The State of Global

Cryptocurrency
Ownership in 2024
An in-depth look at cryptocurrency ownership trends
across the globe and their evolving role within the
financial ecosystem.

www.triple-a.io May 2024

Table of Contents
Foreward 02

Section 1 - A Look at Global Cryptocurrency Ownership in 2024 03

Top 30 Countries with the Highest Cryptocurrency Ownership Rate in 2024 04
Crypto Ownership by Continent 05
Demographics of Cryptocurrency Owners 06

Section 2 - Cryptocurrency as a Payment Method 07

Companies Accepting Cryptocurrency Payments in 2024 09
Cryptocurrency Ownership versus Traditional Payment Methods 10
What Do Consumers Think About Cryptocurrency Payments? 11
Detailed Breakdown of Responses 15

Section 3 - Other Key Drivers Behind the Rise of Crypto

Ownership in 2024 16

The Role of Regulation in Driving Cryptocurrency Adoption 17

Bitcoin Halving 22
The Role of Media, Education, and FOMO in the Rise of Crypto Ownership 24
Macroeconomic Catalyst: Inflation 25

About Triple-A 29

Future Outlook 32
Research Methodology 34
Research Disclaimer 35
Contact Us 36

Triple-A | Page 1
Foreword

In just 15 years, cryptocurrencies have As a licensed financial institution

evolved from a niche asset for curious committed to empowering businesses
tech enthusiasts to a vital part of the and individuals through cutting-edge
financial landscape, altering how we payment solutions, these are questions
perceive, use, and engage with money. we ask ourselves at Triple-A every day.

Today, 562 million people across the This report is a compilation of up-to-
globe own some or various forms of date research on the current state of
digital currencies, up from 420 million cryptocurrency ownership across the
in 2023. In other words, 6.8% of the globe in 2024. It lays out the key
entire world population own and use considerations and questions one
digital currencies. should address when analyzing and
understanding the impact of digital
Any individual or business interested currencies on commerce, financial
in understanding how the financial inclusion, society, and individuals' lives.
landscape is evolving should take an
interest in digital currencies and the Clear regulation, investment, education,
remarkable 33% increase in crypto global collaboration, and a deep
ownership that has occurred in the understanding of the power of digital
past year. currencies are crucial in driving and
strengthening the symbiosis between
What are the drivers behind this modern and traditional payment
remarkable increase? What are systems.
people interested in using
cryptocurrencies for? How can
digital currencies be used to
overcome current payment
limitations or build upon traditional
financial systems? How are
regulations impacting innovation,
market stability, and global
coordination? What obstacles are
digital currency payments still
facing, and how can we effectively Eric Barbier
continue to address them? Founder & CEO, Triple-A

Triple-A | Page 2
 SECTION 1

A Look at Global Cryptocurrency

Ownership in 2024
The rise of cryptocurrencies in recent years has been both exciting and undeniable.
For the past four years, Triple-A has delved deep into this trend to provide a clearer
picture of global crypto ownership. How has it changed the world? How will it shape
the future? In this report, we aim to answer these pressing questions.

To ensure accuracy, our research methodology is continuously updated. For more details on our
methodology, please refer to page 34.

Global population Growth in crypto

that owns crypto ownership from last year

6.8% 33%
of the global population owns Our findings suggest a 33%
crypto. This amounts to 562 increase in crypto ownership
million people. from 420 million in 2023.

Leading age group Country with the highest

in ownership rate crypto ownership

34% 25.3%
of cryptocurrency owners are aged of the United Arab Emirates’
24-35, the highest percentage population owns crypto, making
among all age groups. it the #1 country in adoption
rate.

Triple-A | Page 3
 SECTION 1

Top 30 Countries with the Highest

Cryptocurrency Ownership Rate
in 2024
Ukraine
10.2%

Switzerland
11.5% Thailand
17.6%
South Korea
Canada 13.6%
10.1%
Hong Kong
14.3%
Türkiye
19.3% Vietnam
United States
17.4%
15.5% Venezuela
10.3%

Philippines
United Arab
Emirates 10.6%
Brazil
25.3%
17.5%
India
8.3% Indonesia
13.9%
Argentina Saudi Arabia

