New Study Shows Majority of Crypto Owners in Africa Are Nigerians

New Study Shows Majority of Crypto Owners in Africa Are Nigerians

  • A new study has placed Nigeria as the country with the highest number of cryptocurrency owners in Africa
  • According to the study, an estimated 22 million Nigerians own cryptocurrency, while there are about 53 million crypto holders in Africa
  • Of the top five countries in Africa with cryptos, South Africa is second, Kenya follows, while Egypt and Tanzania are trailing behind

There are an estimated 53 million cryptocurrency owners in Africa. A new study has found that the continent accounts for 16.5 per cent of the global total.

According to the study findings, Nigeria, with more than 22 million crypto owners, accounts for more than a third of Africa's total number of holders.

Cryptocurrency, Africa, Nigeria
Nigerians own the most cryptos in Africa Credit: Hinterhaus Productions
Source: Getty Images

Nigerians search cryptos more on Google

Triple A's latest crypto ownership statistics, Africa now has an estimated 53 million cryptos owners. This figure makes up about 16.5 per cent of the total global 320 million. Out of all the African holders, Nigeria accounts for over a third or just over 22 million.

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Nigeria is the fourth-highest number of crypto owners globally, while the US leads the pack with about 46 million cryptocurrency holders. However, the data said India and Pakistan are the top-rated countries with 27.4 million and 26.4 million crypto holders, according to reports.

While Nigeria comes fourth in the crypto ownership cluster, it is seen as a global leader in terms of the number of people searching for 'bitcoin' and 'crypto' key phrases on Google.

These findings are backed by another one who said that Nigeria is the country most obsessed with cryptos.

Africa's top five countries with highest cryptocurrency holders

Triple A's data also reveals that South Africa is next, with the highest population of cryptocurrency holders at 7.7 million. This figure makes up nearly 12.5 per of South Africa's population.

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Kenya is third in Africa, with about 6.1 million or 11.6 million of the country's population owning cryptos.

Among Africa's top five countries with the highest number of crypto owners are Egypt and Tanzania, which have about 2.37 million and 2.33 million holders, respectively. Conversely, Seychelles, with an estimated 1,257 owners, is the lowest in Africa.

Man who makes N6m monthly from Bitcoin reveals how to make money without buying Bitcoin reported that Emmanuel Akpa is a father who began trading in bitcoin after he lost his construction job.

According to him, the loss of his job threw him off balance and he began to research how to make money and take care of his family after unsuccessfully looking for a job, he told Daily News.

He began trading in Bitcoin in 2017. At first, Akpa said he was afraid as he did not know how he could make money from Bitcoin without in-depth computer skills or a degree in finances.


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