Africa being the second largest continent in the world with over 1.4 billion inhabitants according to Worldometer boasts a truly diverse and developing economy.
Since the inception of Bitcoin and Blockchain technology as far back as 2009 the search for Bitcoin, Blockchain, and cryptocurrency according to google trends analytics keeps growing in Africa.
In the first quarter of 2023, the digital asset industry was marked by volatility and several high-profile breaches of trust. Despite this, the continent’s usage of cryptocurrencies has continued to expand.
Some might speculate that the rise in the adoption of this technology is due to the low economic impact in the African region. Or it might just be the fact that traditional systems are falling short and young Africans are shifting to decentralized finance (DeFi).
Kenya, Nigeria, South Africa, and Tanzania were among the most significant rates of cryptocurrency adoption in the world, ranking in the top 20 of the global adoption index, according to Chainalysis. These are the countries with the highest demand for digital currency and the most active local cryptocurrency communities.
Despite the bear market of 2022, Africa’s crypto transactions grew. Inflationary pressures in a number of African economies may further ensure that crypto stays a viable choice.
Zimbabwe (87.6%), Ghana (41.2%), and Nigeria (22.04%), among others, have significant inflation rates. With such high levels of inflation, it is only natural for the masses to invest in cryptocurrency.
Google Trends Analytics, which displays trends occurring in different parts and industries of the world, reveals data showcasing Africa as a leading region searching for terms like Bitcoin mining, Blockchain, and cryptocurrency amongst others.
This makes a statement in the ever-developing economy of Africa. The adoption of Blockchain and Cryptocurrencies has also resulted in the increase of African blockchain venture firms offering Blockchain-related products and services.
In 2022, blockchain deals in Africa had raised $474 million, a 429% increase over the $90 million raised in 2021. This growth in funding well outpaced the global average, which witnessed a 4% increase in blockchain funding.
Africa has shown itself time and time again as a region with an ability to grow and adapt quickly to some of the finest technologies in the ever-growing world of decentralized finance (DeFi).
Featured image: Businessinsiderafrica
Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.