According to a recent report titled Digital Assets: Market Data & Analysis that was published on Statista, adoption of cryptocurrencies is predicted to lead by the United States and Russia.
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Based on the data, 38.5 million Russians may be cryptocurrency users by 2027. That represents a 15% rise from the 19.3 million cryptocurrency users in 2022 year over year (yoy). Out of all the countries or regions surveyed in the report, this percentage represents the highest average growth rate.
This implies that Russia will continue to have the second-highest number of cryptocurrency users worldwide, surpassing all of its competitors in Europe and Asia and coming in second only to the United States. Russia’s current user base currently surpasses that of the UK, Japan, Canada, and Germany.
Across the Pacific, the US recorded an astounding 52.8 million cryptocurrency users in 2022, surpassing Russia’s estimated figure of just over 37% in 2027. This indicates the world-leading adoption in both of the former Cold War rivals.
But adoption in the US is expected to soar as well, nearly doubling in just five years to reach 102.2 million users by 2027. The US is expected to grow at a rate of 14% annually between 2022 and 2027, which is consistent with projections from Japan and Europe but 1% slower than Russia.
By 2027, there will likely be 191.6 million cryptocurrency users in Europe, up from 101.5 million in 2022.
The adoption of cryptocurrencies will grow exponentially in the rest of the world. There are currently 291.7 million users in all the nations that are not in the United States or continental Europe. The number is expected to increase by 20% annually and reach a peak of 729.3 million in 2027.
NFTs, DeFi, or Cryptocurrencies
The regional variations in the popularity of NFTs and Decentralized Finance protocol users are an intriguing observation. With 0.9 million NFT users in 2022, the USA is unquestionably the region where NFTs are most popular. By 2027, that number is anticipated to increase significantly to 1.6 million.
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However, NFTs are rarely taken nearly as seriously elsewhere. Currently, one-third of the rival’s NFT users are in Russia, the US’s closest competitor. Forecasts for 2027 show that the number of Russian NFT holders will rise proportionately, from 0.3 million to 0.6 million.
While continental Europe surpasses America in metrics for NFT and DeFi use, this difference is still proportionate to the total number of users in both regions, with Europe nearly doubling the United States and expected to comfortably maintain the lead by 2027. Americans tend to think of America as the land of supersized highways and McDonald’s meals.
The numbers are generally encouraging for every facet of cryptocurrency. The paper emphasizes expectations that, in the post-regulation environment, dapps and tokens—both fungible and non-fungible—will continue to be a vibrant component of the larger cryptocurrency and blockchain ecosystem.
The Role of Regulations in Boosting Cryptocurrency Adoption in Russia
This takes us to a crucial topic that influences how nations view cryptocurrency and, consequently, how widely it is adopted: regulation.
Thus, when we look at the bigger picture, it should be easy to understand Russia’s lead in cryptocurrency. According to research from Singapore’s TrippleA, 17.3 million Russians were cryptocurrency owners as of early 2021. At the time, the figure stood for 12% of the total population. The following year, it increased by 2 million.
The impressive figures are hardly shocking in a nation where, according to 2022 figures, 46% of internet users pay with e-money, of which $16.8 billion is on-chain, for goods and services.
Fans of cryptocurrency in Russia, however, are having a difficult time. Not every time was the Kremlin this accommodating. The Russian central bank released a consultation paper for the public and industry in January 2022, in which it demanded strict regulation of cryptocurrencies and a complete ban on many activities related to cryptocurrencies within the country, including mining. With the invasion of Ukraine, this was altered.
Russia is now adopting a more accommodating stance. Ministers in charge of government affairs have been debating a fresh bill that miners have submitted, which seeks to recognize the industry as an entrepreneurial endeavor. Numerous legislators are in favor of the bill, but the Ministry of Industry and Trade has not given it its final approval.
However, the Russian government has generally shown reluctance towards cryptocurrencies. Although there is a chance that cryptocurrencies could assist Russian citizens in getting around US sanctions, the government has been concentrating their efforts on the digital ruble.
The Role of Regulations in Boosting Cryptocurrency Adoption in U.S.
Though for distinct political and geopolitical reasons, the regulatory narrative will likewise persist in propelling adoption in the United States.
The story of the spot Bitcoin ETF is currently the main factor driving adoption in the USA. ETFs are investment vehicles used by funds that purchase and hoard Bitcoin in order to produce and trade shares on exchanges for their funds.
The market anticipated that the US’s approval of spot Bitcoin ETFs would be the primary factor in institutional and family office adoption of cryptocurrency, as they offer a regulated way for anyone with a brokerage account to purchase and hold Bitcoin in order to take advantage of its possible investments.
ETFs have been legalized in many places recently, including Europe and Canada. But since Chairman Gary Gensler took office in 2021 and began a crackdown by suing several industry players, a move known as “regulation-by-enforcement,” the Securities and Exchange Commission (SEC), the regulatory body in charge of approving US exchange-traded funds (ETFs), has openly opposed cryptocurrency. As a result, the prospect of a US ETF appeared remote.
Things were different last year. The SEC’s decision to reject the application of cryptocurrency-friendly asset manager Grayscale to turn its Bitcoin trust into an exchange-traded fund (ETF) was overturned by a federal court. The SEC’s denial was deemed “arbitrary and capricious” by the judge.
In 2024, the SEC granted the industry access to 11 Bitcoin ETF spots. They have generated inflows of over $11.7 billion to date, making them some of the most successful ETF launches in history.
In Washington, intense discussions are underway about a bill introduced by lawmakers critical of cryptocurrency, which the industry claims imposes overly restrictive reporting obligations.
While the US might lag behind the EU and Canada regarding regulatory transparency, cryptocurrency advocates within the States are expected to maintain their strong position in the global market for the foreseeable future.
In other parts of Washington, heated discussions have erupted around a bill put forth by lawmakers opposed to cryptocurrency, which the industry claims imposes excessively strict reporting requirements on the technology.
Though the US lags well behind the EU and Canada in terms of regulatory clarity, supporters of cryptocurrency in the US are expected to maintain their dominant position in the global market for the foreseeable future.
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