If you look at the markets currently, you would find that cryptocurrency is undergoing what some analysts are calling the “Crypto Winter” highlighted by a vast devaluation of large swathes of the crypto industry culminating in the loss of around $2-trillion across the board.
While hundreds of smaller tokens have died off and the largest coins are currently fighting for relevancy, the world’s most important cryptocurrency – Bitcoin – maintains a respectable valuation and is currently the industry’s last remaining shining hope.
Still, cryptocurrency adoption remains high – Business Insider writes that crypto adoption has increased by over 880% in the past year. The world is still going crazy for virtual currencies and Africa, the leapfrog continent, never to be left too far behind, has emerged as a crypto haven.
To answer the question of which African country has the most cryptocurrency holders, we looked at cryptocurrency payment company and database collector TripleA, especially at trends of global crypto adoption.
The company collected data from a total of 16 worldwide cryptocurrency reports from a wide number of sources, including the University of Cambridge, Statista and the Bank of America, to name a few.
To find out more about their methodology, read here. The following list takes into account the raw number of actual people who hold any cryptocurrency in their respective African countries.
These are the Top 10 African Countries with the Most Cryptocurrency Holders:
10. Uganda984,731
9. Morocco1,151,520
8. Ghana1,391,703
7. Ethiopia1,827,706
6. DRC2,038,909
5. Tanzania2,323,874
4. Egypt2,372,936
3. Kenya6,101,599
2. South Africa7,712,116
1. Nigeria22,223,791
Nigeria remains the undisputed king of crypto in Africa with far and away the highest number of crypto users/holders in all the continent. Nigeria also has the 4th largest amount of crypto users in general on Earth beaten only by Pakistan, India and the US.
The most populous country in Africa is followed closely by arguably Africa’s most developed nation, South Africa.
Interestingly, Africa’s four powerhouse economies are the four countries with the most crypto holders – Nigeria, SA, Kenya and Egypt, respectively. They are followed by the emerging economies of Tanzania, and interestingly enough Ethiopia (which is only recently seeing a technology revolution) and the Democratic Republic of Congo.
By Luis Monzon
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Podcast by IT News Africa
South Africa is currently facing a negative-savings culture due to rising inflation rates and all-around economic woes. More and more people are forced to live salary to salary and dip into their savings to fund their lifestyles. Enter: Upnup.
In this episode, Luis Monzon talks to Upnup MD Tony Mallam about how South Africans can use to platform to start saving money, the dreaded crypto winter, and the future of investments in Africa.
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