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Bitcoin Adoption: Trading Volume by Country

Bitcoin trading volume is on the rise, with China leading the way. This has led to a significant increase in trade volume over the last year. The cryptocurrency market can be volatile, but it’s possible that this trend will continue for years to come.

The cryptocurrency volume by country 2020 is a chart that shows the trading volume of cryptocurrency by country. The data was compiled from CoinMarketCap and is updated daily.

In 2017, Bitcoin burst onto the world scene. News organizations, serious investors, the IT community, and even taxi drivers were enthralled by Bitcoin. The excitement exhibited in late 2017 and early 2018 has been dampened by seven months of falling Bitcoin values.

Those working in the cryptocurrency sector have kept their noses to the grindstone despite decreasing prices. Few people are talking about how the Bitcoin lightning network is progressively being implemented and has already been trialed by 100 businesses since July 2018.

The Bitcoin Lightning Network has the potential to change the game.

So, what’s the big deal about the lightning network? In late 2017, a large influx of newbies to Bitcoin placed the network under pressure. As a consequence, transaction costs were very high, and transaction times were quite lengthy. In a word, the Lightning Network addresses these issues, resulting in inexpensive and fast Bitcoin transactions. The Bitcoin network’s capacity is substantially increased as a result of this new invention. Simply stated, without the Lightning network, the Bitcoin network can only process 7 transactions per second. This increases to approximately 60,000 transactions per second when the Lightning Network is activated (TPS). To put that in perspective, Visa, a well-known payment processor, can handle 24,000 TPS.

As a result, when the Lightning Network is fully deployed, Bitcoin will have more capacity than Visa. This is a huge event, and it’s critical for Bitcoin’s worldwide adoption. With the Lightning Network, Twitter CEO Jack Dorsey’s prediction that “the globe will eventually have a single currency, the internet will have a single currency” may not be that far off. Personally, I think it will be bitcoin.”


Is There Any Data To Look At If Bitcoin Becomes The World’s Single Currency?

Okay, so Bitcoin’s future seems bright from a technological perspective, but is Bitcoin acceptance as widespread as certain media sources would have us believe? Most cryptocurrency trading takes place on cryptocurrency exchanges or in the over-the-counter (OTC) market. For those unfamiliar with OTC markets, they connect buyers and sellers of Bitcoin outside of official exchanges. This implies that someone may purchase Bitcoin in the tens of millions of dollars without affecting the price. The issue with these methods of purchasing Bitcoin is that there is no publicly available information on how much Bitcoin is purchased and sold in each nation.

LocalBitcoins, on the other hand, has access to Bitcoin country data. In a word, this website allows individuals from all around the world to trade their local money for Bitcoin. It is possible to accomplish this either online or in person. It’s worth noting that the $6.3 billion transacted on LocalBitcoins represents a small portion of the overall market. However, there is more than enough data to obtain a good sense of the levels of Bitcoin acceptance in different nations.

Chart of Bitcoin Trading Volume by Country

This infographic’s raw data may be found here.

Following an examination of LocalBitcoins’ 46 country datasets, it seems that Bitcoin trade on the site is highly concentrated. The top five nations for Bitcoin trade were the United States, Russia, the United Kingdom, Venezuela, and China. Over 86.5 percent of all trades on the site were done by the top 10. This seems to suggest that Bitcoin adoption rates are unequal across the world.

Yes, the United States leads the world in terms of GDP, which comes as no surprise. Russia, on the other hand, punches far above its weight in Bitcoin, while not even making the top ten list of nations with the highest GDP.

What’s particularly intriguing is that all of the nations in the top four on the all-time national volume leaderboard have some kind of currency issue.


The first thing to notice is that the USD has lost more than 96 percent of its value during the past 104 years. To put it simply, cash is a bad investment. The age of making up money out of thin air has only made matters worse. The dollar’s buying power has clearly eroded as a consequence of this enormous rise in the money supply. Indeed, the US, UK, Europe, and Japan’s recent monetary policies may be viewed as one of history’s biggest confidence tricks, robbing regular people of their money.

The key point is that throughout the quantitative easing period, billions or trillions of dollars were pumped into markets like stocks and real estate. Traditional markets have seen massive bubbles develop. The scene is set for a correction in these conventional markets as the Federal Reserve begins to increase interest rates.

Because the dollar is the global currency, the United States has been able to export inflation throughout the globe. However, Donald Trump’s protectionist trade policies are expected to drive up inflation in the United States.

