It’s been a turbulent couple of years in the cryptocurrency market, with Bitcoin losing 60% of its value last year, the collapse of Terra’s UST stablecoin and the high-profile court cases surrounding crypto exchange FTX rocking confidence in the industry.
However, the future is still bright for the industry as companies are constantly developing new and innovative applications and cryptocurrency brokers around the world are springing up to meet the rising demand of new and experienced crypto investors.
But which countries still believe in the crypto revolution, and which have lost hope?
We’ve looked at how a number of factors have shifted since 2022’s crash to find out, including Google searches, the number of articles published, engagement with these articles, cryptocurrency ownership, the number of crypto ATMs and web traffic to the three largest crypto exchanges.
🇳🇴 Norway Crypto Interest Score: 1.86/10
Norway has lost the most interest in crypto, scoring poorly across the board and ranking in the bottom 10 for four factors. The Nordic nation has seen the biggest decrease in news articles on the topic, plunging from 1,324 in 2021 to only 118 this year, a drop of 91%.
🇦🇹 Austria Crypto Interest Score: 1.91/10
Up next is Austria, scoring in the bottom five for three factors, giving it an overall score of 1.91 out of 10. Press coverage in the country has declined drastically with the number of articles falling by 81% and article engagement at only 9% of its 2021 rate. Searches for crypto-related topics have also dropped by 51% over this time.
🇮🇪 Ireland Crypto Interest Score: 2.50/10
Rounding out the top three is Ireland, ranking last for web traffic, with the smallest increase of only 10%. It’s also seen the biggest drop in crypto ATMs, dropping from 75 in 2021 to zero this year. Crypto ownership has also decreased by 35%, the third biggest decline on the list.
🇯🇵 Japan Crypto Interest Score: 9.02/10
Japanese investors still have a strong interest in cryptocurrencies since the 2022 crash as the country is in the top three for all six factors we analysed. Japan is one of the only countries to see an uptick in articles written about crypto, with a rise of 8%. Engagement with crypto-related articles has increased by 13%, making it the only country on the list to do so.
🇫🇷 France Crypto Interest Score: 7.89/10
Taking second place is France, scoring highly across the factors we analysed, ranking in the Top 10 for five factors. The country has seen the second-lowest decrease in Google searches, only dropping by 21% since 2021. Crypto ownership has also increased in France, rising by 75% since 2021.
🇹🇷 Türkiye Crypto Interest Score: 7.45/10
Türkiye takes third place in the index. With web traffic to crypto exchanges increasing by 233% since 2021, it takes second place for the factor. Investors in the country are also some of the keenest to keep up with crypto news as it has the smallest decrease in article engagement, only dropping by 29% since 2021.
🇦🇷 Argentina (70%)
Argentina has seen the lowest drop in crypto-related searches since 2021, with interest dropping by 70%. However, things may be looking up in the country when it comes to crypto adoption. The president-elect recently announced an ambitious plan to adopt the US dollar as currency, using stablecoins and Bitcoin to facilitate the transition.
🇯🇵 Japan (20%)
With its reputation for innovation and developing cutting-edge technology, it’s no surprise Japan has seen the smallest decrease in searches since 2022’s crypto crash. Searches have only dropped by 20% over this time, far smaller than the average of 59%.
🇳🇴 Norway (-91%)
When it comes to crypto articles, Norway has witnessed the biggest drop over since 2022’s crypto crash, falling by 91% since 2021. The drop could reflect the country’s cautious attitude to crypto investing. Its central bank announced this year international regulations aren’t resilient enough to protect investors from risk.
🇳🇱 The Netherlands (38%)
As cryptocurrency is here to stay, press coverage of the subject has never been more important. More articles mean potential investors can easily get to grips with how cryptocurrencies work and where to put their money. The Netherlands has witnessed the biggest uptick in news articles about cryptocurrencies, which has risen by 38% since 2021.
🇲🇾 Malaysia (95%)
Malaysian investors have lost the most interest in keeping up with crypto news, at only 5% of 2021’s rate in 2025. This drop reflects the fall in the number of articles written on the subject in the country, which also fell by over a third during this time.
