by the World Bank.
Source: GWI Research

Both Triple A’s study and GWI’s research found that India, China and the US have the largest number of crypto owners globally. However, GWI reported that Turkey has the highest percentage of crypto ownership at 27.1% of its internet users aged 16 to 64.

GWI’s research on crypto ownership relies on a methodology that conducts online questionnaires for their Core data set, reaching over 700,000 internet users annually. The figures presented in this report pertain specifically to the online population of each market rather than the total population.

While GWI’s research offers valuable insights into crypto ownership trends, it is crucial to acknowledge the limitations of this methodology. The data primarily represents the online population, so it may not fully capture crypto ownership trends among younger or older age groups with different adoption patterns. Additionally, surveying to estimate crypto ownership has inherent limitations, such as potential biases and exclusions. Still, it serves as a valuable starting point for further analysis and understanding of the general trends in crypto ownership.

Crypto Interest by Country

To gain insights into the crypto industry’s interest, we examined the average monthly search volume for specific keywords, including “Bitcoin,” “Bitcoin Price,” “Cryptocurrency,” and “Crypto Wallet.” These keywords reflect the level of interest in cryptocurrencies within a country and can indicate cryptocurrency ownership, although it is not the sole determining factor. We compiled in the below table the data for the top 50 countries mentioned in both studies.

Country Keyword Search (Monthly Volume)
🇺🇸 United States 7.75M
🇩🇪 Germany 2.45M
🇮🇳 India 1.67M
🇬🇧 United Kingdom 1.63M
🇧🇷 Brazil 1.27M
🇹🇷 Turkey 1.19M
🇨🇦 Canada 1.02M
🇪🇸 Spain 827k
🇯🇵 Japan 819k
🇫🇷 France 791k
🇳🇱 Netherlands 786k
🇦🇺 Australia 678k
🇮🇹 Italy 671k
🇵🇱 Poland 607k
🇦🇹 Austria 419k
🇰🇷 South Korea 275k
🇲🇽 Mexico 272k
🇨🇭 Switzerland 245k
🇨🇿 Czech Republic 217k
🇸🇪 Sweden 212k
🇧🇪 Belgium 192k
🇮🇩 Indonesia 172k
🇮🇪 Ireland 161k
🇿🇦 South Africa 149k
🇲🇾 Malaysia 146k
🇵🇹 Portugal 143k
🇦🇷 Argentina 137k
🇹🇭 Thailand 137k
🇻🇳 Vietnam 125k
🇵🇭 Philippines 124k
🇬🇷 Greece 124k
🇨🇴 Colombia 121k
🇸🇬 Singapore 118k
🇷🇴 Romania 117k
🇵🇰 Pakistan 109k
🇳🇬 Nigeria 104k
🇩🇰 Denmark 87k
🇳🇿 New Zealand 86k
🇦🇪 United Arab Emirates 81k
🇳🇴 Norway 79k
🇭🇰 Hong Kong 71k
🇮🇱 Israel 61k
🇷🇺 Russia 59k
🇮🇷 Iran 54k
🇺🇦 Ukraine 51k
🇰🇪 Kenya 47k
🇵🇪 Peru 47k
🇹🇼 Taiwan 38k
🇨🇱 Chile 38k
🇸🇦 Saudi Arabia 38k
🇲🇦 Morocco 36k
🇧🇩 Bangladesh 36k
🇻🇪 Venezuela 34k
🇪🇬 Egypt 28k
🇬🇭 Ghana 23k
🇮🇶 Iraq 21k
🇳🇵 Nepal 19k
🇪🇨 Ecuador 14k
🇩🇿 Algeria 12k
🇪🇹 Ethiopia 9k
🇹🇿 Tanzania 8k
🇲🇲 Myanmar 7k
🇰🇭 Cambodia 7k
🇨🇩 DR Congo 2k
🇲🇿 Mozambique 1k

Source: Ahrefs

Interestingly, the US and India are still among the top 3 countries. Moreover, several other countries, including Germany, the United Kingdom, Brazil, Turkey, and Canada, exhibited remarkably high monthly search volumes, each surpassing 1 million searches on those keywords per month. It is also important to note that China was not included in this study.

Factors Influencing Crypto Ownership

The adoption of cryptocurrencies is increasing among countries, and more people are now owning them. However, several factors influence this trend. Here is a brief analysis of these factors:

  • Economic Factors: Economic conditions play a significant role in influencing crypto ownership by country. In regions facing economic instability or currency devaluation, individuals and businesses may turn to cryptocurrencies as an alternative store of value or investment option. Additionally, countries with limited access to traditional financial services may embrace cryptocurrencies for their accessibility and borderless nature.
  • Regulatory Environment: The regulatory landscape can heavily impact crypto ownership trends. Countries with clear and favorable cryptocurrency regulations tend to foster a more friendly environment for adoption. On the contrary, stringent or uncertain regulations may deter potential crypto users due to concerns about legality and security.
  • Technological Infrastructure: Countries with widespread internet access and advanced digital payment systems are more likely to see higher levels of crypto adoption. 
  • Socio-Cultural Factors: Cultural attitudes towards finance, technology, and innovation can influence the acceptance and adoption of cryptocurrencies. Additionally, awareness and education about blockchain and digital assets within a society can contribute to the interest in and understanding of cryptocurrencies.

These are just some of the factors that affect the adoption of cryptocurrencies. The importance of each factor may vary depending on the country and the individual.

Conclusion

In conclusion, understanding crypto ownership trends has major implications for the cryptocurrency market. Identifying regions with high crypto ownership rates can help businesses and investors identify potential growth markets and tailor their strategies accordingly. 

Although estimating crypto ownership can be difficult due to the decentralized and anonymous nature of cryptocurrencies, the studies and analysis in this report have revealed intriguing insights into the global crypto landscape. Certain countries have emerged as leaders in crypto ownership, such as India. China and the United States. Additionally, Turkey and Brazil were mentioned in several studies as being among the top countries with crypto ownership, while others exhibit a significant interest in cryptocurrencies, indicating the potential for further adoption and expanded ownership.

Disclosure: This report offers an extensive analysis of cryptocurrency ownership on a global scale, taking into account various factors and estimations. It is important to acknowledge that precise figures for the value of cryptocurrency ownership by country cannot be accurately determined due to the decentralized nature of cryptocurrencies. Cryptocurrency wallet addresses are not assigned based on geographical locations, making it challenging to derive country-specific ownership values. Nonetheless, by examining available data and trends, we can gain valuable insights into the overall landscape of cryptocurrency ownership worldwide.

Toni Nasr, CFA, FRM
Fintech Analyst

Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.

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