Who’s really using crypto in 2025? The numbers tell a story - but not the whole story.
In 2025, over 12.4% of the global population owns cryptocurrency. That’s more than 960 million people - more than the entire population of Europe. But you won’t find them all in the same places. Some countries have crypto in their DNA. Others have it because they have no choice. And some are just catching up fast.
The most cited source for this data is Chainalysis’s 2025 Global Crypto Adoption Index. Released in September, it ranked 151 countries based on how much crypto flows through their networks - not just how many people own it, but how much they use it, who’s using it, and why.
India came out on top. Again. For the third year in a row, India leads the world in crypto adoption. Why? Because over 100 million people there are buying, sending, and holding crypto - not as a speculative gamble, but as a daily financial tool. From street vendors in Mumbai to farmers in Punjab, people are using crypto to bypass slow banks, avoid high fees, and send money home without middlemen.
But here’s the twist: if you measure adoption by population size, India doesn’t even crack the top five. That’s because its population is 1.4 billion. When you look at adoption per person, the real leaders are tiny countries with big problems.
The real winners? Smaller nations with no safety net
Ukraine leads the per-capita ranking. Moldova is second. Georgia, Jordan, and Hong Kong round out the top five. These aren’t tech hubs. They’re places where trust in local currency is low, banks are unreliable, or inflation eats away at savings.
In Ukraine, crypto isn’t trendy - it’s survival. After the war began, many citizens turned to Bitcoin and USDT to protect their wealth. Banks froze accounts. The hryvnia dropped. Crypto became a lifeline. Today, Ukraine ranks #1 in institutional crypto activity - meaning large transfers over $1 million are flowing through its networks faster than almost anywhere else. That’s not just retail users. That’s businesses, NGOs, and even foreign investors moving money in and out without waiting for traditional banking delays.
Moldova, a country of 2.5 million, is second. Why? Remittances. Over 20% of Moldova’s GDP comes from money sent home by workers abroad. Traditional wire services charge 8-10%. Crypto cuts that to under 1%. People use Telegram bots to send crypto directly to family members who cash out via local exchanges. No paperwork. No delays. No middlemen.
Even Jordan, often overlooked, ranks fourth. With high unemployment and a weak dinar, young Jordanians are turning to crypto to earn income through freelance gigs paid in Bitcoin or stablecoins. They’re not waiting for permission. They’re building financial independence one transaction at a time.
The U.S. surge: ETFs changed everything
The United States jumped to second place in the overall Chainalysis index - a massive leap from fifth just two years ago. What changed? Spot Bitcoin ETFs.
When the SEC approved Bitcoin ETFs in early 2024, institutional money flooded in. BlackRock, Fidelity, and others started buying billions in Bitcoin through regulated funds. That activity showed up in Chainalysis’s new institutional metric: transfers over $1 million to centralized exchanges.
For the first time, the U.S. wasn’t just a country of retail traders. It became a global hub for institutional crypto. That’s why it moved up - not because more Americans bought crypto on Coinbase, but because Wall Street started using it as a legitimate asset class.
According to Triple-A, 15.56% of U.S. adults now own crypto. That’s higher than the global average. But it’s still not mainstream. Most Americans still don’t know how to buy it. Many still think it’s just for speculators. The ETFs changed the narrative - not the behavior of the average person.
Asia-Pacific: The engine of growth
The Asia-Pacific region saw a 69% year-over-year surge in crypto transaction value in 2025. That’s more than double the growth rate of North America. India and Vietnam are the stars, but they’re not alone.
Vietnam has been in the top five for five years straight. Why? Two reasons: young population and high mobile penetration. Over 70% of Vietnamese under 35 use smartphones. Crypto apps like MEXC and Binance are as common as TikTok. People use crypto to send money to family overseas, pay for online services, or trade during market swings.
Indonesia and the Philippines are catching up fast. In the Philippines, crypto remittances now account for 12% of all incoming foreign cash. In Indonesia, local exchanges like Tokocrypto have over 18 million users - more than the population of Australia.
Even Thailand and Malaysia are seeing growth. Thailand’s central bank launched a digital currency pilot in 2024, and crypto tax rules were clarified in early 2025. That’s not regulation to stop crypto - it’s regulation to bring it into the light.
What the numbers don’t show: The hidden adopters
Not all crypto use shows up in these indexes. Countries with strict controls often have the highest real adoption - but it’s invisible.
Nigeria dropped to sixth in the Chainalysis ranking, despite having over 30 million crypto users. Why? Because many Nigerians use peer-to-peer (P2P) platforms like Paxful or LocalBitcoins. Chainalysis’s data comes from centralized exchanges. If you’re buying Bitcoin directly from a neighbor using mobile money, it doesn’t show up.
The same is true in Argentina, Venezuela, and Turkey. In Venezuela, over 40% of the population uses crypto to buy groceries. The bolivar is worth less than a dollar. People pay for food with USDT. Chainalysis can’t track those transactions because they happen off-chain, in WhatsApp groups, or via cash-in-crypto exchanges.
