The Rise of Crypto Titans: USA and Russia Poised to Dominate the Blockchain World by 2027
Russia and the USA are set to lead the way in the adoption of cryptocurrencies, according to a recent report titled “Digital Assets: Market Data & Analysis” published on Statista. The report reveals that by 2027, the number of crypto users in Russia could reach 38.5 million, representing a 15% year-on-year increase from the current 19.3 million users in 2022. This growth rate is the highest among all the countries and regions surveyed in the report.
As a result, Russia is expected to maintain its position as the country with the second-highest number of crypto users globally, surpassing countries like the UK, Japan, Canada, and Germany, and trailing only behind the USA.
Meanwhile, the USA currently boasts a staggering 52.8 million crypto users as of 2022, surpassing Russia’s projected 2027 figure by just over 37%. However, the US is also expected to experience significant growth, with a projected 102.2 million users by 2027. This represents a nearly doubling of users over a five-year period. The year-on-year growth rate for the US between 2022 and 2027 is 14%, similar to projections for Japan and Europe, but slightly lagging behind Russia.
In Europe, the number of crypto users is projected to increase from 101.5 million in 2022 to 191.6 million by 2027, indicating significant growth in the region. The rest of the world is also expected to witness exponential growth in crypto adoption, with the total number of users outside of the USA and continental Europe projected to reach 729.3 million by 2027, a 20% year-on-year increase.
The report also highlights the varying popularity of NFTs and Decentralized Finance (DeFi) protocols across different regions. NFTs are particularly popular in the USA, with 0.9 million users in 2022, and this number is expected to rise to 1.6 million by 2027. In comparison, Russia currently has a third of the NFT users compared to the US, but the projections suggest a proportional increase to 0.6 million users by 2027.
While the USA is often associated with its large-scale infrastructure and consumer culture, Europe surpasses it in terms of NFT and DeFi use. However, this is in proportion to the overall number of users in each region. Europe is projected to maintain its lead over the USA in these areas by 2027.
Overall, the report indicates positive growth in all aspects of the crypto industry. It suggests that tokens, both fungible and non-fungible, as well as dapps, will continue to thrive in the post-regulation landscape of the cryptocurrency and blockchain ecosystem.
Regulation plays a significant role in driving crypto adoption, and the report examines how it impacts countries’ attitudes towards crypto and their adoption levels. In Russia, for example, the number of crypto users has been influenced by the government’s changing stance on cryptocurrencies. Initially, the Russian central bank called for tight oversight and even an outright ban on crypto-related activities. However, the invasion of Ukraine led to a more flexible approach, with discussions around recognizing crypto mining as a form of entrepreneurship.
Similarly, in the USA, regulations continue to shape the adoption of cryptocurrencies. The approval of spot Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) has been a significant driver of adoption. The recent approval of 11 spot Bitcoin ETFs by the SEC has resulted in substantial inflows and has positioned the USA as a dominant player in the global market.
While the US may lag behind the EU and Canada in terms of regulatory clarity, it is expected to maintain its dominance in the short term due to the strong belief and support for crypto within the country.
Overall, the rise of crypto titans like the USA and Russia in the blockchain world is indicative of the growing global interest and adoption of cryptocurrencies.