Bitget Report: Asia, Africa and Eastern Europe Are the Leading Sectors of New Crypto and Telegram User Acquisition

Key Takeaways

The study underscores a significant correlation between cryptocurrency adoption and Telegram usage.

Emerging Markets Growth: Africa saw a remarkable 189% increase in crypto-themed Telegram groups, driven by economic needs and a youthful demographic, with over 56.5% of the population under 25.

Youth Engagement: Users aged 18-44 dominate both cryptocurrency and Telegram, highlighting the strong potential for decentralized finance among younger generations.

Regional Variances: While Africa and Eastern Europe show steady growth, Western Europe’s market experiences volatility due to stringent regulations.

Demographic Dynamics: In Asia, young investors (ages 18-39) represent 90% of cryptocurrency users, fueled by limited access to traditional financial services. Eastern Europe, while older on average, is increasingly adopting crypto, particularly among the 35-44 age group.

Catalysts for Adoption: Economic instability, limited banking access, and digital finance innovations across these regions contribute to the rapid uptake of cryptocurrencies. The combination of tech-savvy youth and unique economic challenges positions these areas to surpass more developed markets in crypto adoption.

Introduction

Adoption index surveys have already been conducted in Asian, African, and Eastern European countries. They provide a general insight into the population's attitude towards cryptocurrencies and their participation in crypto asset transactions. However, the outcomes of these surveys often prove to be subjective due to the following reasons:

• non-transparency or inconsistency in the methodologies of different studies;
• frequent use of projected potential rather than actual indicators;
• subjective assessments, such as expert interviews or qualitative assessments of the country's regulatory environment or infrastructure;
• qualitative assessments of potential users' awareness and technical sophistication do not guarantee actual use.

Most studies fail to provide a grasp of absolute values, merely indicating indices without considering the demographic situation and users' motivation for using crypto technologies.

Bitget research study shifts the focus from abstract estimates to concrete numbers. By examining precise metrics such as user growth rates, demographic breakdowns, and digital platform usage, the study presents a more objective view of cryptocurrency adoption. Unlike previous reports that leave gaps in understanding the actual scale of cryptocurrency adoption, this research quantifies the growth of new users in these emerging regions by providing data-driven insights.

Crypto traders, investors, and users can make decisions based on the most up-to-date information on market conditions. Fast and accurate updates can be made through social networks, where Telegram stands out with its wide range of options for creating groups, maintaining anonymity, and encrypting data. It was in this context that the study of crypto communities in the selected regions was conducted. Tracking the number of cryptocurrency-related groups and their members helps researchers assess the level of involvement and size of the community involved in cryptocurrency activities.

Given the significant overlap between Telegram user profiles and cryptocurrencies, the platform's statistics offer a logical and reliable basis for analyzing digital financial inclusion. Telegram's role as a hub for crypto communities makes its data useful for measuring active participation in tokensale discussions, DeFi initiatives, trading, and education. The use of Telegram statistics allows for more accurate tracking of trends and new user behavior, especially in regions where traditional financial systems are underdeveloped or distrusted.

Tracking the growth of groups and their members helps to assess the activity of the cryptocurrency community, which is a key indicator of how quickly cryptocurrencies are being adopted in certain regions. The more groups and users there are, the higher the level of active participation, which indicates a growing trust in cryptocurrencies as part of the local financial ecosystem. By studying the dynamics of membership in Telegram groups, researchers can gain insight into regional differences in cryptocurrency adoption

The main objective of this report is to analyze what regions are emerging as the leading sectors for attracting new cryptocurrency users, presenting quantitative data that underscores their growing role in the global cryptocurrency market.

The purpose of the study

The purpose of the study is to identify and describe the factors contributing to the growth of new users in the studied regions and to analyze the impact of this trend on global markets.

The study aims to analyze:

• the shift in the focus of global user acquisition from developed to emerging markets in the field of cryptocurrencies;
• the role of technological infrastructure and mobile technologies in attracting users;
• coincidence of the age profile of cryptocurrency and Telegram users;
• acceptability of Telegram as a tool for studying the introduction of cryptocurrency in emerging markets;
• a range of reasons for the growth of cryptocurrency adoption in developing regions.

