Ray Youssef, the CEO, and co-founder of the peer-to-peer crypto trading platform, Paxful, tweeted in response to the Certified Investment Trader from Nigeria, Olumide Adesina’s post on Africa’s high records on crypto transactions.
Youseff reflected back on the way in which people laughed at Africa’s adoption of crypto seven years before. He commented that the current state of African crypto trading is more than adoption, but a “civilization scale revolution”:
7 years ago ppl laughed at Africa adopting bitcoin. This is more than adoption or even just leading.. this is a civilization scale revolution. https://t.co/yHESjwtHOK
— Ray Youssef (@raypaxful) December 17, 2022
According to recent reports by a US agency, UNCTAD, cryptocurrencies are significantly becoming popular in the African countries. As per the reports, in 2022, the crypto users in Kenya are 8.5%, in South Africa 7.1%, and in Nigeria 6.3%.
Notably, the Central African Republic has adopted bitcoin as a legal tender, following which the South African forex brokers increased bitcoin prices adhering to the market trend.
As per the reports of the blockchain forensic firm, Chainalysis, there has been a major growth of over 1200% in the crypto market in Africa, “the third fastest-growing cryptocurrency economy”, from 2020 to 2021:
Not only has Africa’s cryptocurrency market grown over 1200% by value received in the last year, but the region also has some of the highest grassroots adoptions in the world, with Kenya, Nigeria, South Africa, and Tanzania…Africa also has a bigger share of its overall transaction volume made up of retail-sized transfers than any other region at just over 7%, versus the global average of 5.5%.
According to the reports by Chainalysis, Sub-Saharan Africa has exceptional crypto adoption and usage, owning the world’s highest proportion (80%) of crypto retail payments of less than 1,000.