Although the use of crypto-currencies presents significant risks especially, with regard to trading, they are increasingly adopted around the world. By 2021, the growth rate of cryptocurrency adoption is estimated to be 880%. While this trend is much more tangible in continents like Asia, America and Europe, it is also observable in Africa. So, in this article, we look at the African countries with the most cryptocurrency users.
In Ethiopia, cryptocurrencies are experiencing a rather divided fate between acceptance and rejection. Just recently, transactions involving digital currencies were banned by the country’s central bank. The reason given is the transformation of crypto-currencies, especially bitcoin, into a means of money laundering. This decision comes, however, in a context where virtual currencies were becoming increasingly popular in Ethiopia. Ethiopia is one of the countries with the largest number of virtual currency users on the African continent. An estimated 1.1 million people have adopted cryptocurrencies in Ethiopia.
The Egyptian pound, the currency used in Egypt, is now in the process of devaluation. This situation, by making it less and less adopted by Egyptian investors, opens up a real boulevard to crypto-currencies. Indeed, the latter are surfing on the poor health of the Egyptian pound to progress in this country. Many Egyptians have found, indeed, in these virtual currencies, an opportunity to diversify their sources of income. Many investments are, as a result, made in cryptocurrencies. There are, today, more than 1.7 million holders of crypto-currencies in Egypt.
4.2 million is the impressive number of cryptocurrency users present in South Africa. South Africans actually rely on the level of profitability of virtual currencies to invest in them. They see them, in plain English, as an investment that can bring in more income, compared to banks. With a rate of 60%, it is naturally, men who invest the most in cryptocurrencies. It goes without saying that South Africa has a lot of cryptocurrency traders. Among them, some use bitalpha ai app to make investments. You just have to click to find out more about this platform.
Kenya is a notch ahead of South Africa in terms of cryptocurrency adoption. In fact, here, there are more than 4.5 million individuals who transact in virtual currencies. It is clearly one of the best positioned countries in this regard, both in Africa and elsewhere. In fact, globally, Kenya ranks 10th in terms of the most searched for term “cryptocurrency” on the Google search engine. Furthermore, on the African continent, Kenyans are the largest holders of cryptocurrencies.
If Nigeria is the richest country in Africa, it also stands out as the African country with the largest number of cryptocurrency holders. Indeed, an estimated 13 million Nigerians have invested in these virtual currencies. Moreover, in no country in the world are Google searches as much about crypto-currencies as in Nigeria. This says a lot about the leading role this country plays in the world of crypto-currencies. Bitcoin is one of the most widely used crypto-currencies here.
However, despite all this data favorable to digital currencies, Nigeria is not immune to the sirens of discouragement from cryptocurrency users. Indeed, virtual currencies are banned there by the APEX bank.