A recent study by cryptocurrency exchange Bitget highlights a 189% surge in crypto adoption across Africa, with a strong appeal among the continent’s youth. The report reveals a significant shift toward crypto, fueled by the growing popularity of Telegram-based communities.
According to Bitget’s findings, crypto-focused Telegram groups in Africa have expanded by 189% since early 2023, marking a clear migration in digital asset interest from traditional Western markets to emerging economies like those in Africa. Analyzing data from January 2023 to August 2024, Bitget found that these African crypto communities gained over 3 million new members, with a large proportion being under 25 years old—an age group that comprises roughly 56% of Africa’s population.
Key drivers behind this growth include economic instability, limited access to traditional banking, a highly tech-savvy youth demographic, and robust advancements in digital finance innovation, according to the report.
Further findings reinforce Africa’s position in the global crypto space. Chainalysis recently reported Nigeria as the top African nation in crypto adoption and second globally. Projections show that Africa’s crypto market could reach 54 million users by 2025, with Nigeria and South Africa at the forefront.
Bitget’s study emphasizes the role of mobile technology in expanding adoption, with Telegram emerging as a vital platform. Telegram’s integration of blockchain and its 950 million monthly users worldwide make it a go-to platform for crypto communities, especially in high-growth markets like India and Nigeria. Notably, India sees 84 million new monthly downloads on Telegram compared to just 6 million in the UK.
The report underscores the impact of Africa’s young demographic, rising mobile connectivity, and limited access to traditional financial services, positioning African markets as leaders in global crypto adoption.
Key Insights:
• Nigeria leads Africa in crypto adoption, followed by other high-adoption countries like Ghana, South Africa, Kenya, and Morocco.
• Economic factors, such as the devaluation of Nigeria’s naira, drive citizens toward cryptocurrencies as an alternative store of value, with stablecoins pegged to the US dollar becoming a popular choice.