The objective of this study is to analyze the demographic and technological factors driving the growth of cryptocurrency adoption in the Asian, African, and Eastern European regions by examining the age distribution of cryptocurrency and Telegram users, as well as the dynamics of crypto-related Telegram group growth over time. By comparing these emerging regions with more developed markets, the study aims to provide a deeper understanding of the unique economic, demographic, and technological factors contributing to the expansion of cryptocurrency use, with a focus on how Telegram acts as a key platform for community engagement and crypto adoption in these regions.

Data sources and methodology

The study utilized data on new user acquisition and related metrics across three key regions exhibiting significant growth in cryptocurrency adoption: Asia, Africa, and Eastern Europe. Comparative analysis was conducted using data from other global regions. The data sources included Bitget’s internal datasets, along with publicly available databases and licensed data sources. The study focused on data collected between January 2023 and August 2024.

The United Nations geoscheme classification was used to categorize countries into regions and sub-regions. The following is a detailed list of the countries that were thoroughly analyzed in this study.

Africa

North Africa: Algeria, Egypt, Libya, Morocco, Sudan, Tunisia, Western Sahara (Disputed territory claimed by Morocco);

West Africa: Benin, Burkina Faso, Cabo Verde, Côte d'Ivoire (Ivory Coast), Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, Togo;

Eastern Africa: Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Rwanda, Seychelles, Somalia, South Sudan, Tanzania, Uganda, Zambia, Zimbabwe;

Central Africa: Angola, Cameroon, Central African Republic, Chad, Democratic Republic of the Congo (DRC), Equatorial Guinea, Gabon, Republic of the Congo, São Tomé and Príncipe;

Southern Africa: Botswana, Eswatini (formerly Swaziland), Lesotho, Namibia, South Africa.

Asia

East Asia: China, Japan, Mongolia, North Korea, South Korea, Taiwan (Note: Not officially recognized as a country by the UN, claimed by China), Hong Kong (Special Administrative Region of China), Macau (Special Administrative Region of China);

Southeast Asia: Brunei Darussalam, Cambodia, Indonesia, Lao People's Democratic Republic (Laos), Malaysia, Myanmar (Burma), Philippines, Singapore, Thailand, Timor-Leste (East Timor), Viet Nam;

South Asia: Afghanistan, Bangladesh, Bhutan, India, Iran (Islamic Republic of Iran), Maldives, Nepal, Pakistan, Sri Lanka, and Pakistan;

Central Asia: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan;

Western Asia: Armenia, Azerbaijan, Bahrain, Cyprus, Georgia, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Palestine (State of Palestine), Qatar, Saudi Arabia, Syria (Syrian Arab Republic), Turkey, United Arab Emirates (UAE), Yemen.

Eastern Europe

Belarus, Bulgaria, Czech Republic, Hungary, Poland, Republic of Moldova, Romania, Russia (Russian Federation), Slovakia, Ukraine.

The geographical focus of the research involves analyzing data for all countries in the selected region or subregion. All Telegram groups related to cryptocurrencies (news, trading, education, ICO, etc.) were selected and analyzed without any restrictions on subtopics. Since the languages of the countries studied differed, an initial study was conducted to determine the set of languages spoken in each of the countries studied. The user activity in the group also influenced the final results, as the minimum limit for the number of participating accounts was 20, and the limit for communications was 5 messages per day.

Methods of counting Telegram groups included the use of aggregators, and manual and semi-automated searches. The selection of relevant keywords was carried out by subject matter experts. It should be noted that the values can be adjusted both upward and downward for the following reasons:

• Telegram users have the opportunity to create multiple accounts on Telegram (the identifier is a phone number, not the user's data);
• Telegram groups do not limit users' participation in groups created abroad (users from one region can be members of Telegram groups from another region);
• There’s no limit on the number of group subscriptions per 1 account;
• Group privacy settings (it is not always possible to determine the real number of group members;
• Widespread use of bots in crypto groups;

Telegram search results may be limited and may not display all available groups (smaller or private groups may not appear in the search results).

