We started a whole thread about this
in the Spanish forum. But we didn't come to a really convincing conclusion yet.
Regarding crypto users, the US seems to be only third in the world - of course there are only rough estimates, but it seems India and even China (despite the heavy restrictions) have more crypto users than the US, of course due to their larger population (see
Triple-A estimates).
Main factors may be:
1) the US as the leading economy in general, and the presence of US news in the world's media headlines,
2) the US as the place where most modern "tech companies" reside -- in reality, most modern software companies, because industrial tech is mostly located in Asia
3) several founders of big cryptocurrency businesses (Binance, for example) and also altcoins are from the US or located in the US,
4) the Wall Street as the world's "money hotspot" and synonym of Capitalism in general, which is important above all for financial products like ETFs, but also crypto stocks,
5) of course, in recent years also the large mining sector (35-45% of the world's hashpower, according to estimates)
I think while these points of course are important, the importance for the crypto market in my opinion is disproportional. Much more bullish than a crypto-friendly legislation in the US, where already 15% of all people have owned crypto-assets, would be a crypto-friendly legislation in India for example, or a lifting of the restrictions in China. I'm thus quite bullish regarding the developments in Hong Kong (the authorization of Bitcoin and Ethereum ETFs there), because they can hint to a change in the Communist Party's views about Bitcoin and cryptos, and possible further removal of crypto restrictions in China.