18.9% Slovenia 15.0% Singapore

9.9% South Africa

24.4%
12.4% Malaysia
Australia
14.3% 9.6%
25.3%
24.4%
19.3%
18.9%
17.6% Advanced Economies
17.5% Emerging Economies
17.4%
15.5% 14.3% 13.9% Worldwide Average
15.0% 14.3%
13.6%
12.4% 10.6% 10.2%
11.5% 10.3% 10.1% 9.7% 9.2%
9.9%
9.6% 9% 8.7% 8.3% 8.2%
8.7% 8.6% 8.3%
6.9%

E r e y e n a d z i l m e s i a i a n g i a e a c a d e s la n e a i a o li a r g i le d a y m u s n y i a e
U A p o r k i n t i i la n B r a t n a t a t r a b la y s K o n e s o r f r i r la n p i n z u e r a i n a d v e n e x i c t r a o u C h e la n r w lg i u p r m a I n d w i d
a ü e a e S A g o K A e p e k a o M us b Ir N o B e C y e r ld
n g T A rg T h V i e d d i M a o n I n d u t h u t h i t z h i li e n U C S l A xem or
Si i t au H o o w P V G W
Un S S S S Lu

Triple-A | Page 4
 SECTION 1

Crypto Ownership by Continent

2023 2024 % Change

Asia 268.2M 326.8M 21.8%

North America 52.1M 72.2M 38.6%

Africa 40.1M 43.5M 8.5%

Europe 30.7M 49.2M 60.3%

South America 25.5M 55.2M 116.5%

Oceania 1.4M 3.0M 114.3%

Asia is leading this surge, with crypto Even in Oceania, interest more than
ownership rising from 268.2 million to doubled, growing from 1.4 million to 3.0
326.8 million, a 21.8% increase. This growth million, a 114.3% increase.
highlights Asia's significant role in shaping
the digital currency landscape. Overall, the global adoption of
cryptocurrencies is on the rise, with
North America follows closely, with significant growth observed across all
ownership climbing from 52.1 million to continents.
72.2 million, a 38.6% increase. Meanwhile,
in South America, cryptocurrency This widespread increase underscores
ownership soared from 25.5 million to 55.2 the expanding role of digital currencies in
million, an impressive 116.5% increase. the global financial ecosystem.

Europe also saw substantial growth, with

numbers rising from 30.7 million to 49.2
million, a 60.3% increase. Africa
experienced a moderate rise from 40.1
million to 43.5 million, a 8.5% increase.

Triple-A | Page 5
 SECTION 1

Demographics of
Cryptocurrency Owners

This section provides a 61% of cryptocurrency owners are male, 39%

snapshot of the are female.
demographics of
People aged 25-34 make up 34% of the
cryptocurrency owners in
crypto-owning population, the largest
2024, highlighting gender demographic among crypto owners.
distribution, age groups, and
The second largest age group among
ownership trends. It offers
cryptocurrency owners is 35-44, making up
insights into who is driving
31% of the total crypto-owning population.
the crypto market.
Among crypto owners aged 18-24, the gender
gap is the smallest, with just a 2% difference
between genders.

Ownership by gender Ownership gender split by age group

20% 20%

14%

39% 11%
8% 8%
6%
5% 5% t
3%
61%

18-24 25-34 35-44 45-54 >54

5

Men Women

Triple-A | Page 6
 SECTION 2

Cryptocurrency
as a Payment Method
Bitcoin was made for payments

When Satoshi Nakamoto first came up with the concept of bitcoin, it promised a
future where money could move freely, directly from person to person, bypassing
the often cumbersome and costly layers of traditional banking.

Revolutionising How We Pay

As cryptocurrencies mature, they are becoming more integrated into everyday

financial transactions and showing clear advantages over traditional payment
methods. Here's how they are revolutionising transactions in 2024.

Key Benefits of Crypto Payments

Lower Global Reach &

1 3
Transaction Fees Financial Inclusion

Blockchain technology reduces the need Crypto payments help businesses expand
for intermediaries like payment their global reach. With 31% of adults
processors, lowering transaction costs. underbanked but 78% having
This is especially helpful for cross-border smartphones, millions who otherwise lack
payments, where fees can reach 5-6%. access to digital payment methods can
use crypto transactions.

No Chargebacks & Fully No

2 4
Refundable Volatility

Blockchain technology ensures Payment gateways like Triple-A protect

transparent, final transactions, eliminating merchants from cryptocurrency volatility.
fraudulent chargebacks which are highly By instantly converting crypto to fiat,
costly for businesses. Additionally, Triple-A allows merchants to handle only
accepting crypto payments via a gateway fiat currencies while enjoying the benefits
like Triple-A gives merchants full control of crypto payments.
over refunds.

