Research carried out by Bitget, a leading cryptocurrency exchange, has revealed that African crypto adoption has surged by 189% and blockchain technology is quite popular amongst the young in the continent.
The research revealed that the surge is driven by telegram-based crypto communities which have grown by 189% since early 2023.
The development reveals a turnaround in global digital asset adoption from traditional Western countries to emerging economies like most African countries.
The Bitget research analyzed crypto-related telegram activity across multiple jurisdictions between January 2023 and August 2024.
The Bitget study revealed that Africa’s crypto-focused Telegram groups have added over 3 million members driven by a young and dominant demographic of under 25. This dominant demographic makes up about 56% of the total population.
The leading factors for crypto adoption are economic instability, limited access to banking services, the large number of tech-savvy youth, and the active advancement of innovation in digital finance,” the report states.
Crypto Clock earlier reported that a Chainalysis report cited Nigeria as the leading African country in terms of crypto adoption and the second on the global list.
The crypto market in Africa is projected to reach 54 million users by 2025, with Nigeria and South Africa leading the charge.
The Bitget research stressed the crucial role of mobile technology in driving adoption. Telegram with its recent integration of blockchain technology is also a key driving force in global crypto adoption.
Telegram’s 950 million monthly active users have made it the go-to platform for cryptocurrency communities in emerging markets like India and Nigeria.
India alone generates 84 million new downloads monthly, compared to just 6 million in the UK.
The dominance of emerging markets like Nigeria and India in global crypto adoption is a result of a combination of various factors.
The combination of a large young demographic, increasing mobile connectivity, and limited access to traditional banking services positions these emerging markets to dominate crypto adoption on the global scene for a long time.