Telegram activity fuels crypto adoption in Africa and Eastern Europe

A new report has drawn parallels between a surge in crypto-based Telegram activity and cryptocurrency adoption worldwide. The data revealed that Africa and Eastern Europe have been spearheading the acquisition of new users over the last 20 months. It linked the trend to increased usage of the instant messaging app. 

Bybit Research’s study compared crypto adoption rates in emerging markets against those of other developed regions. It also found that Telegram data provided insights into the crypto community’s behavior, identifying trends and predicting market movements. 

Africa’s youth set crypto adoption pace on Telegram 

According to the findings, Africa added the largest number of new crypto users during the research period. The continent recorded an 189% jump in those numbers between January 2023 and August 2024. That leap saw its user stats surpass the 3 million mark. 

The report pinned this rise to the continent’s expansive youthful population. It stated:

The predominance of Africa in this regard can be explained by its young population, with over 56.5% of residents under the age of 25.

~Bybit

Many in that age group identify with the digital natives’ lifestyle and, therefore, have a significant presence on Telegram. Again, they are likely to find crypto investments more appealing than other traditional avenues. 

Other possible factors behind the surge include economic instability and limited access to banking services. Similarly, the region has a large pool of tech-savvy residents and is making strides to innovate its digital finance landscape. 

Bitget projects a positive outlook  

Bitget’s report casts an optimistic future for the African cryptocurrency market. It predicts that the continent’s crypto users will reach 53.89 million by 2025. Two nations, Nigeria and South Africa, will be the key drivers of that growth. 

Asia, where nearly 31% of its crypto-related Telegram users are under 25, will follow in second spot. Eastern Europe will come in third, its growth driven by a shift to crypto instead of traditional fiat currencies. A key factor behind that switch is the uncertainty raised by the Russia-Ukraine conflict. 

Meanwhile, Western Europe will continue lagging in its efforts to attract new crypto users. That’s largely due to the restrictive environment the region’s adopters operate in. The EU has been enacting a raft of legislation to regulate the digital assets sector, efforts that crypto purists find invasive. 

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