African cryptocurrency groups on Telegram have grown by a staggering 189 percent since early 2023, according to an analysis by Bitget on October 30. The research indicated that there was a shift in digital asset usage from the Western to emerging economies.

Exploring the youth-driven crypto movement on Telegram 

Crypto-focused Telegram groups in Africa now have over 3 million users, with more than 56 percent of users under 25 years old, according to a study that examined crypto-related Telegram activity across multiple regions between January 2023 and August 2024.

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“The leading factors for crypto adoption are economic instability, limited access to banking services, the large number of tech-savvy youths, and the active advancement of innovation in digital finance,” the report stated.

Eastern Europe, especially Ukraine, is another development area, where users were turning to cryptocurrencies amid economic uncertainty and currency volatility. By 2025, the region’s cryptocurrency sector was projected to reach 34 million users with 14 percent penetration.

Most cryptocurrency investors in Asia are 18–39 years old. In 2024, Bitget gained 216% more users in Southeast Asia.

Western Europe, on the other hand, is growing less quickly. This is because adoption rates are slower when there are limits on regulations and the market is already grown. At the time of the study, there were only 11 percent more crypto-themed Telegram groups in the area.

The research shows millennials, between 28 and 43, are the largest cryptocurrency users globally, accounting for 44.3 percent of global users.

The cryptocurrency market in Africa is projected to reach 54 million users by 2025, with Nigeria and South Africa leading. Emerging markets with young populations, mobile connectivity, and limited banking services are expected to lead in adoption.

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Telegram, WhatsApp top scam platforms

Telegram dominates investment scams and hacks, reflecting its investor appeal. A Finance Magnates-FXStreet survey indicated that 60 percent  of Telegram scammers lost money. 

Traders like Telegram for its active trading communities, privacy, anonymity, and channel and group creation features. However, these capabilities help scammers target active traders more precisely.

Telegram, with its active communities, is popular among business owners. Telegram’s privacy, security, and ability to build channels and groups attract traders. These qualities let scammers precisely target busy traders.

WhatsApp attracts traders with end-to-end encryption and rapid feature improvements. Scammers can operate undetected due to its anonymity and private communications, making external monitoring and reporting difficult.