Study: Sub-Saharan Africa’s Bitcoin Transaction Volume Number One Globally, Data Indicates Shift Towards Stablecoins
Despite accounting
for just 2.3% of global transaction volume, the latest data shows that crypto has penetrated key markets in
Sub-Saharan Africa and
“become an important part of many residents’ day-to-day lives.” With a regional volume of
9.3%, Sub-Saharan Africa’s BTC share outranks all regions including
North America (9.0%) and Eastern Europe (8.2%).
With transaction volumes of just
under $60 billion between July 2022 and June 2023, Nigeria is Sub-Saharan Africa’s
largest crypto market by a distance.
Meanwhile, the Chainalysis data suggests
that residents from the Sub-Saharan Africa region increasingly see BTC as an alternative store of value. With a regional volume share
of 9.3%, Sub-Saharan Africa’s BTC share outranks all regions including
North America (9.0%) and Eastern Europe (8.2%). Explaining why Sub-Saharan Africa is ranked first.
The blockchain intelligence firm singles out i
nflation-hit Ghana where residents reportedly have
turned to BTC.
While
BTC is still the number one crypto in the region, the latest data appears to point to a shift away from
the leading crypto asset towards stablecoins.