Triple-A | Page 7
A chargeback free, yet fully
refundable payment method.
By definition, blockchain transactions are final and cannot
be reversed once confirmed, making crypto payments
completely free from any risk of fraudulent chargebacks.
However, merchants still have full control over refunds and
can manage and issue them as needed.

Accept payments in
crypto & get settled in
your local currency...
without being exposed to volatility
Accepting crypto payments and receiving funds in your local
currency eliminates exposure to volatility. This allows
businesses to reach a global audience of crypto users without
worrying about price fluctuations.

Triple-A | Page 8
 SECTION 2

Companies Accepting
Cryptocurrency Payments in 2024
A growing number of companies and brands have started accepting cryptocurrency
payments, including Ferrari and Grab in 2024. While this list is not exhaustive, it
highlights the growing trend among businesses worldwide adopting digital currencies as
a payment method.

E-Commerce & Marketplaces

Nexon NewEgg Razer G2A

Travel & Hospitality Creator Economy

Travala Air Baltic Galactic Norwegian Twitch Bigo Live

Luxury & Fashion

Hublot Gucci Tag Heuer Charles & Keith Balenciaga

FinTech & PSPs

ExpressVPN Surfshark AsiaPay Optty Zen

Recently Started Accepting Crypto (2023-2024)

Ferrari Grab Mercari Farfetch

Triple-A | Page 9
 SECTION 2

Cryptocurrency Ownership
versus Traditional Payment Methods
Cryptocurrency’s Rapid Growth: A Five-Year Surge

With a compound annual growth rate (CAGR) of 99%, the growth in ownership of
cryptocurrencies far exceeds the growth rates of traditional payment methods, which average
at 8% from 2018 to 2023. In fact, within the same period, the growth rate for cryptocurrency
ownership surpasses that of several payment giants such as American Express.

The speed and cost-effectiveness of digital currencies are making them increasingly appealing
to consumers and businesses. In a globalised economy, they offer new and efficient payment
methods that address the limitations of traditional payment systems.

Growth of Crypto Owners Compared to Traditional Payment Methods

Source: Triple-A, Paypal, Visa, Mastercard, American Express, Statista

Triple-A | Page 10
 SECTION 2

What Do Consumers Think About

Cryptocurrency Payments?
With over 562 million cryptocurrency owners globally, the shift towards digital
currencies is clearly accelerating. This presents a great opportunity for companies to
adopt crypto payment methods, catering to a growing user base that values
convenience, security, and innovation.

By integrating cryptocurrency payments, businesses can stay current with

technology, offer more payment options, and attract forward-thinking consumers,
securing a competitive edge and preparing for future success in the digital landscape.

Recognizing this trend, Triple-A surveyed 7,000

participants across seven countries —Argentina,
Brazil, Mexico, the USA, Hong Kong, Canada, and
the UAE—in 2023 to assess consumer attitudes
towards cryptocurrency payments.

The results highlight a strong interest in and

readiness to make payments in cryptocurrencies,
further emphasising the importance for
companies to consider these innovative payment
solutions in their business strategies.

Triple-A | Page 11
 SECTION 2

What Do Consumers Think About

Cryptocurrency Payments?
Interest in cryptocurrency as a payment method.

of surveyed consumers said they

65% would like to be able to make
payments in digital currencies.

Type of purchases consumers are interested in making with crypto

High Value & Speciality Goods 32%

Entertainment 44%

Real Estate, Corporate & Government Service 45%

Travel, Hospitality & Leisure 70%

Daily Retail Consumer Goods 80%

0 20 40 60 80

When asked which type of purchases they were interested in making with crypto, 80% of surveyed
respondents chose daily retail consumer goods, which includes groceries, personal care products,
and household supplies.

The category for travel, hospitality, and leisure expenses, which includes dining out, hotel stays, and
vacation packages, ranked second, attracting interest from 70% of respondents.

Almost half of the respondents (45%) showed interest in real estate, corporate, and government
services, which involve larger transactions like property deals and paying government fees, closely
followed by gaming, movies, and online gambling, which holds the interest of 44% of surveyed
consumers.

High-value and specialty goods, such as luxury items and specialised products, also raises interest
from one-third of respondents.

Triple-A | Page 12
 SECTION 2

What Do Consumers Think About

Cryptocurrency Payments?

Crypto-friendly online businesses for the win...

55%
of surveyed consumers would choose an
online store that accepts cryptocurrencies
over one that doesn’t, assuming all else is
equal, suggesting a competitive edge for
crypto-friendly businesses.

