Chainalysis' 2023 Global Crypto Adoption Index, which measures grassroots adoption by regular people, has Nigeria in second place and Morocco in 20th place, with most of the top 20 dominated by Asian countries.

Chainalysis' methodology focuses on adoption by regular people, rather than raw transaction volumes, which are often driven by institutional investors.

Despite the crypto slump that began in late 2022, Low Middle Income countries like Nigeria, India, and Ukraine have shown the strongest recovery in grassroots adoption.

This suggests that LMI countries are likely to play a significant role in the future of crypto. Institutional adoption is also gaining steam, even during the ongoing crypto winter, which is a positive sign for the long-term outlook.

Here's the list of the top 20:

India

Nigeria

Vietnam

United States

Ukraine

Philippines

Indonesia

Pakistan

Brazil

Thailand

China

Turkey

Russia

United Kingdom

Argentina

Mexico

Bangladesh

Japan

Canada

Morocco