How Bitcoin Adoption is Growing in Emerging Markets

• Blockchain Council
• April 03, 2025

Bitcoin is becoming an increasingly popular financial tool across the globe, especially in emerging markets. This digital currency offers solutions to some of the common economic issues these regions face, like inflation and unstable currencies. It also provides access to financial services for people who may not have easy access to banks.

Countries in emerging markets often struggle with weak banking systems, fluctuating currencies, and inflation. Bitcoin gives people a way to protect their money and gain financial independence. It doesn’t rely on traditional banking infrastructure, making it an appealing choice in countries with unstable economies.

How Is Bitcoin Helping People Avoid Inflation?

In countries where inflation rates are high, local currencies can lose value very quickly. In places like Nigeria and Venezuela, many people turn to Bitcoin as a way to protect their wealth from inflation. Bitcoin’s value is not tied to any one government or currency, which makes it a much safer option for storing wealth when national currencies are struggling.

For example, in Venezuela, where inflation has been a major issue for years, many people are using Bitcoin to store value. This provides a way to keep their savings intact, rather than watching their money lose value due to inflation. Other countries facing similar issues have also seen a growing trend of people adopting Bitcoin for this reason.

As Bitcoin’s role in emerging markets expands, being a Certified Bitcoin Expert™ allows you to stay informed and actively engage in this transformation.

Can Bitcoin Provide Financial Inclusion?

A large number of people in emerging markets don’t have access to traditional financial services like bank accounts or loans. Bitcoin provides an easy solution by allowing anyone with a smartphone and internet access to get involved in the financial world. This is especially helpful in rural areas where banking options are limited.

In places like India, the number of Bitcoin users is rising quickly. Rural areas have seen significant growth, as people without access to traditional banks can now use Bitcoin wallets on their smartphones. In fact, there’s been a 17% increase in Bitcoin wallet sign-ups in India, particularly in smaller cities, thanks to the widespread use of smartphones and affordable internet.

How Is Bitcoin Making Remittances Easier?

In many emerging markets, people rely on remittances from family members working abroad. Traditional methods of sending money, like bank transfers, can be slow and come with high fees. Bitcoin offers a much cheaper and faster alternative. Transactions are processed quickly, and fees are much lower than those associated with traditional remittance services.

In countries like the Philippines, Bitcoin has become a popular method for receiving remittances. About 23.4% of the population in the Philippines uses Bitcoin, making it one of the countries with the highest Bitcoin adoption rates for this purpose. With Bitcoin, families can receive money faster and without the high costs of traditional services.

How Does Economic Instability Drive Bitcoin Adoption?

In regions facing economic instability, Bitcoin provides a way to protect wealth from currency devaluation. In countries like Nigeria, where the naira has been volatile, people have turned to Bitcoin as a safer store of value. The increase in Bitcoin trades in Nigeria over the past year has shown that people are starting to trust digital currencies more during times of uncertainty.

In Vietnam, similar trends are occurring. With a rising interest in Bitcoin, more people are seeking alternative ways to invest and secure their money. In fact, from 2023 to 2024, Bitcoin adoption grew by 94% in Vietnam, mainly due to the younger, tech-savvy population looking for ways to grow their wealth.

Why Are People in Emerging Markets Investing in Bitcoin?

Bitcoin offers high return potential, and this has attracted many investors in emerging markets. People in countries like Vietnam and Brazil see Bitcoin as a way to make their money work harder. In Vietnam, peer-to-peer Bitcoin trading has increased by 20%, showing a growing interest in cryptocurrency as an investment.

This increase in investment is driven by the possibility of high returns in the volatile cryptocurrency market. As Bitcoin’s price fluctuates, those willing to take the risk may be rewarded. For many, Bitcoin represents a chance to grow their savings in ways that traditional investments can’t.

How Is Bitcoin Adoption Progressing in Real-World Cases?

• Nigeria: In Nigeria, Bitcoin adoption has surged. The country topped the global charts in 2024 for crypto adoption, with user growth jumping by 117% compared to 2023. This growth is mainly driven by inflation and a distrust in the local banking system. Bitcoin has provided Nigerians with a way to protect their wealth in a volatile economy.
• Armenia: Armenia is another country seeing growing interest in Bitcoin. The nation is expected to have around 120,000 cryptocurrency users by 2025. This increase is partly due to Armenia’s low electricity costs, which make it an ideal location for cryptocurrency mining. The country has also taken steps to regulate its crypto market, creating a more stable environment for investors.
• India: India is seeing a rise in Bitcoin adoption, especially among younger people in smaller cities. Due to limited job opportunities and slow wage growth, many young Indians are turning to Bitcoin as a way to earn extra income. As a result, Bitcoin trading volumes in India have surged, with the volume of cryptocurrency trades in major exchanges doubling in the final months of 2024.
• Vietnam: Vietnam’s tech-savvy population has driven Bitcoin’s rapid growth. With Bitcoin adoption increasing by 94% from 2023 to 2024, it’s clear that the younger population sees cryptocurrency as a viable alternative to traditional investments. The rise in Bitcoin usage is a sign of the growing interest in digital currencies across the country.
• Brazil: Bitcoin adoption is high in Brazil, with about 20.6% of the population owning Bitcoin. This is partly due to concerns over inflation and currency devaluation. With Bitcoin, Brazilians can store value more safely and avoid the volatility of their local currency.
• Philippines: The Philippines has seen a significant rise in Bitcoin usage, especially for receiving international remittances. Around 23.4% of Filipinos use cryptocurrencies, with Bitcoin being the preferred option for remittances. This has helped families save on fees and receive money faster.

What Are the Challenges to Bitcoin Adoption?

Despite the many benefits, Bitcoin adoption in emerging markets faces several challenges.

• Regulatory Uncertainty: The lack of clear regulations surrounding Bitcoin is one of the biggest obstacles. In countries like India and Nigeria, the regulatory landscape for Bitcoin is constantly changing, creating uncertainty for users and investors.
• Volatility: Bitcoin’s price can be highly volatile, which can make it a risky investment. While the potential for high returns is appealing, the price swings can also lead to significant losses. This volatility is particularly concerning in countries that are already facing economic instability.
• Infrastructure Limitations: In many emerging markets, access to reliable internet and digital literacy can limit Bitcoin adoption. In rural areas, where internet access is limited, it can be difficult for people to use Bitcoin effectively.

Conclusion

Bitcoin is playing a significant role in emerging markets by providing financial solutions for people facing inflation, currency devaluation, and limited access to banking. While it has its challenges, such as regulatory uncertainty and volatility, its potential to offer financial inclusion and investment opportunities is clear. As more people in these regions begin to trust Bitcoin, its role in the global financial system will likely continue to grow.