Information about certain Telegram groups on web resources such as CoinMarketCap, CoinGecko, and Cointelegraph could be verified and not accepted as true without further investigation. The same goes for information on social media.

Services for searching Telegram groups used a set of keywords selected by Bitget specialists. The following tools were used to narrow down the search (depending on the sub-task):

• TGStat (https://tgstat.com/en )
• Combot (https://combot.org/ )
• Teleme (https://telemetr.io/en )

Among other things, a Python script was developed to search for groups, compile a list of them, and filter by location or group language (Python-based copying of the Telegram API).

To segment users by age group, we used the Strauss-Howe generational theory. The methodology follows the logic of the pulse rate hypothesis and aggregates some generations (the youngest and the oldest) for greater visibility of the results [1, 9]. The following categories were analyzed:

• Gen Z (27 and younger);
• Millennials (28-43);
• Gen X (44-59);
• Baby Boomers (60 and older);
• Silent Generation (80 and older).

All ages are as of 2024.

Analysis

Historical overview

In the early days of global user acquisition, companies primarily focused on developed markets like North America, Western Europe, and parts of Asia, including Japan and South Korea. These regions boasted robust economies, widespread internet access, and higher purchasing power, making them ideal for initial digital marketing campaigns.

The focus on developed markets was primarily driven by their superior infrastructure, characterized by a higher number of desktop computer users and enhanced internet accessibility, which facilitated the launch of early digital campaigns. However, this strategy often led to the oversight of emerging markets, as they lacked the necessary digital infrastructure and economic maturity required for broad consumer adoption.

During this period, major parts of Africa, Asia, and Eastern Europe were characterized by limited Internet access, slower adoption of new technologies, and lower computer ownership. Consequently, these regions were not considered priority targets for user acquisition.

Furthermore, early digital platforms were not optimized for mobile devices, limiting access for many potential users in developing countries, where mobile phones were more prevalent than desktop computers. Moreover, the lack of affordable high-speed Internet in these regions posed significant challenges for companies trying to engage consumers, thus hindering the growth of digital engagement.

Global user acquisition strategies during that period were heavily weighted towards regions with established digital infrastructure and consumer bases, while emerging markets remained largely untapped.

Development of digital platforms and mobile technologies

While the Internet was pivotal in connecting the world, the surge of mobile technology in the 2010s was a game-changer, particularly in emerging markets. With the influx of affordable smartphones into the market, mobile phones rapidly evolved into the primary gateway to the Internet for millions of users in Asia, Africa, and Eastern Europe. Mobile-centric strategies, in which companies tailor their platforms and services predominantly for mobile users, have become crucial in attracting new users in these regions.

The popularity of mobile banking, social media, and entertainment apps in emerging markets has demonstrated the power of mobile-first strategies. Applications such as WeChat in China, M-Pesa in Kenya, and Grab in Southeast Asia became critical tools for user engagement, demonstrating the importance of localized mobile experiences in attracting customers. These platforms integrated services like payments, messaging, and shopping into a single ecosystem, making it easy for users to access multiple services without leaving the app environment.

The development of mobile technologies also fueled the growth of mobile payments and e-commerce, which became integral to user acquisition strategies, particularly in regions with limited access to traditional banking. Companies in Africa, Asia, and Eastern Europe developed mobile financial services, such as digital wallets and mobile payment gateways, to serve unbanked and underbanked populations. By offering easy access to financial instruments, businesses not only attracted new users but also improved user retention through seamless mobile payment solutions.

E-commerce platforms such as Alibaba in China and Jumia in Africa capitalized on the growth of mobile internet and payments to build a broad user base. These platforms created mobile-friendly markets that allowed users in regions with limited retail infrastructure to easily access products and services. They have prepared the markets for the entry of crypto players and raised public awareness of cashless payment methods.

New frontiers for growth

In the cryptocurrency sector, developed markets such as North America and Western Europe have experienced significant growth and adoption. At the same time, these markets also reached a saturation level with most potential users being already involved in the crypto ecosystem. Stringent regulatory oversight, heightened competition among established players, and a saturated investor base present significant challenges for new cryptocurrency projects attempting to achieve substantial growth in these regions.