56%
of respondents would shop more frequently
at their preferred online stores if they
accepted cryptocurrencies. This indicates a
sizeable portion of consumers is ready to
increase their online spending should crypto
payments become an option.

43%
of surveyed consumers would
spend more online if
cryptocurrencies were
accepted.

Triple-A | Page 13
 SECTION 2

We also asked consumers...

If you could choose to be paid in

cryptocurrencies instead of your local
currency for your work or business,
which option would you choose?

39% 34% 27%

would prefer would prefer would prefer
to be paid to be paid a combination
in crypto in fiat of both

Triple-A | Page 14
 SECTION 2

Detailed Breakdown of Responses

We surveyed 7,000 participants across seven countries —Argentina, Brazil, Mexico, the USA,
Hong Kong, Canada, and the UAE—in 2023, to assess consumer attitudes towards
cryptocurrency payments. Here’s a detailed breakdown of some of their responses.

Would you prefer an online store that accepts If your favourite online stores accepted
cryptocurrencies if both stores offer the cryptocurrencies, would you make more
same product at the same price? purchases than you do now?

27% 27%

56% 56%

17% 17%

Yes No Maybe Yes No Maybe

If your favourite online stores If you could choose to be paid in crypto

accepted cryptocurrencies, would instead of your local currency for your
you spend more than you do now? work or business, which option would you
choose?

26% 27%

39%
43%

31% 34%

Yes No Maybe Crypto Local currency

A combination of both

Triple-A | Page 15
 SECTION 3

Other Key Drivers Behind the

Rise of Crypto Ownership in 2024
The rise in cryptocurrency adoption in 2024 is more than just a number; it shows
a big shift in how people around the world handle money, driven by a desire for a
new and efficient way to move money across the globe.

However, there are other important drivers for why people are turning to digital
currencies that are worth understanding.

Let's have a look at some other drivers behind the rise in

crypto ownership in 2024:

1. The Role of Regulation in Driving Cryptocurrency Adoption

Regulatory advancements are creating a safer and more
structured environment for cryptocurrency, encouraging
broader acceptance.

2. Bitcoin Halving
The cyclical nature of Bitcoin's halving events significantly
influences cryptocurrency markets, affecting supply
dynamics and market sentiment.

3. The Role of Media Sensation and FOMO

Media coverage and the fear of missing out (FOMO) are
amplifying interest and investment in cryptocurrencies,
driving public engagement and market activity.

4. Inflation as a Macroeconomic Catalyst

Broader economic factors, such as fiat currency inflation, are
influencing cryptocurrency adoption, as people turn to
crypto to circumvent the depreciating value of their local
currencies.

Triple-A | Page 16
 SECTION 3

The Role of Regulation in

Driving Cryptocurrency
Adoption
The notable increase in cryptocurrency ownership in 2024 can be largely attributed
to the evolving regulatory landscape. Enhanced regulatory frameworks have played a
crucial role in boosting user confidence and fostering wider adoption of
cryptocurrencies across various demographics.

01 | Clarity and Security

Regulatory bodies such as the Monetary Authority of Singapore (MAS) are enhancing
cryptocurrency operations with clear guidelines. MAS has defined the legal status of
digital assets, set responsibilities for service providers, and imposed stringent anti-
money laundering (AML) practices and consumer protections, boosting transaction
security and investor appeal.

Globally, the European Union is progressing towards a unified regulatory framework

with the Markets in Crypto-Assets Regulation (MiCA), aimed at ensuring market
integrity and protecting investors. Similarly, the UK’s Financial Conduct Authority
(FCA) and South Africa’s Financial Sector Conduct Authority (FSCA) are refining their
cryptocurrency regulations, aligning with trends towards secure, well-regulated
markets.

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 SECTION 3

The Role of Regulation in

Driving Cryptocurrency
Adoption

02 | Institutional Engagement

A clearer regulatory environment has 2024: A landmark year for Bitcoin

also led to increased institutional
interest. With defined rules, financial In 2024, Bitcoin saw significant
institutions are more willing to offer milestones with the introduction of the
crypto-related products, making these first spot Bitcoin ETFs in the U.S., starting
assets accessible to a broader January 11. This allowed investors to
audience. This is evident from the engage with Bitcoin through familiar
recent introduction of Spot BTC ETFs. methods akin to stocks. Major
investment firms like BlackRock joined
Top 3 Bitcoin ETFs by AUM this effort, marking a significant
integration of cryptocurrencies into the
Ticker ETF Name AUM (USD)
traditional financial sector.
GBTC Grayscale Bitcoin Trust 20.06B
Hong Kong has also announced plans to
IBIT iShares Bitcoin Trust 19.61B
launch its spot Bitcoin ETFs by April
Fidelity West Origin 2024, aiming to increase Bitcoin's appeal
FBTC 11.08B
Bitcoin Trust in Asia.
Source: VettaFi Updated as of 24/05/2024

