Countries with Younger Populations will be the First to Adopt Crypto

If I were to ask you what countries are adopting cryptocurrency the fastest, which ones would come to mind? The Philippines, Venezuela, Vietnam, India, Nigeria, Pakistan are some examples where adoption is kicking into high gear. What do all these countries have in common? The median age of their population is 35 or below.

Take a look at this chart from Wikipedia, which color codes countries based on their median age. Lighter countries are younger and darker countries are older. This map correlates quite well to which nations are adopting crypto the fastest.

The president of El Salvador, which recently adopted Bitcoin as legal tender, is only 40 years old. We also see younger politicians advocating for the adoption of crypto in nations like Panama, Paraguay, and and Brazil, which will likely soon follow El Salvador's lead.

Cointelegraph recently published an article highlighting research that crypto usage in Southeast Asia, particularly in India and Pakistan, had increased by 700% from July 2020 to June 2021. In Vietnam and the Philippines, the number of peer-to-peer crypto transactions has skyrocketed, especially as the youth there dive deeper into blockchain games like Axie Infinity.

Sure, there's a lot of crypto volume trading happening in the west as well, but it's mainly big institutions and wealthy family offices passing money around. When it comes to real-world merchant adoption and peer-to-peer transactions, younger countries In South East Asia, Latin America and Africa are leading the way.

In general, the minds of younger people are more open to new technologies and governance systems. The older generation, on the other hand, is financially vested in the traditional system and have an incentive to maintain the status quo.

Consider how younger people own very few traditional assets like stocks, bonds, and real estate. The past decade of Quantitative Easing (money printing) and zero/negative interest rates have artificially pumped up their value, putting them out of reach for most millennials, especially in developing nations.

Factor in the recent worldwide government lockdowns, restrictions and mandates which are pushing the younger generation into desperation for something to help them just survive, let alone get ahead. Crypto is their lifeboat out of hyperinflation and provides them an opportunity to capitalize on their gaming, art design, and writing skills.

The countries adopting crypto now are still considered "third-world countries" by many in the west, but these regions could end up being the new "land of the free" in the near future given their progressive stance towards cryptocurrencies.

Sources:

https://en.wikipedia.org/wiki/List_of_countries_by_median_age

https://cointelegraph.com/news/crypto-transactions-surge-706-in-asia-as-institutional-adoption-grows-chainalysis

https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index