Several countries continue to ride on the crypto wave from all around the world. According to a recent research report by Chainalysis, it has been revealed that Ghana is actively adopting cryptocurrencies. The West African country is showing potential to become a leader in terms of cryptocurrency adoption. It is all set to challenge other African states in this regard.
The research revealed that Ghana could soon match Kenya and Nigeria’s crypto adoption levels. Both of these countries are ranked 11th and 19th respectively, in the global crypto adoption index of Chainalysis. The CEO of the P2P platform Paxful, Ray Youssef stated that the people of Ghana and the country’s current growth trends are supportive of its increasing crypto adoption. Thus, Ghana can soon become a leading country in crypto adoption in Africa.
Cryptocurrency Exchanges in Ghana Experience a Surge in Trading Volume
As per the report, the total trading volume of Paxful in Ghana saw a rise of over 100% in the last year. The total trading volume has increased by 400% in the last two years. These mammoth figures show that there has been a substantial increase in crypto interest and adoption among locals.
The CEO of Paxful also stated that many Nigerians visit and stay in Ghana during the summer. They educate locals about Bitcoin and cryptocurrencies. This could be another significant reason for more crypto awareness among the people of Ghana.
In its report, Chainalysis says that the remarks of Youssef match their own findings and data about Ghana. The analytic firm further predicted that Sub-Saharan African countries will country to experience an increase in crypto usage. This shows that locals find crypto to be a problem-solver for them. They can protect their savings from economic volatility. Moreover, they can also conduct cross-border transactions despite strict capital controls.
These are also a few of the most popular reasons for the increasing relevance of crypto in developing countries. The use cases of crypto come as a source of relief for them, as their country continues to face economic challenges. Young people in these countries consider crypto as an opportunity to make wealth.
All of this has led to a rise in the region’s trading volumes, as retail and daily traders take more interest in digital assets. Crypto provides them more freedom and economic independence. Therefore, countries like Ghana might emerge as strong stakeholders in the crypto space in the future.