The number of African crypto communities on Telegram grew by 183%

Representatives of the cryptocurrency exchange Bitget shared a report, where they noted that over the past year, the total number of communities in Telegram in Africa related to cryptocurrency has grown by 183%. The experts also noted that the market for digital assets will reach 54 million users in this region by 2025. At the same time, Nigeria and South Africa will be the leaders of the segment. The report noted that economic instability, limited banking services and a large number of tech-savvy young people contribute to the rapid growth in the popularity of cryptocurrencies in Africa. Meanwhile, according to the data presented, the growth in the number of industry communities in Western Europe was much more modest. It is estimated at 11% over the past year. This situation is due to stricter regulations and a mature market for traditional financial services. The population of African countries is often significantly younger in terms of age compared to Western and East Asian countries, which contributes to the accelerated adoption of digital assets. According to the FBI, the average age in Nigeria and Kenya is estimated to be around 19-20 years old. Whereas in the US and Japan it is between 40 and 50 years old. Many sub-Saharan Africans are also actively joining cryptocurrency communities, with

economic instability, opaque tax regimes and low wages being the key reasons for this trend. Many locals note that the same hunt for airdrops can be much more profitable than regular employment.

It is worth noting that the rapid growth of popularity in a number of African countries has attracted the attention of local governments. In this context, the March 2024 situation is worth noting. At that time, the leadership of Nigeria introduced legal measures against the site Binance.