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| Top 10 African countries with the highest number of cryptocurrency users in 2023. |
Cyptocurrencies have been trending worldwide for the past 10 years including Africa but other African countries have embraced the crytocurrencies wave more than the others. Out of the top ten African countries with the highest cryptocurrency transactions research has proven that their governments are relaxed on cryto and forex trading regulations while other countries are more stricter than before.
Bitcoin the mother of cryptocurrency is currently pricing at $31000 as we write and has been forming an ascending channel for the past 4 month. Fundamental and technical analysis foresees Bitcoin to hit $45000 before the end of 2023 (Rooney Nshing). I used three days timeframe for this forecast which has worked out perfectly for the past 5 years for me as a trader. Bitcoin will not moon straight to 45k but will retrace to 25k in order to follow the trend.
Now lets talk more on countries with the highest users of cryptocurrencies in Africa. Before you read, create an account now on www.binance.com with access to hundreds of bonuses and free airdrops.
1. Nigeria
Nigeria has more cryptocurrency holders than any African country. Wave estimates has shown that Nigeria has more than 24 million holders of cryptocurrency holders. Nigeria also remains the number one nation in the world with the Google keyword search #Bitcoin and crypto...
2. South Africa
South Africa ranks third on the list with over 8.5 million users of cryptocurrency. The policies in South Africa are more relaxed and banking sector has also embraced the use of the digital coins. Mostly men and younger generation who are into forex and crypto trading are running the race.
3. Kenya
Kenya is the third, with an estimated population of about 6.3 million users and ranked high when it comes to peer to peer platforms using their local currency for most transactions. Google has also revealed Kenya as one of the top ten countries with the search word - cryptocurrency.
4. Egypt
Inclusion into the bitcoin has urged many Egyptians to join the crew as more than 4.2 million users are actively into the blockchain technology. The fiat is currently going Gaga (devalution) and users are aimed at storing their wealth in the blockchain haven while waiting for re-green of their local currency.
5. Ethiopia
With over 3.6 million crypto users the government is currently on a crackdown on the trading of any form of cryptocurrency. The Ethiopian Central Bank recently release a statement calling Bitcoin illegal while prohibiting the use of any other currency except their local fiat, the Birr.
6. Ghana
According to Finder.com, Ghana stands tall among the users of cryptocurrencies worldwide when it comes to adopting the cryptocurrency but the numbers holding only stands at 3.0 million. The holders as in many African countries are mostly youths dominated by men.
7. The Tanzanian new president who came in to power in 2021 after the death of his predecessor once said that the arrival of digital currencies in the East African country is inevitable and since then, figures of cryptocurrency users have steadily increased up to 2.8 million users.
8. Zimbabwe
In 2022, Zimbabwe's inflation almost depleted savings and pensions over the past decade, and a confusing stream of new currencies eroded faith in the banking sector. As a result, cryptocurrencies are particularly attractive in the country, despite much of the population understanding little of the associated risks. In 2023, more than 2.3 million Zimbabweans are using cryptocurrency.
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9. DRC Congo 2.2 million users
10. Uganda comes at the 10th place with 1.02 million users
Other nations currently joining the list is Cameroon with an estimated 890,000 cryptocurrency users while Ivory Coast follows with 770,000 users as their governments keep relaxing the policies in their banking system.
Nshing Rooney is a Forex and Crypto analyst from the burning valleys of the Northwest Region of Cameroon. Analysing trends, forecast and the future of cryptocurrencies is my passion.
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