Bitcoin has become a significant player in the global economy, attracting millions of investors worldwide. This unprecedented interest has led to several nations emerging as leaders in Bitcoin ownership, with population ownership rates ranging from 11.4% to 30.4%. According to a report by Visual Capitalist, the United Arab Emirates (UAE) tops the list, followed closely by Vietnam and the United States. Below is a closer look at the countries with the highest rates of Bitcoin ownership.
Countries Leading in Bitcoin Ownership
1. United Arab Emirates
The UAE boasts the highest percentage of Bitcoin owners, with approximately 30.4% of its population investing in the cryptocurrency. Known for its favorable regulatory environment, the UAE excludes cryptocurrency transactions from value-added tax (VAT). While Bitcoin is not recognized as legal tender, a survey conducted by Aletihad indicates that 29% of users perceive it as a valuable asset.
2. Vietnam
Following the UAE, Vietnam has about 21.2% of its population engaging in Bitcoin investments. The primary demographic consists of individuals aged 25 to 34, who often turn to cryptocurrencies as an alternative to traditional banking services. Factors driving this trend include a tax-exempt status for cryptocurrencies, limited access to conventional banking, and a growing skepticism towards the national currency, the dong.
3. United States
In the United States, around 15.6% of the population owns Bitcoin, supported by a well-established cryptocurrency infrastructure. Americans utilize Bitcoin for various purposes, including portfolio diversification and making everyday transactions. The increasing interest from institutional investors has further solidified the U.S.’s influential role in the global Bitcoin market.
4. Iran
Iran stands at the fourth position, with approximately 15.0% of its population owning Bitcoin. Although the government initially banned cryptocurrencies in 2018, it reversed this decision a year later, acknowledging Bitcoin’s potential as an alternative to the U.S. dollar. Despite the lack of clear regulations, Iranian citizens are permitted to hold Bitcoin, although its use as a payment method remains restricted.
5. Philippines
In the Philippines, around 13.4% of the population has invested in Bitcoin, making it one of the fastest-growing markets for cryptocurrency. Since its introduction in 2017, Bitcoin’s popularity surged during the pandemic, with trading volumes reaching significant milestones. The unbanked population largely drives this growth, as many Filipinos view Bitcoin as both an investment opportunity and a potential source of income.
6. Brazil
Brazil has emerged as a strong market for Bitcoin in Latin America, with about 12% of its population engaging in cryptocurrency transactions. The economic challenges faced by the country have made Bitcoin a refuge for many Brazilians seeking to protect their wealth against high inflation rates.
7. Saudi Arabia
Saudi Arabia rounds out the list, with approximately 11.4% of its citizens investing in Bitcoin. Despite the government labeling it illegal, there is a growing awareness and interest in digital currencies among the population. As understanding expands, more Saudis are beginning to incorporate Bitcoin into their financial planning, even in the absence of a comprehensive regulatory framework.
These statistics illustrate the diverse reasons behind Bitcoin’s adoption across different cultures and economies, showcasing how cryptocurrencies are becoming an integral part of financial strategies globally.
