Telegram activity stimulates the adoption of cryptocurrency in Eastern Europe and Africa

New research has established a direct correlation between the adoption of crypto and the use of Telegram.

A recent report has established a correlation between the global adoption of cryptocurrency and a surge in crypto-based Telegram activity. The data indicated that Africa and Eastern Europe have been the primary regions for acquiring new users in the past two years. It associated the trend with the rise in the use of the instant messaging application.

A study conducted by Bybit Research compared the adoption rates of crypto in emerging markets to those of other developed regions. Additionally, the study discovered that Telegram data offered valuable insights into the behavior of the crypto community, including the identification of trends and the prediction of market movements.

According to the results, Africa experienced the greatest increase in the number of new crypto consumers during the research period. Between January 2023 and August 2024, the continent experienced an 189% increase in these figures. That expansion resulted in a user base exceeding three million.

The report attributed this increase to the continent’s substantial adolescent population. The statement was as follows:

“The youthful population of Africa, with over 56.5% of residents under the age of 25, explains its predominance in this regard.”

Many individuals in that age group identify with the digital natives’ lifestyle, which is why they have a substantial presence on Telegram. Once more, they are likely to find crypto investments to be more appealing than other conventional investments.

Economic instability and restricted access to banking services are additional potential contributors to the surge. In the same vein, the region is making progress in its efforts to modernize its digital finance landscape and boasts a substantial population of tech-savvy residents.

Bitget’s report anticipates a promising future for the African cryptocurrency market. It anticipates that the number of crypto consumers on the continent will exceed 53.89 million by 2025. Two countries, Nigeria and South Africa, will serve as the primary engine of this expansion.

Asia will follow in second place, with nearly 31% of its crypto-related Telegram users being under the age of 25. Third will be Eastern Europe, which will experience development as a result of the transition to cryptocurrency from conventional fiat currencies. The Ukraine-Russia conflict has significantly contributed to the uncertainty that has resulted in this transition.

In the interim, Western Europe will persist in its failure to recruit new crypto users. This is primarily attributable to the restrictive environment in which the region’s adopters operate. The European Union has been enacting a variety of legislation to regulate the digital assets sector, which crypto purists regard as invasive.

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