Since the inception of the cryptocurrency industry, the supply and demand of it have never been completely even across the globe. This is due to differences in regulation, population size and overall popularity of cryptocurrency in certain places. However, the United States has been one of the most prominent countries for cryptocurrency use both on a private level as well as on an institutionalized one. This is because the United States is the global leader in the world economy and also has a large population of tech-forward individuals. However, as the cryptocurrency industry changes and matures, there is a chance that the trends in terms of crypto use across the world will change.
Recent reports show that in 2019, Singapore overtook the United States as a country with the most bitcoin value in US dollars received.
As of December 5, 2019, Singaporean crypto users received roughly $8.58 billion in bitcoin and this surpassed the amount received by the United States at the same time. According to reports by Crystal Blockchain, the United States received $7.56 billion within the same time and even though they had held the top position from 2014 to 2018, there was a shift in 2019.
In terms of sending bitcoin, Seychelles took the top spot with $10.07 billion sent in 2019. They also to the second spot in terms of overall cryptocurrency transactions with the United States taking the third spot which is a significant decline as they had held the top spot for many years running. One of the reasons for this change in transaction trend is the fact that many crypto-related films and exchanges are moving outside the United States and the European Union due to stringent regulations. Even as cryptocurrency matures, it should be noted that whatever regulations are put in place in the country could bring in crypto-related business or send it overseas and this will reflect in the business trends.