China is another blind spot. While crypto trading is banned, millions still hold Bitcoin through underground P2P networks. The government doesn’t track it. The indexes don’t count it. But it’s there.
Who else is leading? The obsession index
Chainalysis measures activity. ApeX Protocol measures obsession.
They looked at three things: ownership rate, search volume, and trading activity. Singapore came out on top with a score of 100. Why? 24.4% of Singaporeans own crypto. That’s higher than any other country. And they’re searching for it constantly - 2,000 crypto queries per 100,000 people. That’s more than twice the rate of the U.S.
The United Arab Emirates is close behind with 25.3% ownership. Dubai has become a crypto haven. Banks there accept crypto as collateral. Visa cards linked to crypto wallets are common. The government even runs a crypto visa program for digital nomads.
These aren’t countries where crypto is a backup. They’re countries where it’s the default.
What’s next? The real story isn’t in rankings - it’s in need
Crypto adoption isn’t about technology. It’s about trust. When people lose faith in banks, governments, or their own currency, they turn to crypto. Not because it’s cool. Because it works.
The countries rising fastest aren’t the richest. They’re the ones with the most to lose. Ukraine. Moldova. Nigeria. Venezuela. They’re not adopting crypto because they’re tech-savvy. They’re adopting it because they have no other option.
Meanwhile, places like the U.S. and Singapore are adopting crypto because they can - because it’s now legal, regulated, and profitable.
By 2026, the gap between these two worlds will widen. One group uses crypto to escape instability. The other uses it to amplify wealth.
The next big shift won’t come from another ETF. It’ll come from a currency collapse. Or a bank failure. Or a war. When that happens, the real adoption index won’t be measured in data points. It’ll be measured in how many people survive - and how many don’t.
Why the rankings can be misleading
Every index has blind spots. Chainalysis ignores peer-to-peer trades. ApeX ignores economic need. Henley & Partners only counts crypto millionaires looking to move abroad.
That’s why you can’t rely on one number. India leads in total volume. Ukraine leads in per-person use. Singapore leads in interest. The UAE leads in ownership. Nigeria leads in underground use.
The real picture? Crypto adoption is not one story. It’s dozens - each shaped by local laws, economic pain, and personal survival.
What does this mean for you?
If you’re in a country with stable banking and low inflation, crypto might be an investment. If you’re in a country where your money loses value every month, crypto is your paycheck, your savings, and your safety net.
Don’t look at the rankings and think, ‘Why isn’t my country on top?’ Look at the reasons why the top countries made it. And ask yourself: if your bank froze your account tomorrow, would you have a plan?
Which country has the highest crypto adoption in 2025?
India leads the Chainalysis Global Crypto Adoption Index 2025 by total transaction volume, with over 100 million users. However, Ukraine leads in per-capita adoption, meaning more people use crypto relative to population size. Singapore leads in ownership rate and search interest.
Why did the U.S. jump to second place?
The U.S. moved up because of institutional activity tied to spot Bitcoin ETFs. Billions in institutional capital flowed into Bitcoin through regulated funds like BlackRock and Fidelity. Chainalysis’s 2025 index now tracks large transfers over $1 million, and the U.S. led in this category, pushing it to second place overall.
Is crypto adoption growing in developing countries?
Yes - and it’s often faster than in developed nations. Countries like Nigeria, Vietnam, the Philippines, and Ukraine are seeing explosive growth because crypto solves real problems: inflation, remittances, and unreliable banks. In Nigeria, over 30 million people use crypto despite government restrictions. In Ukraine, it’s become a financial lifeline.
Why doesn’t China appear in the top rankings?
China bans crypto trading and mining, so most activity happens underground through peer-to-peer networks. Chainalysis’s index relies on data from centralized exchanges and public blockchain flows - so China’s massive underground crypto use doesn’t show up. Estimates suggest tens of millions still hold Bitcoin, but it’s invisible to official metrics.
What’s the difference between Chainalysis and ApeX Protocol’s rankings?
Chainalysis measures transaction volume and institutional activity on-chain. ApeX Protocol measures obsession: how many people own crypto, how often they search for it, and how much they trade. Singapore tops ApeX because of high ownership and search volume. India tops Chainalysis because of sheer transaction size.
Are crypto ownership numbers reliable?
They’re estimates. Ownership is measured through surveys, exchange data, and wallet analysis - but many people hold crypto in private wallets or use it anonymously. In countries with strict controls, actual ownership is likely higher than reported. Global ownership is estimated at 12.4% in 2025, but the real number could be closer to 15% when underground use is included.
Does regulation help or hurt crypto adoption?
Clear regulation helps institutional adoption - like in the U.S. and UAE. But heavy restrictions hurt retail use - like in Nigeria, where banks blocked crypto payments. However, people still find ways. The most resilient adoption happens where people need crypto to survive, not where governments allow it.