Why it Matters
What are Spot Bitcoin ETFs?
The introduction of these ETFs has
Spot Bitcoin ETFs allow you to invest in
made Bitcoin a mainstream investment
Bitcoin as straightforwardly as buying
stock market shares. Unlike futures ETFs option by enhancing investor
that bet on future prices, spot ETFs confidence. This has encouraged more
invest directly in Bitcoin, providing people to invest in Bitcoin, potentially
immediate access to its market price. transforming the global financial
landscape.

Triple-A | Page 18
 SECTION 3

The Role of Regulation in

Driving Cryptocurrency
Adoption

03 | Consumer Protection Measures

In Singapore for instance, MAS has implemented measures that discourage

speculative trading among retail customers, safeguarding consumer interests.
These include:

Promotional Restrictions
1
Cryptocurrency service providers are restricted from advertising their services in
public spaces and online platforms to prevent trivializing the associated risks.

2
Risk Disclosure
Providers are required to clearly inform customers about the inherent risks of
trading cryptocurrencies, as per regulatory guidelines.

3 Physical ATM Restrictions

The installation of cryptocurrency ATMs in public areas is discouraged
to prevent impulsive trading decisions.

4 Regulation on Derivatives
Promotion of derivatives that use cryptocurrencies as underlying assets, such as
futures and contracts-for-differences, is controlled to ensure they are not
misrepresented as less risky or regulated investments.

These guidelines aim to protect consumers and maintain the integrity of the financial
system by preventing misleading promotions and ensuring transparency about the
high risks associated with trading in cryptocurrencies.

Triple-A | Page 19
 SECTION 3

The Role of Regulation in

Driving Cryptocurrency
Adoption

04 | Global Standards and Compliance

Regulations such as the Payment Services

Act in Singapore and similar frameworks in
the U.S. have aligned with global standards
set by bodies like the Financial Action Task
Force (FATF). This international compliance
has facilitated cross-border crypto
transactions and investments, broadening
the market and increasing the total number
of crypto users worldwide.

The regulatory advancements in 2024 have

not only mitigated risks but have also
contributed to the perception of
cryptocurrency as a more legitimate and
viable asset class.

These regulatory efforts demonstrate

a commitment to integrating
cryptocurrency into the global
financial system while working to
ensure it remains a safe, stable, and
secure investment option.

Triple-A | Page 20
 SECTION 3

The Role of Regulation in

Driving Cryptocurrency
Adoption

PwC Global Crypto Regulation Report

Data compiled from an in-depth 2023 research study conducted by PwC on

cryptocurrency regulation across 35 jurisdictions show that most countries are
either in the process of or have already implemented legislation on cryptocurrencies.

From all corners of the globe, governments are working on building the regulatory
framework for cryptocurrencies to ensure transparency, protect consumers, and
foster innovation in the financial sector.

Regulatory Framework AML/CFT

No. of No. of
Status Status
Jurisdictions Jurisdictions

Legislation/Regulation in place 15 Measures implemented 20

Pending final legislation 5 Pending final measures 4

Process initiated or plans Process initiated or plans

10 8
communicated communicated

Regulatory process not initiated 2 Regulatory process not initiated 1

The country prohibits The country prohibits

3 2
cryptocurrencies cryptocurrencies

Triple-A | Page 21
 SECTION 3

Bitcoin Halving
Every four years, the Bitcoin community experiences a significant event known as the
"Bitcoin halving," which cuts the reward for mining new blocks in half. This process is
designed to prevent inflation and increase the scarcity of Bitcoin, similar to how
precious metals like gold are mined.

Originally, Bitcoin miners received 50 bitcoins per block. However, this reward is
halved at each halving event, reducing the rate at which new bitcoins enter
circulation. This deliberate slowdown in supply growth mimics the extraction limits of
natural resources, inherently boosting Bitcoin's value over time.

Here’s why this matters.

