A survey by Hootsuite, a social media management company reveals that 10.7 percent of mobile users in South Africa own cryptocurrencies. The African nation is closely followed by Thailand, Indonesia, Vietnam, Brazil, and Nigeria. This shows that African, Asian, and Latin American countries account for the largest number of users around the world trading virtual assets
Report Highlighting How People Use Smartphones
Hootsuite’s Digital 2019 report highlights how people all over the world use smartphones, the internet, as well as e-commerce and social media platforms. In Africa, they noted that there are 473 million internet users, and it is an 8.7% growth between January 2018 to January 2019. Out of this population, it appears a significant number has its online activities tailored around cryptocurrencies.
According to Hootsuite, 10.7 percent of mobile users in South Africa own cryptocurrency which places the country top among countries whose citizens are trading cryptocurrencies. Others are Thailand (9.9%), Indonesia (9.5%), Vietnam (9.3%), Brazil (8.2%), Nigeria (7.8%), Colombia (7.7%), Malaysia (7.7%), Ghana (7.3%), and Austria (7.2%).
Africa, Asia, and South America High Interest in Cryptocurrencies
Therefore, conclusions can be drawn that a majority of cryptocurrency users are based in African, Asian, and South American countries. It is worthy to note that Africa is also adopting bitcoin and altcoins. Here, a large number of people are either buying these assets for personal, entrepreneurial, or investment purposes.
In the same vein, Paxful Inc., a peer-to-peer bitcoin exchange in November 2018 revealed that Africans account for the largest number of users that were either buying or selling virtual assets on its platform. Also, the average monthly transaction for these countries was $64.5 million.
At that time, there was a 225 percent increment in the number of users from Africa using Paxful for trades. Nigeria recorded a 60 percent increment in transactions, while South Africa recorded a 25 percent increment. Other parts of the continent summed up to a 100 percent increase.
African Nations Adopt Bitcoin and Bitcoin ATMs
BTCNN on January 17 also informed that in 2018, Nigeria became one of the top five countries with the highest bitcoin trading volume. The country came after the U.S., U.K, and China. Also, a report from January 10 shows that South Africa is the African country with the highest number of Bitcoin ATMs (4), followed by Zimbabwe (1).
Likewise, reference was made to Longhash’s data on December 19 that there has been a spike in the Bitcoin trading volume in South American countries. In 2018, countries in the region like Peru and Colombia recorded the highest trading volume. There was a 10x and 20x increment in either country from that of December 2017.