As a result, cryptocurrency companies are increasingly turning their attention to emerging markets. These regions offer many untapped opportunities, driven by factors such as lower cryptocurrency penetration, less saturated markets, and growing interest in decentralized finance (DeFi) and blockchain technologies.

Data analysis

The rationale for using statistics from Telegram

The integration of digital finance and communication platforms has significantly influenced user behavior, as evidenced by the increasing adoption of cryptocurrencies, which is reflected in social media data. Telegram's user statistics provide a valuable tool for monitoring cryptocurrency user behavior and preferences. It can be hypothesized that the age demographics most active on Telegram are likely to align with those who actively engage in cryptocurrency markets.

The numbers revealed by the analytical platform Finder [1] show that most cryptocurrency users are under the age of 44, with millennials representing the largest share. This trend reflects the generational familiarity with technology, finance, and risk management through popular digital assets such as Bitcoin and Ethereum. A key question is whether the communication platforms used by these groups also exhibit similar demographic patterns.

Telegram, a widely used messaging platform, has become a central hub for cryptocurrency communities, providing a space for decentralized finance discussions, token sale announcements, and updates on crypto market movements. The distribution of Telegram’s user base is detailed in Table 2.

The 25-34 age group constitutes nearly 30% of Telegram’s users, followed by significant representation from 18-24-year-olds and 35-44-year-olds. This suggests that Telegram primarily attracts younger individuals and professionals.

When comparing the age demographics of cryptocurrency users and Telegram users, there is a clear overlap, supporting the idea that both groups are largely represented by the same age cohorts.

18-34 years old are the group that is most active both in terms of cryptocurrency adoption and social media usage. Millennials (aged 28-43) make up the largest group of cryptocurrency users (44.3%) and are also represented in the 25-34 age group on Telegram, where they account for 29.4% of users.

The 18-24 age group on Telegram, which accounts for 18.8% of users, reflects the younger part of the cryptocurrency community: Generation Z accounts for 17.8% of cryptocurrency users. These young people are often "digital natives" who are comfortable with both decentralized means of communication and blockchain technology.

Generation X

Generation X makes up 28.6% of cryptocurrency users. They are just as well represented on Telegram, where the 35-44-year-old group makes up 23.8% and users over 45 years old make up 21.6%. This indicates that mature individuals, business owners, and investors use both platforms to manage their finances, communicate, and stay informed about crypto market trends.

Boomers (60+)

Although baby boomers generation (those aged 60 and above) account for 8.2% of cryptocurrency users, their presence on Telegram is more prominent, with 21.6% of users over 45. This discrepancy may indicate that although boomers are active in digital communication spaces such as Telegram, they are still more cautious about interacting with cryptocurrencies.

Those under the age of 44 are driving the adoption of cryptocurrencies and the use of decentralized communication platforms such as Telegram. Their fluency in technology and common knowledge with decentralized networks make them ideal users for both ecosystems.

Given that Telegram is actively used by young professionals and tech-savvy people, its integration into the cryptocurrency world positions it as an important platform for spreading information about cryptocurrencies and building communities.

Although mature users (aged 45 and above) are more prevalent on Telegram than in the cryptocurrency space, this presents an opportunity for the growing popularity of digital assets among this demographic. Engaging mature users with educational content and leveraging Telegram's user-friendly interface could help increase cryptocurrency adoption among baby boomers and Generation X.

The distribution of age groups on Telegram and among cryptocurrency users shows a significant overlap, especially among age groups of 18-44 years old. This suggests that Telegram's role as a communication hub for cryptocurrency enthusiasts is likely related to the same demographics that drive cryptocurrency adoption. As these groups continue to explore both decentralized finance and decentralized communication, platforms like Telegram will remain integral to the growth and adoption of cryptocurrencies.

Use of Telegram Data

Telegram, with its robust security features, became a key platform for cryptocurrency enthusiasts, developers, and investors. The platform hosts numerous crypto-focused groups and channels that offer real-time discussions, market analysis, and trading signals.

