Brazil and Indonesia lead the world in crypto adoption, according to a new survey from United States cryptocurrency exchange Gemini.

The survey found that 41 percent of people surveyed in the two countries reported crypto ownership, compared with 20 percent in the United States and 18 percent in the United Kingdom.

Almost half of all cryptocurrency owners in the United States, Latin America and the Asia Pacific purchased digital assets for the first time in 2021, it found.

The survey of nearly 30,000 people across 20 countries, which was conducted between November 2021 and February, shows 2021 was a blockbuster year for crypto, with inflation in particular driving adoption in countries that have experienced currency devaluation, the report found.

Gemini found that 79 percent of people who reported owning crypto last year said they chose to purchase the digital assets for their long-term investment potential.

People who do not currently own crypto and live in countries that have experienced currency devaluation against the US dollar were more than five times as likely to say they planned to purchase crypto as a hedge against inflation.

Only 16 percent of respondents in the US and 15 percent in Europe agreed that cryptocurrencies hedge against inflation, compared to 64 percent in Indonesia and India, for example.

Popular

Leaving Indonesia, loving Indonesia: A path for diaspora

Indonesia seeks better US tariff terms after 10% forced-labor duty

Press unions demand apology from Prabowo for denigrating comments