Could Be The Crypto Adoption Map

What the world is waiting for the most is mass crypto adoption. There has been small steps made, some countries made bigger steps than others, but we're still far from achieving our goal.

The other day I came across this report on Twitter, that looked interesting from the beginning.

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It is the ranking of European countries, based on their digital engagement index.

Digital engagement index

The index sits at the centre of this report, and measures how each country ranks based on their current level of digital adoption and their potential for digital growth . It provides a snapshot of where each country is now, and an indication of what their digital future may hold. source

For some unknown reason eToro, the report creator decided to ask 18,000 citizens from only 9 European countries, the one you see on the ranking list. Unfortunately there's no information about why they have picked these specific countries and left out the others that are marked with gray on the map.

You can read the full report by clicking this link ->source

Looking at the map it makes me think of to what degree these countries are prepared to welcome and adopt crypto. When I say that, I'm not referring to the government, but to the citizens. I think if the citizens are ready, sooner or later adoption must happen.

Denmark, marked with blue, ranks the highest on the list for a good reason. It's the country with the largest share of online retail sales and the most widespread use of digital platforms for banking and interacting with public authorities.

On the other end of the list there's Romania, marked with red on the first map and Italy, if you look at the second map, from the report, which is based of digital transformation ranking. It doesn't feel good to see your country last on the list, but there's an explanation for that. Some of the countries lived under communist regimes for decades, which means development was deliberately sabotaged, people were kept in the dark for a good reason. Electricity was kind of rationed and those who dared to oppose the rules were made to understand what they do is not good for the government, with methods you don't want to know about.

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These countries started life, after the iron curtain became history, with a huge handicap. Some have been able to develop faster, while others are still struggling. The population lost confidence in the government and institutions. Banks are not trusted, cash is still favored more as they say what's in your hand is yours. Rural people are still cashing out every penny from the ATM the day their salary or pension arrives and show no tendency to change their behavior in the near future. Online platforms are used more and more because life is changing and the online offer is more convenient, but when it comes to paying for the orders, that is still done with cash.

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Banks are having a bad reputation worldwide, they are going to become unnecessary at some point for a good reason, but in this case, those who have been using bank services for some time, are in a better position.

It is known that Nordics are leading when it comes to going cashless and not because the government is forcing them to, but because cash is used less and less. These countries will have no problem adopting crypto as the majority of the population is ready to use a digital wallet and handle their finances on their own.

This is only one aspect though. The other is the government's willingness to treat the matter the right way. Some countries are already known to have crypto friendly tax laws, which attracts quite many at the moment. Another aspect to be considered in this case is green energy availability and energy prices. Mining is not just for a selected few, if crypto gets adopted, mining will spread like wildfire.

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Both Digital Engagement and Digital Growth are important but in my opinion the latter will have a greater role in countries situating at the end of the list. This is also a huge business opportunity to companies as uncovered territories can be real gold mines in some countries.

Digitization has a lot of advantages, it can make your life much more easier. It has disadvantages as well, as your privacy may be affected to some extent. However, without any previous experience, those who are used to cash only, are highly unlikely to jump on the crypto train.

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