When everything is said and done, it’s no surprise that a growing percentage of Americans don’t trust their government to keep their currency’s buying value. The stock market, like real estate, seems to be grossly overpriced. In such a climate, it makes sense for investors to use hedges such as gold and Bitcoin for wealth protection.


It has been generally known that Russia, which is heavily reliant on oil, has been experiencing economic difficulties for some time. The Ruble had officially lost 9% of its value versus the dollar in May 2018. It should go without saying that a 9% drop in the buying power of imported products is bad news for the Russian people.

On the list of nations with the greatest GDP, Russia is placed 12th. However, according to LocalBitcoins trade statistics, it is the second most popular Bitcoin trading nation. Perhaps this is because Russians are starting to wonder how much farther the Ruble can fall. Russians seem to be increasingly resorting to Bitcoin as a hedge against the ruble’s depreciation.

The United Kingdom of Great Britain and Northern Ireland

Brexit is the major political issue in the UK right now. What’s worse, the UK government seems to be no closer to concluding trade agreements with the rest of the globe. The financial industry accounts for 12% of the UK’s total GDP and is mostly concentrated in London. That figure does not include the value created by the trickle-down businesses that supply products and services to financial industry workers.

The issue is that after Brexit, £26 trillion in EU futures contracts would expire. These contracts are all at jeopardy until a deal is reached. After the UK exits the EU in March 2019, it is projected that £70 trillion in commerce would be affected. UK insurers may potentially lose access to the £55 billion insurance market. As of yet, little progress has been achieved in securing the UK’s post-Brexit access to EU markets.

The reality is that these marketplaces are just too large for businesses to ignore. Indeed, when the UK leaves the EU, there may be a major flight of businesses from the country. As a result, there will almost certainly be a massive brain drain as people seek employment overseas.

The future of the United Kingdom and its currency seems to be unclear. With all of this drama going on in the background, it’s no surprise that more and more UK citizens are turning to Bitcoin to protect their money post-Brexit.


The top three nations on the Bitcoin trade list are not currently suffering a serious economic crisis. Venezuela, on the other hand, is on the verge of a million percent inflation and economic disaster. Shops are deserted, wheelbarrows full of cash are being used to purchase everyday goods, and people are starving to death.

The cost of a cup of coffee has risen to more than 2 million Bolivars. That is more than most individuals make in a month for those who are lucky enough to hold a job.

The reality is that bartering methods and Bitcoin are rapidly replacing currency in Venezuela. Although Bitcoin seems to be very volatile, it pales in contrast to a nation suffering hyperinflation. Because of the government’s capital controls, people are only allowed to withdraw $1 in cash each day.

It’s no surprise that Bitcoin is becoming more popular in this climate. Cryptocurrencies may be the greatest option for ordinary people to avoid harsh government restrictions while still preserving their limited resources.

Venezuela is probably the greatest illustration of how Bitcoin may be used to protect against government ineptitude in the world today.

Purchasing Bitcoin in Different Countries

Although purchasing Bitcoin is allowed in many places across the world, the manner of purchasing Bitcoin and the exchange or platform you should use are frequently determined by the nation you are in. We’ve put together a helpful list of resources below to assist you, regardless of where you’re from.

Final Thoughts

Bitcoin adoption is highly concentrated in the five top nations by trade volume, according to LocalBitcoin statistics. With the exception of Venezuela, all of these nations have high GDP rankings. However, it’s worth noting that each of these countries’ native currency is subject to different degrees of instability.

Venezuela is suffering from hyperinflation and one of the world’s worst instances of government failure. Many observers believe that financial organizations including the World Bank, European Central Bank, Federal Reserve, and Bank of Japan have done little since 2008 to address the fundamental issues that led to the financial crisis.

Hopefully, another global financial catastrophe would be avoided. The warning signals, on the other hand, are plain to observe. Venezuela demonstrates that people are increasingly flocking to Bitcoin in times of economic turmoil.

According to the statistics, 72 percent of Bitcoin trade takes place in only five nations. This only goes to illustrate how far Bitcoin still needs to go before it can really be considered a global currency.


DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.

The bitcoin adoption rate chart is a chart that shows the trading volume in bitcoin by country.

Related Tags

  • bitcoin ownership by country 2021
  • bitcoin trading volume by country
  • cryptocurrency users statistics 2021
  • cryptocurrency by country of origin
  • top 10 bitcoin countries


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