Chainalysis has come out that Ghana is poised to surpass Kenya and Nigeria in terms of the adoption of cryptocurrencies.
According to Ray Youssef, CEO of Paxful, the country’s growth patterns indicate that the country has the potential to be a leader in the adoption of cryptocurrencies.
The West African nation may soon catch up to other African nations in terms of cryptocurrency usage as emerging markets take the lead.
Researchers discovered that Ghana has the potential to reach crypto adoption levels comparable to Kenya and Nigeria, the nations that ranked 11th and 19th in the analytics company’s global crypto adoption index, in a report published by blockchain analytics platform Chainalysis.
According to Ray Youssef, the CEO of P2P network Paxful, the former Gold Coast has the potential to become a leader in crypto adoption in Africa given the requirements of the local populace and the country’s current economic trends.
Youssef claimed that over the previous two years, the overall trade volume coming from the first sub-Saharan country to attain independence on their P2P exchange increased by 400%. The CEO thinks that many Nigerians regard Ghana to be their summer home and are teaching Ghanaians about Bitcoin (BTC) and other cryptocurrencies.
Research on Ghana
Chainalysis added that the information offered by Youssef is consistent with their research on the country. Other Sub-Saharan African nations, including Ghana, are anticipated to have higher levels of cryptocurrency usage, according to the analytics company, as many of the region’s citizens continue to confront problems that crypto can help them with.