Nearly two-thirds of African cryptocurrency owners are from three countries, according to a study

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According to a recent survey, three countries—Nigeria, South Africa, and Kenya—account for roughly 36.14 million or nearly two-thirds of the projected 55.3 million bitcoin users dispersed over 33 African nations.

According to the results of the most recent study conducted by the Moroccan think tank Policy Center for the New South (PCNS), among the 33 African nations studied, Nigeria has by far the highest percentage of bitcoin owners (40.5%).

With an estimated 7.71 million bitcoin owners, South Africa is the next-highest ranking African nation according to the study’s findings.

With an estimated 6 million cryptocurrency owners, Kenya ranks third among African nations.

The three nations are the only ones whose percentage of holders as a percentage of their total population is higher than 10%, in addition to having the most crypto holders among the states surveyed.

However, based on this statistic, South Africa, with a 12.27% share of all crypto holdings, is rated first.

Nigeria, the country with the most inhabitants in Africa, is placed third with 10.33%, while Kenya is ranked second with 11.85%.

Urban and economic factors are to blame for the increase in cryptocurrency owners.

The PCNS investigation revealed that between one and five percent of the countries it studied had cryptocurrency users.

The summary of the PCNS study comments on the results as follows:

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