Telegram Trends Point to Crypto Boom in Africa and Eastern Europe, Bitget Research Reveals

Press release

Victoria, Seychelles, 30th October 2024 — Bitget Research, the research arm of the world's leading cryptocurrency exchange and Web3 company Bitget, released a comprehensive study showing the correlation between growing crypto-related Telegram activity and global cryptocurrency adoption. The data points to Africa and Eastern Europe as key regions for crypto user acquisition, driven by the increasing use of Telegram. The study also highlights the significance of Telegram data in understanding crypto community behavior, spotting trends, and predicting shifts in emerging markets.

Key Takeaways:

Telegram usage rates are directly proportional to cryptocurrency adoption in select regions;
Africa leads crypto-themed Telegram group growth at 189%;
The young population of Africa, aged under 25 at 56.5% is the leading factor for such growth;
Users aged 18-44 dominate both cryptocurrency and Telegram, engaged by DeFi potential;
Western Europe lags behind Eastern Europe and Africa in crypto adoption growth due to tightening regulations;
Asian investors aged 18-39 make up 90% of crypto users, trailed by users from Eastern Europe in the 35-44 age group;
The leading factors for crypto adoption are economic instability, limited access to banking services, the large number of tech-savvy youth, and the active advancement of innovation in digital finance.

The report released by Bitget Research aimed to pinpoint the main factors that are contributing to the growth in the number of new crypto users in the regions encompassed in the study — Asia, Africa, and Eastern Europe. The study examined data on new user acquisition and crypto-related Telegram group growth across Asia, Africa, and Eastern Europe from January 2023 to August 2024. By analyzing metrics such as age distribution and group dynamics, Bitget Research compared these emerging markets with developed regions to identify key economic and technological factors driving cryptocurrency adoption.

The main demographic groups considered in the study were Gen Z, Millennials, Gen X, Baby Boomers, and the Silent Generation. Detailed analysis of the report’s findings reveals that the 25-34 age group constitutes nearly 30% of Telegram users, followed by a considerable number of users in the 18-24-year-old and 35-44-year-old categories. The representatives of the 18-34-year-old group are the most active in the messenger in both terms of cryptocurrency adoption and social media usage.

Millennials, aged 28-43, make up the largest group of cryptocurrency users at 44.3% and are represented in the 25-34 age group in Telegram, where they account for 29.4% of users. Generation Z accounts for 17.8% of cryptocurrency users, as such users consider themselves to be “digital natives”. Generation X makes up 28.6% of cryptocurrency users, making up 23.8% of Telegram users, with users up to 45 years old making up 21.6%. Baby Boomers account for just 8.2% of cryptocurrency users, and their presence in Telegram stands at 21.6% of users over the age of 45.

The report traced its metrics to 2023 and revealed that over the last 20 months Africa showcased 189% growth in user account numbers to over 3 million. Asia stands in second place, where investors aged 18-39 make up 90% of crypto users, boosting adoption. Users from Eastern Europe trail in terms of cryptocurrency usage through Telegram, mainly in Russia and Ukraine as a means of circumventing sanctions and the impact of currency volatility. Western Europe stands behind due to regional regulatory restrictions. The predominance of Africa in this regard can be explained by its young population, with over 56.5% of residents under the age of 25.

Bitget Research concludes the report by stating that the cryptocurrency market in Africa is expected to reach 53.89 million users by 2025, with Nigeria and South Africa being the leading countries. Asian users follow closely, with 30.5% of them being under the age of 25, highlighting significant potential for future growth. Eastern Europe is just as important in this regard, largely due to the positioning of cryptocurrencies as alternatives to traditional finance due to economic uncertainty in these regions.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For media inquiries, please contact: media@bitget.com

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