Countries with most Bitcoin| ��ƽ��

Bitcoin trading volume, only using domestic currencies, on online exchanges in various countries worldwide in 2020 (in million U.S. dollars)

Characteristic	Volume in million U.S. dollars
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-

Download

Source

Show detailed source information?

Already a member?

Sources

Release date

January 2021

More information

Region

Worldwide

Survey time period

January 1, 2020 to December 31, 2020

Special properties

The figures provided were from early 2021 and concern Bitcoins purchased with domestic currencies through online platforms. "Europe (rest of)", for instance, refers to Bitcoin trading with euros. Since 2021, crypto trading often involves stablecoins - a concept the source behind these numbers did not take into any consideration when starting out.

Supplementary notes

The figures provided have been compiled and converted to USD by ��ƽ��.

Citation formats

Interest in Bitcoin and cryptocurrencies in 2020 was seemingly higher in Africa and Latin America than some of the world's developed economies. This shows after analyzing Bitcoin trading volume against domestic currencies used for the transaction of the digital coin. In 2020, roughly *** million U.S. dollars worth of Russian rubles were used to buy Bitcoin on an exchange, against *** million U.S. dollars worth of Nigerian naira. The source assumes the currencies are mainly used by the domestic population - e.g., transactions made with British pounds are likely done by UK residents -, and makes the same assumption for the United States, despite the international appeal of the U.S. dollar on foreign exchange markets.

Africa and Latin America lead the way

Although the source does not mention all countries in Africa and Latin America, the few entries these regions do have in the list stand out. Bitcoin trading volume in Nigeria, for instance, was twice as high as that of the eurozone in 2020. Colombia's market size was twice that of Canada. Whether this interest is for actual payment use on a day-to-day basis or as a tool for investment is not really clear. Data from ��ƽ��'s Global Consumer Survey on payment methods in Egypt reveals that * percent of Egyptians either owned or used Bitcoin, but does not specify the exact use or purpose of the cryptocurrency.

Bitcoin: the "Renaissance"

Believed by some to fade into obscurity after hitting the news in 2017 and price declines that followed afterward, the world's most well-known cryptocurrency witnessed a "rebirth" at the end of 2020: Within five days in January 2021, the price of Bitcoin soared from * U.S. dollars to * U.S. dollars. Bitcoin's market cap - calculated by multiplying the total number of Bitcoins in circulation against its price - grew as well, more than doubling in early January 2021 against November 2020.