Inflation Control
By reducing the rate of new bitcoins entering the system, Bitcoin mimics
the scarcity-based appreciation seen with precious metals. This built-in
scarcity is crucial for its appeal as "digital gold."

Investor Interest Spike

Historically, each halving has catalysed significant bullish trends in the Bitcoin
market. Investors often anticipate these events, leading to increased buying
activity in the months leading up to a halving.

Long-Term Sustainability
Bitcoin halving events are expected to continue until around 2140,
ensuring a slow release of new bitcoins and promoting sustainable
mining practices.

Triple-A | Page 22
 SECTION 3

Bitcoin Halving
Historical Overview of Bitcoin Halving Events

Block Value One Value 6 Percentage

Event Date
Reward Month Prior Months After Share

Introduction
03/01/2009 50 - - -
of BTC

First
28/11/2012 25 $10.70 $132.30 1136.45%
Halving

Second
09/07/2016 12.5 $574.63 $902.83 57.12%
Halving

Third
11/05/2020 6.25 $6,843.96 $15.701.34 129.42%
Halving

Source: Coinmarketcap

The recent Bitcoin halving, which took place in

April 2024, has been a significant event for the
cryptocurrency community. It was not just a
technical adjustment but also a moment of
economic recalibration that has potentially
driven Bitcoin's price upward, attracting new
investors and reaffirming the commitment of
long-term holders.

This event has maintained and expanded

interest among a diverse audience, from casual
observers to dedicated enthusiasts, all eager to
see its impact on Bitcoin’s future.

Triple-A | Page 23
 SECTION 3

The Role of Media, Education, and FOMO

in the Rise of Cryptocurrency Ownership

The excitement around However, the fear of missing out (FOMO)

cryptocurrencies is often amplified by can lead to impulsive investments, fuelling
media coverage, which tends to scams and threatening the credibility of
highlight sensational success stories, cryptocurrencies. This behaviour risks
attracting a diverse audience to the deterring long-term adoption. To address
crypto space. Social media platforms these challenges, implementing robust
further amplify these narratives, regulatory frameworks is essential. These
demystifying the technology and regulations will protect investors, enhance
making it appear more approachable to the legitimacy of cryptocurrencies, and
people from various backgrounds. support sustainable growth within the
ecosystem.
In response to this widespread interest,
educational efforts have significantly This combination of media narratives,
increased to help everyone understand education, and FOMO is expanding the
the complexities of cryptocurrencies. A appeal of cryptocurrencies. They are
wealth of resources is now available, becoming more accessible and attractive
including platforms like Binance to a broader audience while fostering a
Academy and Research, Crypto.com culture of well-informed participation in
University, and Coinbase Institute. the digital currency space.

Triple-A | Page 24
 SECTION 3

Macroeconomic Catalyst: Inflation

In a world increasingly characterised by economic uncertainty, cryptocurrencies are
gaining traction. Citizens in countries experiencing hyperinflation and currency
devaluation are turning to cryptocurrencies to preserve their wealth and maintain
financial stability.

Inflation and Hyperinflation

Imagine going to the store and finding that the price of bread has doubled from one
week to the next. This is the harsh reality of an inflationary environment, where the
cost of essentials steadily climbs, making budgeting and financial planning
challenging. Inflation measures these overall price increases, reducing the purchasing
power of money—what your money buys today may not buy tomorrow.

Now picture hyperinflation—a more severe scenario. Here, prices rise more than 50%
per month, causing the local currency to plummet in value. People often turn to
foreign currencies or commodities like gold that retain value better. The impact is not
just financial; it’s deeply personal, affecting daily life and future plans.

Inflation rate, average consumer prices

Annual percent change

25% or more
10% - 25%
3% - 10%
0% - 3%
Less than 0%
No Data

Triple-A | Page 25
 SECTION 3

The Role of Cryptocurrency in Hedging Against Inflation

In such turbulent economic times, cryptocurrencies have emerged as a potential

hedge for many. Consider Bitcoin, a digital currency that operates on principles
different from traditional money:

Decentralisation
Cryptocurrencies operate on networks that are not controlled by any
central authority, like a government or bank. This means they are not
subject to the same policy decisions that can lead to inflation.

Limited Supply
Crypto mirrors the scarcity of resources like gold, which is a key factor in
its appeal as "digital gold." There is a cap on the total number of Bitcoins
that can ever exist, safeguarding it against the devaluation that can occur
with the overprinting of traditional currency.

For many, turning to cryptocurrencies is a strategy to protect savings from inflation. In

countries like Türkiye and Venezuela, where currency devaluation and hyperinflation
are severe, some use cryptocurrencies for daily transactions and financial security.

