Crypto adoption is growing at very different speeds around the world, even though blockchain networks themselves are designed to be borderless, according to PricewaterhouseCoopers (PwC).
In its Global Crypto Regulation Report 2026, the accounting firm said the way people use crypto is becoming increasingly uneven across regions, describing it as a fragmented global ecosystem.
PwC said local economic conditions, access to financial services, and the strength of existing financial infrastructure continue to determine whether crypto becomes a daily utility or a niche investment tool.
The report comes as crypto adoption has accelerated in the US, helped by a Trump-era shift towards a more supportive stance on digital assets, which has encouraged institutions to launch products tied to cryptocurrencies and stablecoins.
Adoption gaps widen across regions
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PwC said that while crypto networks do not stop at borders, adoption does.
The firm pointed to payments, remittances, savings, capital markets, and tokenisation as key use cases, but noted that their development is not happening evenly across the globe.
In some markets, crypto is increasingly connected to everyday financial needs, such as moving money quickly, sending funds across borders, or holding value outside traditional systems.
In other regions, the focus is more on capital markets innovation, with digital assets being used as part of institutional products and tokenised structures.
PwC said these differences are shaped by national conditions, including how stable local currencies are, how easily consumers can access banking services, and how mature a country’s payment and settlement infrastructure is.
This, the firm argued, has led to a fragmented crypto economy where the same technology is solving “very different problems” depending on the market.
Trump-era policy boosts US institutional confidence
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PwC’s report comes amid faster uptake of blockchain and crypto in the US, driven by a policy environment seen as more supportive of the sector.
The firm said the crypto-friendly Trump administration has given institutions greater confidence to build and launch products linked to cryptocurrencies and stablecoins.
That shift has helped accelerate adoption in the US, especially among large financial firms that had previously hesitated due to legal uncertainty.
PwC said regulatory progress has played a key role in shaping the market’s direction, allowing institutions to move beyond limited pilots and into deeper integration.
However, some analysts remain cautious about the political dimension of this momentum.
They have warned that a future administration that is less supportive of crypto could affect institutional sentiment, particularly if regulatory priorities change or enforcement pressure returns.
Institutional interest past the point of reversibility
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PwC said institutional interest in crypto has crossed what it called the “point of reversibility,” with major players now embedding digital assets into core business strategies.
The firm said banks, asset managers, payment providers, and large corporates are integrating crypto into infrastructure, balance sheets, and operating models.
PwC added that this shift is changing how the market functions, as institutional participation changes expectations around governance, resilience, accountability, and scaling.
In practical terms, PwC suggested that institutional standards may displace some crypto-native practices, as firms bring stricter frameworks for risk management, product design, and operational control.
On Wednesday, CryptoQuant CEO Ki Young Ju pointed to the scale of institutional accumulation in the Bitcoin market.
He said institutional funds have scooped up 577,000 Bitcoin (BTC) over the past year, which is equivalent to roughly $53 billion.
“Institutional demand for Bitcoin remains strong,” he said.
Why price expectations may be misread
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Despite the rise in institutional interest, analysts have raised doubts about whether this shift will deliver the kind of price surge many retail investors expect.
Macro researcher and FFTT founder Luke Gromen said institutional investors are unlikely to push Bitcoin sharply higher this year unless the market sees a major catalyst.
He warned that expecting institutions to drive Bitcoin from 90 to 150 may be unrealistic without a market-moving event.
The comment reflects a broader view that institutional buying can reinforce stability and long-term adoption, but may not automatically translate into explosive upside in the short term.
PwC’s report, however, suggests the bigger structural trend is not only the growing presence of institutions, but also the uneven pace of adoption worldwide.
While the US is seeing faster product development under a more supportive political environment, other regions are moving at their own speed, shaped by local constraints and different use cases.
