Ukrainians bought nearly $1 billion worth of Bitcoin in a year
The post Ukrainians bought nearly $1 billion worth of Bitcoin in a year appeared on BitcoinEthereumNews.com.
Within 12 months, Ukrainians spent hundreds of millions of U.S. dollars to acquire cryptocurrency, according to a recent report. The authors of the document, published by a major international development bank, have registered a spike in crypto activity in the war-torn nation. Ukraine branded ‘heavy crypto user’ Cryptocurrency has gained popularity in Ukraine since Russia launched its invasion more than three years ago, not least as a result of fiat restrictions imposed by its monetary authority under martial law. According to the European Bank for Reconstruction and Development (EBRD), the Eastern European country is a leader in terms of crypto usage among the nations in the regions where it operates, the Ukrainian National News (UNN) website and Russia’s TASS news agency reported. In its latest Regional Economic Prospects report, issued in September, the bank assesses the exposure of these economies to cryptocurrencies, highlighting the rapid market growth and significant increase in transaction volumes. Quoting data from between July 2023 and July 2024, the study notes: “Ukraine emerged as another heavy user of crypto, having received $106 billion in crypto inflows over the period and having spent $882 million worth of Ukrainian hryvnia on Bitcoin purchases.” The authors attribute the sizable crypto activity largely to institutional transfers, ranging between $1 million and $10 million, as well as professional transfers in the range of $10,000 – $1 million. Nigeria also among leading crypto adopters The only other representative of an EBRD region among the top 10 crypto adopters, according to figures sourced from the blockchain analytics firm Chainalysis, is Nigeria. During the same period, it received $59 billion worth of crypto inflows. The African powerhouse falls behind the Eastern European nation in terms of share of the population owning cryptocurrency as well – a little over 5% vs more than 10%, respectively.…
