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The role of socio-economic development in shaping the level of cryptocurrency adoption on a global scale
https://doi.org/10.34020/2073-6495-2025-4-158-177
Abstract
The article examines the impact of socio-economic, institutional, and demographic factors on the level of cryptocurrency adoption worldwide. As the outcome indicator, the Global Crypto Adoption Index (2024) was used, covering 48 countries with the highest index values. The study applies principal component analysis to reduce the dimensionality of variables and to identify key latent factors: institutional and technological development, economic potential, quality of life, and socio-demographic profile. Based on cluster analysis, groups of countries with different models of cryptocurrency adoption were identified. The results show that in developed countries cryptocurrency adoption follows an investment-oriented model, in transitional economies it is constrained by institutional limitations, while in crisis economies it performs a compensatory function. The findings have practical significance for shaping national strategies of digital transformation and regulating the cryptocurrency sector.
About the Authors
L. P. Bakumenko
Mari State University
Russian Federation
Russian Federation
Lyudmila P. Bakumenko, Doctor of Economics, Professor, Head of Department
Department of Applied Statistics and Digital Technologies
Yoshkar-Ola
N. S. Vasilyeva
Mari State University
Russian Federation
Russian Federation
Nadezhda S. Vasilyeva, Postgraduate Student, Lecturer
Department of Applied Statistics and Digital Technologies
Yoshkar-Ola
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Review
For citations:
Bakumenko L.P., Vasilyeva N.S. The role of socio-economic development in shaping the level of cryptocurrency adoption on a global scale. Vestnik NSUEM. 2025;(4):158-177. (In Russ.) https://doi.org/10.34020/2073-6495-2025-4-158-177
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