Cryptocurrency ownership remains a global phenomenon. People worldwide find value in making purchases or otherwise exchanging digital currency. Of course, scores of people purchase crypto, intending to hold it until the value rises. However, cryptocurrency’s popularity is not uniform across the world. Some locations have higher levels of cryptocurrency than others. When crypto researchers notice Ghana’s position as the country with the 9th-highest percentage, they might not feel too surprised. When they look at the countries that comprise 10 – 27 on the list, the surprise about Ghana’s position may arrive.
Ghana and the Crypto Market
The countries Ghana tops include countries with higher populations, including the United States, Germany, Japan, the United Kingdom, and others. Now, the list does not refer to the total number of people who purchase cryptocurrency. Instead, the list reflects the percentage of crypto owners. Ghana’s position at number 9 reflects a country where 17% of the population owns crypto.
Ghana has a ways to go to match Vietnam, the top country on the list. In Vietnam, 29% of the population owns crypto. Ghana might move up the list in time, as crypto’s domestic popularity could increase.
Crypto Trends Move in an Upward Direction
Cryptocurrency involves digital assets that have a monetary value. Buyers use government-backed currencies to procure crypto and may later sell their cryptocurrency for domestic or foreign currency. If the value increases at sale time, the purchaser could walk away with a significant profit. Some might hold onto their cryptocurrency for many years, hoping to amass great wealth. Of course, such strategies require speculation.
In Ghana, a sizeable percentage of the population sees cryptocurrency as becoming more popular in the future. While crypto is not government-backed and exists in a virtual form off official currency exchange markets, it works as an investment vehicle for many. Others prefer to use crypto to facilitate purchases. While some countries find their citizens not fully gravitating towards crypto, Ghana represents a highly enthusiastic location. How high the enthusiasm goes will be revealed in time.
Inflation and Cryptocurrency
Questions about why cryptocurrency does so well in Ghana might lead to a straightforward answer: inflation. Cryptocurrency could derive much of its popularity because Ghana, like many nations in Africa, faces a higher inflation rate than other geographic areas. Purchasing crypto might serve as a hedge against inflation, as the increase in a digital currency’s value could defeat the local currency’s decreased purchasing power.
Since cryptocurrency remains a speculative acquisition, no guarantees exist that any crypto asset will overcome inflation. That said, a sizeable number of people feel it hedges inflation effectively. If their purchase becomes successful investments, it would be hard to argue with them.
Young People and Crypto
Younger adults might drive increased interest in cryptocurrency around the world. That’s not to suggest that crypto’s value goes unnoticed by older persons, but young people tend to be more up-to-date and welcome tech trends. Cryptocurrency’s growing popularity has a home with young people, and they may help drive its growth around the globe.
