Report Shows United States At The Top Spot Among Crypto Ready Countries

July 5, 2021 0 Comments

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Crypto Head recently published a report placing the United States on top of its list of “Crypto ready” countries.

One indication that the country is ready to adopt cryptocurrencies is the whopping number of Bitcoin ATMs presently operating in the U.S.

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The research platform based its analysis on the ATMs in different countries and how the citizens are utilizing them. The team also checked the extent of crypto legality in the countries and considered if they could accept it.

Also, they checked the total searches that people carry out on digital asset terms online. These factors enabled them to calculate the result when comparing 200 countries and different territories.

U.S. Bags The Top Crypto Ready Position

The crypto-ready score index used a scale of 10 countries to add to a list. According to the results, the USA took the first spot by scoring a whopping 7.13.

After the USA, Cyprus and Singapore ranked second and third respectively. While each of these countries scored below 6.50. Even though, experts believe that the platform didn’t consider more factors that could measure the preparedness of these countries for digital assets.

For example, some opine that report should have added the country’s regulatory environment and tax laws.

Report Shows United States At The Top Spot Among Crypto Ready Countries

The crypto market has taken a hit and it has dived into the red zone | Source: TradingView.com

While gathering data for its research, the report revealed 17,436 cryptocurrency ATMs in the USA. This number exceeded the ATMs in the second country Canada by 16,000. The team also came to know that more and more ATMs are being placed steadily in the United States.

They also discovered that Coin Cloud, an ATM company, is steadily increasing its installations all over the nation.

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The researchers also based their score on the people that can use these ATMs. According to their findings, the US took the first position again as each ATM in the State serves 19,023 while Canada has one ATM for 26,265 people.

Japan was the least as its single ATM is for 126 million users. But amid the 200 countries, 24 didn’t have cryptocurrency ATMs.

Other Countries Show Interest For Crypto Adoption

When considering the legal preparedness of 39 countries, including the United States. They based this decision on two points which were legality to own cryptocurrencies and legality to use in their banks.

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On online searches, the research team checked the total searches on cryptocurrency terms in these countries. Then, they compared it with 2020 data to gauge the increasing interest in the technology for each country’s population.

According to their data, Cyprus recorded a 137% increase in its online searches for cryptocurrency terms from 2020 data.

Furthermore, they discovered that for every 100,000 internet users in the country, there were up to 34,000 searches for these terms. This number placed it at the first position for online searchers of the technology.

Apart from Cyprus being the first in online searches, the team discovered that the interest in cryptocurrencies is rising in other countries.

For example, Romania recorded a 331% increase in its online searches based on a yearly analysis. Other countries such as Greece, United Kingdom, Saudi Arabia, and Canada also showed a spike in digital asset’s interest.

Featured image from Pixabay, chart from TradingView.com

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