Through the lens of inflation, we see the impact on daily life and how cryptocurrencies
can provide stability. This isn't just about market trends or investments—it’s about
finding reliable ways to secure financial futures in an uncertain world.

Country Projected Annual Inflation Change 2024

Zimbabwe 561.0%

Argentina 249.8%

Venezuela 100.0%

Türkiye 59.5%

Source: International Monetary Fund

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 SECTION 3

Case Study: Argentina

Navigating economic turbulence with cryptocurrencies

In 2024, Argentina continues to grapple with its longstanding economic issues,

marked by rampant inflation. The Argentine peso's value plummeted by over 74%
YoY, severely undermining Argentinians' financial stability and their ability to manage
daily expenses. As a response, many Argentinians are turning to cryptocurrencies
to preserve their wealth and protect themselves against local currency inflation.

Source: Chainalysis - The 2023 Global Crypto Adoption Index

Cryptocurrencies, An Efficient Alternative Payment Method

Amid these challenges, cryptocurrencies allowing users to pay for purchases

have surged in popularity, not as with cryptocurrencies at any store
investment vehicles but as vital financial accepting card payments.
tools. In 2023, Argentina saw an
astounding $85.4 billion in crypto This card instantly converts crypto to
transactions, making it a leader in Latin pesos at the point of sale, seamlessly
America for cryptocurrency adoption, integrating digital currencies into
according to Chainalysis. regular shopping routines. This
practical use of crypto helps
In addition, Argentinians have adopted normalise its presence in daily
crypto as a form of payment, with transactions, making it a mainstream
companies such as Lemon Cash financial resource.
launching a crypto credit card,

Triple-A | Page 27
 SECTION 3

Case Study: Argentina

Navigating economic turbulence with cryptocurrencies

In 2024, about 5 million Argentinians actively use cryptocurrencies for everyday

transactions. This shows that crypto isn't just a speculative asset; it's a component of
daily life in Argentina.

This widespread adoption highlights a shift towards more stable and reliable
financial practices, providing a buffer against the harsh economic conditions of
inflation and devaluation.

Source: Bloomberg (Exchange Lemon)

The Road Ahead

Argentina's economic fluctuations are driving the use of cryptocurrencies,

highlighting their practical value beyond just investments. For many Argentinians,
cryptocurrencies are becoming a tool to navigate the volatility of local currencies,
proving the real-life benefits of this technology.

Triple-A | Page 28
Payments for a Digital World.
Borderless Collections & Global Payouts.

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paid in both traditional and digital currencies, volatility-free.

From API to no-code integration, our frictionless, white-label payment solutions are
designed to blend smoothly into existing business operations — all while upholding the
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Accept Digital Currency

Payments
Accept payments in digital currencies and
get settled in your bank account the very
next day.

· E-Commerce check out

· Pay by link/ invoice
· Wallet top-up

Optimise Your Treasury

Create digital bank accounts. Receive and
make global transfers in any currency.

· IBAN
· Collect funds from emerging
markets
· Global payments and FX
· Deposit and withdraw funds in
digital and local currencies

Triple-A | Page 29
Reach 560M+ digital currency
owners globally while optimising
your payment operations.

Make Payouts in Digital

Currencies
Pay businesses and individuals with digital
currencies and stablecoins, anywhere,
anytime & instantly.

Make Payouts in Local

Currencies
Send funds across the globe to
bank accounts, cards & wallets across
50+ countries.

Want to learn how we can help you

grow your business?
Get in touch.

sales@triple-a.io
www.triple-a.io

Triple-A | Page 30
Who We Serve

FinTech & Digital Wallets Professional Services

E-commerce & Marketplaces Gaming

Payment Service Providers Travel & Hospitality

Financial Institutions Web3

Creator Economy & Freelance Platforms

We are a multi-licensed Trusted by

Financial Institution 20,000+ businesses
Licensed as a Major Payment Institution
(MPI) by Monetary Authority of Singapore

Licensed as a Payment Institution by the

ACPR & registered as a Digital Asset Service
Provider by the AMF under the auspices of
Banque de France

Registered with the US Financial Crimes

Enforcement Network (FINCEN) as a Money
Service Business (MSB)

Triple-A | Page 31
Future Outlook
As we look ahead, it's clear that cryptocurrencies are here to stay. With 6.8% of
the global population owning cryptocurrencies—the equivalent of the populations
of Mexico, the United Kingdom, Spain, Brazil, South Africa, and Canada combined—
their growing importance in the global financial landscape is evident.