These groups range from large communities with hundreds of thousands of members to small niche chats dedicated to specific projects or topics. Other channels offer educational content, from basic cryptocurrency tutorials to advanced trading strategies. These resources are crucial for both beginners and experienced traders, allowing them to stay up-to-date on market trends, technological advancements, and investment opportunities. Telegram's instant messaging capabilities enable the rapid dissemination of information, allowing announcements about new projects, updates, and market trends to reach a large audience instantly.

The shift in the perception of cryptocurrencies on social networks was evaluated using Telegram metrics starting in early 2023. During this period, the number of cryptocurrency-related groups on Telegram grew by 119.63%. In absolute terms, this reflects an increase of 957 groups, each comprising a minimum of 20 participants. Only active groups with consistent communication were included in the analysis.

The African region demonstrated the highest growth rates in both the number of crypto-themed groups and their users. This growth can be attributed to the relatively low penetration of cryptocurrency-related topics in the region, the presence of an untapped market, and the strong motivation among African residents to utilize cryptocurrencies for savings and wealth accumulation.

Table 3 shows a smooth increase in the number of crypto-themed groups during the study period. Each month, the value increased by 25-89 groups (taking into account the fact that some groups ceased to exist or no longer met the conditions of the study) (Table 4).

The growth of the number of groups is not uniform, but we can state a positive trend during the study period, as no month showed a negative trendas evidenced by the number of users (Table 5).

As observed in the study of the number of crypto-themed Telegram groups in the African region, user growth has been steady during the period under review. Over 20 months, the number of accounts increased by nearly 3 million. This 189% growth reflects indicators that are often unattainable for developed countries. Only three months recorded results below the threshold of 100,000 new accounts (see Table 6), while four months exhibited growth exceeding 200,000 accounts.

The growth of crypto group users in Europe is in general not as rapid as in Africa. However, when focusing on North America and Western Europe only, these results show an impressive turn. Despite a smaller population, the number of crypto-themed groups at the end of the study period was nearly identical to that of the African region (Table 7).

The number of crypto-themed groups increased by 40.96% over 20 months (Table 8), which is lower than the growth in the number of users within these groups (Table 9).

We can see in some cases, users from Eastern Europe utilized Telegram not only as a platform for receiving and exchanging information but also as a tool for cryptocurrency trading. Consequently, the platform has more use cases for residents of Ukraine and Russia compared to other regions. For instance, Russian users may use Telegram to conduct transactions that circumvent sanctions, while Ukrainian users may view the platform as a means to swiftly exchange funds in response to significant currency volatility.

The Asian region does not rely on Telegram to the same extent as other regions, and this is neither a direct nor indirect factor in the growth of cryptocurrency adoption across its countries. The use of a diverse range of messaging platforms, coupled with varying economic conditions within the region, has resulted in a lack of correlation between the growth of Telegram and crypto group users and the overall number of small-scale cryptocurrency users.

Despite the absence of such a connection, the Asian region demonstrated some of the biggest growth in the number of Bitget users in 2024: in Southeast Asia, the number of users grew by 216.20%, and in South Asia — by 728.53%. This is below the leader Africa (1,614.46%), but exceeds the dynamics of such regions as Western Europe or North America.

To compare the growth dynamics of the number of crypto groups in Telegram, one can look at the indicators of the European region, excluding Eastern Europe. As part of the global North, Western and Central Europe have a more mature financial infrastructure and technological landscape where cryptocurrencies are seen as a speculative asset rather than a revolutionary alternative to traditional banking systems. The initial surge in interest has leveled off, leading to a slowdown or even a decline in the growth of cryptocurrency Telegram groups (Table 10).

Most European countries have strict financial regulations on the use of cryptocurrencies, which can create uncertainty or even scare away new entrants. Germany, France, and the UK have introduced regulations to control the market and prevent fraud, which may slow down the adoption of cryptocurrencies and participation in online communities at the grassroots level. As a result, the number of groups increased by 65 (from 1857 to 1922) over the entire study period, and the dynamics of changes in indicators per month were not always positive (Table 11).

