Italy led crypto trades in Q4 22 – $112,000 per user

According to a recent study by BitcoinCasinos, Italy topped the charts as the highest crypto trading volume per person in Q4 2022 at $111,265.

The UK and US are second and third at $91,716 and $73,279 respectively, data from the BitcoinCasinos report shows.

Crypto trading in Q4’22

In the last three months of 2022, Italy had 2.9 million crypto users and a total trading volume of $318.4 billion. The country’s crypto trading volume per person was 51% larger than that of the US in the fourth quarter of 2022.

Trades per user (Source: BitcoinCasinos)

Italy took several steps to encourage crypto adoption in 2022. In early 2022, Italy’s leading private bank began allowing its users to buy and store Bitcoin (BTC).

In July 2022, the Italian government allocated a $46 million budget for companies dedicated to researching blockchain and crypto technology. Finally, in December 2022, Italy announced that it would impose a 26% tax on all crypto gains over €2,000 in 2023.

number of users

Although Italy leads in terms of trading volume per person, on a global scale it has a considerably small number of crypto users. With 2.9 million users, Italy ranks 11th among the top 12 countries with the highest number of crypto users.

As the second largest crypto trading conglomerate, the UK has the ninth largest number of crypto users at 4.7 million. The US, on the other hand, is in fourth place with 30.6 million users.

Number of Users (Source: BitcoinCasinos)

Despite holding the fifth-largest crypto trading volume per person at $50,470, Germany has the highest number of crypto users in Europe with 5.9 million users.

However, on a global scale, India tops the charts by having the highest number of crypto users with 79.2 million users. China and Brazil follow India in second and third place with 64.5 million and 32.3 million crypto users, respectively.

The study also found that the number of crypto users in the UK increased by 45%, reaching 4.7 million users in 2022 – while France saw a 46% increase YoY and reached 3.8 million users .

YoY growth from Q4’22

Despite Italy’s considerably large individual trading volume, the country ranks at the bottom of the list when crypto adoption YOY growth is calculated at a growth rate of 10%.

Crypto Adoption YoY (Source: BitcoinCasinos)

According to the figures, Japan has seen the highest growth in crypto adoption, with a 117% increase between Q4 2021 and Q4 2022. The government has focused on crypto regulations and strategic investments in the Metaverse and digital currencies Central Bank Concentrated (CBDC).

Russia and Brazil ranked second and third, with adoption growth of 95.4% and 77.9%, respectively. Russia accelerated crypto adoption to escape global sanctions it faced after invading Ukraine.

Meanwhile, Brazil was motivated to increase crypto adoption as citizens started turning to crypto to escape rising inflation.

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