Cryptocurrencies are changing how we handle

money. They're becoming popular not just for
investments but also for everyday transactions.
Governments are setting up rules to make them
safer, and new tech is making them easier to
use. As the world becomes more connected,
cryptocurrencies are going to play a bigger role
in our financial lives.

Using cryptocurrencies can make shopping and

business transactions simpler and more secure.
Businesses that start accepting crypto
payments now can show they're forward-
thinking, staying ahead in the market.

As Bill Gates said, "We always overestimate the

change that will occur in the next two years and
underestimate the change that will occur in the
next ten." This quote captures the possible
potential cryptocurrencies have in changing the
financial world.

The growing use of cryptocurrencies is a big

shift in the financial landscape. Embracing this
change opens up new opportunities and
solutions for businesses, and the continued rise
in cryptocurrency adoption is likely to drive
more innovation and make digital currencies an
essential part of our future economy.

4
Triple-A | Page 32
"We always overestimate the change
that will occur in the next two years
and underestimate the change that
will occur in the next ten."

Bill Gates

Triple-A | Page 33
Research Methodology

For the latest Triple-A Global Digital Currencies Ownership data, Triple-A utilised the following
metrics: (i) Country Weighted Scoring, (ii) Outlier Research and (iii) Primary Data Collection to obtain
the most encompassing and accurate set of statistics in conjunction with the various data sources
that we evaluate.

01 Country Weighted Scoring 02 Outlier Research

Our refined scoring mechanism is anchored in For the specified countries, Triple-A has
the data provided by the Chainalysis 2023 conducted in-depth research and data
Geography of Cryptocurrency Report. It sampling due to the inherent nature (i.e large
incorporates a multi-faceted scoring system population size) of these countries, which
based on the following criteria: resulted in less accurate findings based on the
above approach. Data collected from third-
On-chain retail value received at party providers and local Triple-A data is then
centralised exchanges evaluated to obtain a more precise figure for
Total on-chain cryptocurrency value the specified countries.
received at centralised exchanges
Trade volume on Peer-to-Peer (P2P)
exchange platforms 03 Primary Data Collection

On-chain cryptocurrency value The dataset from Triple-A was supplemented

transacted through Decentralised Finance
with additional research using commonly
(DeFi) protocols,
applied methodologies. Furthermore, publicly
On-chain retail value transitions within
available data from a variety of sources was
DeFi protocols
used to complement survey data. Utilising data
that are crunched with numerous criteria,
With the use of Chainalysis, we ascertain the
various databases and different factors, the
correlation between a country's specific
index score and the extant ownership processed data and findings are then weighed
percentages reported by secondary research and analysed against each other based on the
papers. This correlation will be used in our following benchmarks (i) Time of Publishing (ii)
estimations, which enables an extrapolation Scope and Scale of Survey (iii) Internet
of cryptocurrency ownership across the Penetration Rate (iv) to obtain a finalised
global populace. ownership number specific to each country.

For the Cryptocurrency Ownership Demographics, Triple-A surveyed 7,000 participants across
seven countries—Argentina, Brazil, Mexico, the USA, Hong Kong, Canada, and the UAE—in 2023 to
assess consumer attitudes towards cryptocurrency payments.

Triple-A | Page 34
Research Disclaimer

This document is a general market commentary

provided by Triple-A and its affiliates. It should not be
considered as financial, investment, legal, tax, or any
other type of professional advice. It does not promote or
recommend any specific investment strategies, financial
instruments, products, or services. The insights and
opinions expressed are based on information believed to
be reliable from both public and proprietary sources, but
accuracy, completeness, and utility are not guaranteed.

Triple-A exercises diligence to keep information current

and accurate but does not warrant the content of this
report. This includes forward-looking statements,
estimates, and forecasts, subject to various risks and
uncertainties, which may change without notice. The
views expressed are as of the date of the report.

Distribution of this document is strictly controlled. It is

not for public dissemination and cannot be copied,
shared, or redistributed, in whole or in part, without
Triple-A’s explicit approval. This restriction also covers
use in jurisdictions where distribution might violate local
laws or regulations or impose additional obligations on
Triple-A. Any public or commercial use requires proper
acknowledgment of Triple-A as the source.

All trademarks and logos mentioned are owned by their

respective holders.

Triple-A | Page 35
Payments for a Digital World.
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