A new report has connected the rise in crypto-related activities on the messaging application Telegram to the overall crypto adoption worldwide. According to the data, Africa and Eastern Europe have registered a high number of new users over the last few months. The trend has been connected to an increase in the usage of the messaging app.
A recent study by Bybit examined the crypto adoption rate in emerging markets to developed regions. The study revealed that Telegram data provided the answers to the behaviors in the crypto sector, predicting market data, and identifying trends.
African youths lead crypto adoption surge on Telegram
According to the study, Africa recorded the highest number of new users during the study. The continent saw a massive surge of 189% during the study from January 2023 to August 2024. With the surge, the total number of users on the continent climbed above 3 million.
The report noted that the great rise could be tied to the growing influence of crypto among the youth population. Bybit claimed that this predominance can be credited to the youths, with about 56% of the continent’s population under 25.
Many people in that age range have been exposed to crypto, explaining their significant presence on Telegram. Also, the reports stated that the youths find venturing into crypto more lucrative than traditional assets.
Other factors attributed to the rise include the increase in instability and difficulty in accessing banking services. Similarly, the continent also has a large pool of tech-savvy residents, and its digital space has been improving.
Bitget predicts a positive outlook
A recent Bitget report has also predicted a positive future for the cryptocurrency market in Africa. The report predicts that the total number of crypto users could hit above 50 million next year. Nigeria and South Africa are two countries that will drive the said growth.
The second spot is expected to go to Asia due to its crypto-using under-25 population standing at 31%. Eastern Europe ranks third largely due to its resident’s shift from traditional fiat currencies to crypto. One driver of the switch is the unending tussle between Ukraine and Russia.
Meanwhile, Western Europe had been predicted to be unsuccessful in attracting new users. This is in part due to the regulatory environment in the region. The European Union has already looked into crypto regulations that users in the region find invasive.