- The rate of spread of popularity of cryptocurrencies in developing countries is four times faster than that in developed countries
Researchers from Project Onfo who conducted an experiment to gain insight into the spread of digital currencies in various countries fround that crypto popularity spread much faster in developing countries — four times as fast than in developed ones, in fact.
The researchers chose four countries with USA and Germany as the developed countries and Russia and Indonesia as the developing ones. Hundred individuals from each country were given ten coins each. Moreover, they were incentivized of receiving additional rewards if they were able to attract more people to try and use the crypto assets.
Onfo detailed that 100 individuals in USA were able to attract 1112 individuals while Germany saw only 763 new people using crypto. On the other hand, the 100 individuals in Russia were able to attract 2304 more users while Indonesia’s spread was colossal with a whopping 4,350 users.
The founder of Onfo, JR Forsyth, said: “The absence of a national credit lending system, coupled with increasing smartphone penetration and the consequences of the coronavirus pandemic, are also making Indonesia a ripe market for cryptocurrency disruption.”
USA and Indonesia have close to same population with the former having approximately 14% crypto users and the latter, 11%. However, it is noteworthy that crypto became prevalent in the US much before than Indonesia which saw an increase in crypto enthusiasts only 1-2 years ago.
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