🇯🇵 Japan (13%)
The world of cryptocurrency is rapidly changing and evolving so it’s crucial for investors to stay up-to-date with changes in the markets and spot opportunities for potential investment. Japanese investors are the keenest regarding engagement with crypto articles, which has risen by 13% in the country since 2021.
🇸🇮 Slovenia (53%)
Despite an increase in crypto startups throughout the country, crypto ownership rates have seen the sharpest drop in Slovenia, declining by more than half over the last two years. This could reflect the lack of adoption of crypto as a payment method and the more cautious attitude of its investors.
🇸🇮 The United Arab Emirates (1631%)
Thanks to its government’s swift introduction of regulations protecting investors and encouraging investment, The United Arab Emirates has seen the biggest increase in crypto ownership. These regulations have increased investor confidence in cryptocurrencies, with ownership rising by 1631% since 2021.
🇮🇪 Ireland (10%)
Crypto exchanges in Ireland have seen the smallest increase in traffic since 2021, only climbing by 10%. Despite the low increase in traffic from investors, crypto exchanges are increasingly choosing Ireland as their European base thanks to government efforts to foster innovation in the country.
🇵🇱 Poland (252%)
Crypto exchanges in Ireland have seen the smallest increase in traffic since 2021, only climbing by 10%. Despite the low increase in traffic from investors, crypto exchanges are increasingly choosing Ireland as their European base thanks to government efforts to foster innovation in the country.
Belgium, Ireland, Malaysia, Singapore, The United Arab Emirates (100%)
Because of their rapid expansion and heavy regulation from financial authorities, many crypto ATM companies struggled to operate during the decline of the market, leading many to file for bankruptcy. As a result, crypto ATMs have disappeared completely in five countries across Europe, Asia and the Middle East.
🇦🇺 Australia (1697%)
Crypto ATMs, which enable cash to be quickly converted into cryptocurrencies, exploded in popularity during the height of the crypto boom. Enabling millions of people to buy and sell crypto without going through exchanges. Despite their popularity decreasing around the world, the number of Australian crypto ATMs has skyrocketed by 1697%.
Beginning with a list of countries with a Human Development Index Score higher than 80 according to The United Nations Development Programme for which data was available, we analysed each one on the following factors. We then gave each country a normalised score out of ten for each factor before taking an average across each score to reach our final overall score out of ten.
Percent Change in Google Searches
Search volumes were sourced using Google Ads’ Keyword Planner, taking the number of searches for a number of keywords, including cryptocurrency, crypto news, and cryptocurrency prices.
For each keyword, we took the total number of searches in each country between November 2020 – October 2021 and November 2022 – October 2025, before calculating the percent change between the two years.
Percent Change in Number of Articles
The number of articles posted online in each country that references any of the following terms according to BuzzSumo: cryptocurrency, crypto, Bitcoin, Ethereum.
For each country, we compared the number of articles posted in each country between September 2019 – August 2020 and Nover 2022 – October 2025.
Percent Change in Article Engagement
The number of engagements on articles posted online in each country that references any of the following terms according to BuzzSumo: cryptocurrency, crypto, Bitcoin, Ethereum.
For each country, we compared the total engagements in each country between September 2019 – August 2020 and November 2022 – October 2025.
Percent Change in Number of Crypto Owners
The total number of cryptocurrency owners in each country according to data from Triple A in 2021 compared to the total number of cryptocurrency owners in 2025.
Percent Change in Web Traffic
The total average monthly paid and organic traffic to the cryptocurrency exchanges Binance, Coinbase and Kraken according to Semrush.
For each country, we compared the total average monthly paid and organic traffic in each country between November 2020 – October 2021 and November 2022 – October 2025.
Percent Change in Crypto ATM per Million People
The total number of Crypto ATMs in each country according to Coin ATM Radar per million of the population in 2025 compared to the total number of Crypto ATMs in 2021 accessed using Internet Archive.
Population figures for each country were taken from The World Bank.
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