When people lose trust in their currency, they turn to crypto.
Crypto adoption is highest where fiat risk is worst. We track the pattern across 50 countries.
| # | Country | Crypto %? Crypto Ownership % Estimated percentage of the population that owns any cryptocurrency — including Bitcoin, Ethereum, stablecoins, and altcoins. Source: Triple-A, Chainalysis | YoY? Year-over-Year Growth How much crypto adoption grew in the past year. High growth in high-risk countries often signals accelerating loss of confidence in the local currency. Source: Chainalysis 2025 | Stable? Stablecoin Usage High — USDT/USDC widely used for savings, remittances, or daily payments Moderate — Growing stablecoin use alongside speculative trading Low — Crypto mainly for trading/investment, minimal stablecoin use Source: Chainalysis, TRM Labs | Risk | Driver? Primary Risk Driver The single highest-scoring risk factor for this country from our 12-factor model. Shows what is most likely pushing citizens toward crypto alternatives. Inflation — prices rising fast Capital Controls — hard to move money out FX Volatility — currency value unstable Governance — weak institutions Debt — unsustainable government borrowing Low Reserves — can't defend currency |
|---|---|---|---|---|---|---|
| 1 | 🇮🇳 India | 16.5% | +99% | high | 30 | Governance |
| 2 | 🇳🇬 Nigeria | 32% | +52% | high | 46 | Capital Controls |
| 3 | 🇮🇩 Indonesia | 12% | +69% | moderate | 30 | Governance |
| 4 | 🇵🇰 Pakistan | 10% | +45% | high | 39 | Governance |
| 5 | 🇻🇳 Vietnam | 27% | +40% | high | 32 | Low Reserves |
| 6 | 🇧🇷 Brazil | 17% | +53% | high | 36 | Governance |
| 7 | 🇺🇸 United States | 16% | +25% | high | 28 | Debt |
| 8 | 🇹🇭 Thailand | 15% | +35% | moderate | 26 | Governance |
| 9 | 🇵🇭 Philippines | 14% | +50% | high | 31 | Governance |
| 10 | 🇺🇦 Ukraine | 18% | +30% | high | 51 | Capital Controls |
| 11 | 🇹🇷 Turkey | 25.6% | +35% | high | 41 | Governance |
| 12 | 🇷🇺 Russia | 12% | +20% | high | 44 | FX Volatility |
| 13 | 🇦🇷 Argentina | 15% | +63% | high | 53 | Inflation |
| 14 | 🇬🇧 United Kingdom | 12% | +20% | moderate | 33 | Debt |
| 15 | 🇲🇽 Mexico | 12% | +40% | moderate | 40 | Governance |
| 16 | 🇰🇷 South Korea | 11% | +25% | moderate | 27 | FX Volatility |
| 17 | 🇿🇦 South Africa | 13% | +30% | moderate | 36 | Governance |
| 18 | 🇰🇪 Kenya | 11% | +45% | high | 38 | Governance |
| 19 | 🇦🇪 UAE | 24% | +30% | high | 23 | Low Reserves |
| 20 | 🇸🇬 Singapore | 24% | +20% | high | 31 | Debt |
| 21 | 🇨🇴 Colombia | 11% | +45% | moderate | 43 | FX Volatility |
| 22 | 🇻🇪 Venezuela | 10% | +35% | high | 77 | FX Volatility |
| 23 | 🇪🇬 Egypt | 8% | +50% | moderate | 51 | Capital Controls |
| 24 | 🇧🇩 Bangladesh | 6% | +55% | moderate | 46 | Capital Controls |
| 25 | 🇩🇪 Germany | 9% | +15% | low | 19 | Low Reserves |
| 26 | 🇯🇵 Japan | 5% | +20% | low | 25 | Inflation |
| 27 | 🇫🇷 France | 8% | +15% | low | 21 | Low Reserves |
| 28 | 🇨🇦 Canada | 10% | +18% | moderate | 33 | Low Reserves |
| 29 | 🇪🇹 Ethiopia | 5% | +60% | moderate | 48 | Capital Controls |
| 30 | 🇹🇿 Tanzania | 6% | +45% | moderate | 33 | Low Reserves |
| 31 | 🇬🇭 Ghana | 7% | +40% | moderate | 42 | Low Reserves |
| 32 | 🇵🇪 Peru | 8% | +35% | moderate | 26 | Governance |
| 33 | 🇨🇱 Chile | 9% | +25% | low | 32 | Low Reserves |
| 34 | 🇲🇾 Malaysia | 8% | +30% | moderate | 30 | Low Reserves |
| 35 | 🇦🇺 Australia | 10% | +15% | low | 36 | Low Reserves |
| 36 | 🇨🇳 China | 5% | +10% | high | 23 | Governance |
| 37 | 🇱🇰 Sri Lanka | 5% | +55% | high | 41 | Inflation |
| 38 | 🇳🇵 Nepal | 3% | +40% | moderate | 28 | Capital Controls |
| 39 | 🇲🇲 Myanmar | 4% | +45% | high | 52 | Capital Controls |
| 40 | 🇸🇩 Sudan | 3% | +50% | high | 71 | Debt |
| 41 | 🇱🇧 Lebanon | 8% | +40% | high | 59 | Debt |
| 42 | 🇵🇱 Poland | 7% | +15% | low | 34 | Debt |
| 43 | 🇮🇹 Italy | 6% | +12% | low | 27 | Debt |
| 44 | 🇪🇸 Spain | 7% | +15% | low | 27 | Low Reserves |
| 45 | 🇷🇴 Romania | 6% | +20% | moderate | 39 | Low Reserves |
| 46 | 🇺🇿 Uzbekistan | 3% | +35% | moderate | 33 | Capital Controls |
| 47 | 🇰🇿 Kazakhstan | 5% | +30% | moderate | 34 | Inflation |
| 48 | 🇳🇱 Netherlands | 9% | +10% | low | 21 | Low Reserves |
| 49 | 🇨🇭 Switzerland | 11% | +12% | moderate | 18 | FX Volatility |
| 50 | 🇸🇪 Sweden | 8% | +10% | low | 26 | Low Reserves |
Inflation above 100% pushed millions toward USDT and Bitcoin. Stablecoin usage is now higher than traditional savings accounts in some demographics.
Capital controls restrict dollar access. P2P crypto trading became the primary way young Nigerians access foreign currency.
The lira lost 80% of its value in 4 years. Crypto ownership hit 27% — one of the highest rates globally.
US, UK, Australia adopt for investment. The signal is strongest paired with inflation or capital controls. Adoption is a leading indicator — excluded from the risk score.
Crypto adoption data from Chainalysis Global Crypto Adoption Index 2025, TRM Labs, Triple-A, and CoinGecko. Updated annually. Adoption is a separate leading indicator — not part of the risk score. All statistics reflect correlations, not causal relationships.
Stablecoins widely used for savings, remittances, or daily transactions.
Growing stablecoin usage alongside speculative trading.
Crypto mainly used for trading and investment, not value preservation.