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Cryptocurrency Adoption
Since the creation of the first decentralized currency in 2009, cryptocurrency adoption has grown exponentially. According to Chainalysis, since Q3 of 2019 cryptocurrency adoption has grown by 2,300%, led by newly emerging state actors. Based on Google searches eight of the top ten countries to search for cryptocurrencies were from emerging markets in Latin America and Africa. Statista reports that 34% of Nigerians polled said they used or owned cryptocurrency. In turn, cryptocurrency is on track to reach one billion users by 2025. To put things in perspective, if the current rate of cryptocurrency adoption is compared to the timeline of internet adoption, today's crypto market is currently in 1998. Decentralized currencies have solidified their place in the financial realm, and are projected to gain an even larger market share.
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