According to a study, the African continent now represents 16.5% of the global market with an estimated 53 million cryptocurrency owners. The study findings suggest that Nigeria, which has more than 22 million crypto owners, currently accounts for more than a third of the continent’s total number of holders.
Nigeria Accounts for Over a Third of Africa’s Crypto Owners
According to Triple A’s latest crypto ownership data, the African continent now has an estimated 53 million cryptocurrency owners. This constitutes about 16.5% of the estimated global total of 320 million. Of all the crypto holders in Africa, Nigeria accounts for over a third of the total, or just over 22 million.
Globally, Nigeria has the fourth-highest number of crypto owners, while the United States is the top-ranked country, with 46 million cryptocurrency holders. According to the data, India and Pakistan are the next top-ranked countries, with 27.4 million and 26.4 million crypto owners, respectively.
Nigerian Bitcoin and Crypto Internet Searches the Highest Globally
While Nigeria is ranked fourth in terms of crypto ownership, the country is nonetheless seen as the world leader when it comes to the “number of people searching for “bitcoin” and “crypto” keywords on Google.” These findings are seemingly backed by the findings of another study, which suggested that Nigeria is the country most obsessed with cryptocurrencies.
Meanwhile, Triple A’s data shows that South Africa is the African country with the next highest population of cryptocurrency holders, at 7.7 million. This figure constitutes nearly 12.5% of South Africa’s population. Kenya has the third largest population of crypto owners in Africa, with 6.1 million, or 11.6% of the country’s population.
Completing Africa’s top five countries with the highest number of crypto owners are Egypt and Tanzania, which have 2.37 million and 2.32 million holders, respectively. Seychelles, which has an estimated 1,257 crypto owners, is the lowest-ranked African country.
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Terence Zimwara is a Zimbabwe award-winning journalist, author, and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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