Argentina has the greatest potential for Bitcoin adoption in the world.
Argentina tops the list of ten countries with the highest comparative potential for Bitcoin adoption, according to the Bitcoin Market Potential Index. The list also includes such countries as Venezuela, Zimbabwe, Malawi and the United States.
The study is the first effort at erection of new data kit to rank the dormant availability of Bitcoin across 178 countries. As fact, it has confirmed that not much has changed since the first ranking which was released in 2014. Garrick Hileman, founder of MacroDigest, Garrick Hileman, summed up the results of this review:
“…assuming the same ranking criteria, for the vast majority of countries the picture today is likely still largely similar to what it was two years ago, with a few exceptions.”
The index was created for emloyer and investors who are planning to locate or broaden operations for better understanding of which markets may became the most fructiferous for the applying of Bitcoin and blockchain technology for some of monetary and non-monetary functions. The main Bitcoin’s functions are storage for the value, exchange agent and technology platdorm. So there were reated and grooped into the index forty variables related to the main functions. The index uses seven equally weighted sub-indices such as technology infiltration, transborder money order, inflation, size of private economy, financial repression, historical financial crises, and Bitcoin penetration for calculation rank of BMPI. So this relationships between most of the BMPI variables can be easily for understanding for those who intimate with Bitcoin in general.
Key Technological avancement
Bitcoin is basicly a technology and the level of technology admission in a country as reflected in online uses and mobile device pervasion, so all these will have an great effect on bitcoin adoption. Moreover, bitcoin’s adoptation plans are promoted by network effects in assosiation with big exposure to and bitcoin’s perception. Countries with more venture capital backed bitcoin startups and bitcoin client software loading and with comparative bitcoin Google searches rank higher in the BMPI.
“For example, significant financial liberalization has taken place in Argentina. However, I cannot say whether those (and other) changes are significant enough to knock Argentina from the top of the rankings until after the revised index is updated.”
Latter events show that Nigeria and Zimbabwe, which were among the top 10 countries, had economic situations that are corresponding for use of Bitcoin. Sub-Saharan Africa, according to BMPI prediction, still look like the most fertile region for Bitcoin adoption, followed by Latin America and the former Soviet states.
The 2014 report noted that, although Bitcoin regulation could play an significant role in its adoption, but in some cases because of poor data and ambiguity over its ultimate impact, it was expelled as an index variable.
The three main root for the exception of Bitcoin regulation from the BMPI:
- Bitcoin regulation being a recent development and still evolving;
- it was dim what its regulation would actually message;
- the indeterminacy of environing the efficacy of bitcoin regulation.
Gileman told that his view on what should be measured has changed in the last two years, and so he wants to add new variables and maybe change some of them.