Despite the market trend, Bitcoin and cryptocurrency adoption has grown over 880% in the past year. At this rate, Bitcoin and other cryptos are indeed attracting increased attention due to the fact that they are used as an investment tool instead of other good options. In many parts of Africa, crypto holders have been at the forefront of adopting innovative P2P payment methods as a way to skip options like bank transfers and these digital payment options.
This raises an obvious question. Which African country has the most crypto holders and users? According Triple-Ahere are the top 5 African countries with the most cryptocurrency holders.
Top 5 African countries with the most cryptocurrency holders
According to Triple-A, Nigeria has more cryptocurrency holders than any other African country. Yes, in Nigeria, over 10 million people own cryptocurrency despite the ban from the country’s apex bank. Nigeria is also the No. 1 country in the world in terms of the number of people searching for the keywords “Bitcoin” and “Crypto” on Google.
Second on the list is Kenya, with around 4.5 million people owning cryptocurrency. Kenya leads in terms of blockchain-related stakes and transactions and ranks among the top African countries for transaction volume on peer-to-peer platforms. Kenya also ranks in the global top 10 on “cryptocurrency” on Google.
3. South Africa – 4.2 million
South Africa ranks third on the list, with over 4.2 million people owning cryptocurrency. According to Triple A, 17% of South Africans said they use or own at least one form of cryptocurrency because it is highly preferred over banks, largely due to higher returns. Additionally, the demographics of crypto holders in the country are skewed towards men and younger generations. Men make up 60% of crypto investors, with 42% of crypto investors being between the ages of 18 and 30.
The demand for bitcoin in Egypt has increased as more than 1.7 million Egyptians have distributed more than half of their wealth in assets like bitcoin and other crypto-assets. One of the main reasons for this high adoption rate is that Egyptian crypto traders are looking for additional sources of income (either through) trading or holding bitcoins. As the country’s fiat currency faces devaluation, the number of Egyptian crypto users is expected to grow as investors seek more profitable currencies.
Despite having over 1.1 million crypto holders in the country, Ethiopia has recently made headlines for its crackdown on cryptocurrency trading. Earlier this month, Ethiopia’s central bank issued a statement calling Bitcoin “illegal”, prohibiting the use of any other currency except the Birr for all transactions. He took this stance as he believes that virtual currency is used to conduct informal financial activities and money laundering in the country.