In contrast to Africa and Eastern Europe, the dynamics of group growth in the European region are more volatile, and in some months the change rate is negative. This may mean a group closure or removal, a decrease in user interest towards a topic, or a decrease in the number of its members. The total number of participants in crypto Telegram groups has similar trends (Tables 12, 13).

Unlike less developed regions, where cryptocurrencies may serve as an alternative for financial inclusion, remittances, or inflation protection, more economically stable countries in Europe may not feel the same urgency to adopt cryptocurrencies. In countries such as Africa and Eastern Europe, cryptocurrencies may offer real solutions for people dealing with unstable currencies, limited access to banking services, or high remittance fees.

The number of participants in crypto Telegram groups did not decline during the study period (Table 13), but the increase of 1,987 participants in August 2024 for most of the European region can be considered a relatively small figure. The growth of 10.9% (322,463 participants) (Table 12) observed between January 2023 and August 2024 seems insignificant compared to the results recorded for Africa (189.1%) and Eastern Europe (75.9%) (Tables 7, 9).

The less dynamic growth of cryptocurrency Telegram groups in Europe (excluding Eastern Europe) compared to regions such as Africa or Eastern Europe may be due to a combination of market maturity, strict regulation, economic stability, and different usage scenarios. In regions such as Africa and Eastern Europe, cryptocurrency adoption is faster due to the practical utility of cryptocurrencies in solving economic problems and financial inclusion, which has led to more dynamic and massive community engagement on platforms such as Telegram.

With about 900 million monthly active users, Telegram is the fourth largest mobile messenger app [2], showing significant growth, especially in developing regions. India, for instance, sees 83.85 million new downloads each month, compared to just 6.04 million in the high-tech United Kingdom — a 13-fold difference [2]. This broad and diverse user base fosters an ideal environment for the adoption of cryptocurrencies and the emergence of related communities. Telegram is especially popular in countries like India, Ukraine, and Nigeria, where the use of cryptocurrencies is rapidly expanding.

Diversity of Growth Drivers Across Regions Through the Lens of Demographic Characteristics

Zoomers (under 24 years old)

Africa has a notably young population, with over 56.5% of its residents under the age of 25 [10]. This age group, although representing only 17.8% of cryptocurrency users, is prevalent among Telegram users, where approximately 25.2% are under the age of 24. This suggests that while young people are highly active in digital communication, they may not yet be fully engaged in the cryptocurrency markets.

62.1% of Telegram users are under the age of 44 (Table 2) [2], a demographic that aligns closely with the largest age group of cryptocurrency users, comprising 78.4% of the total (Table 1) [1]. In Africa, the population under 44 years old represents 92.8% of the region's total population (Table 10) [3]. This youthful demographic contributes to the significant use of crypto-related groups on Telegram, driving the engagement of younger generations in cryptocurrency technologies. Consequently, Bitget saw a 1,614.46% increase in new users from Africa in 2024 [7].

The cryptocurrency market in Africa is expected to reach 53.89 million users by 2025, with a user penetration rate (the ratio of the number of users of a product or service to the total population targeted by that product or service) of 4.13% in 2024. This reflects the growth of adoption across the continent, especially in countries such as Nigeria and South Africa, which are leading the way in user adoption and regulatory development [4]. Although the overall penetration rate in Africa remains lower compared to other regions, the continent's growing mobile penetration and increasing familiarity with digital finance suggest that cryptocurrency adoption will continue to grow in the coming years.

Similarly, Asia presents a substantial opportunity for cryptocurrency adoption, particularly among younger generations. About 30.5% of Asians are under the age of 25 (Table 11), indicating significant potential for future growth [3]. The region is characterized by higher awareness of crypto technologies among older generations. Therefore, Asia remains promising even considering that half of the population is in the 45+ age group.

In Asia, the cryptocurrency market is dominated by young investors, with those aged 18 to 39 accounting for approximately 90% of investors, significantly higher than in regions such as the United States. This trend is driven by limited access to traditional financial services, economic inequality, and a desire to accumulate wealth quickly. Investment expectations vary from country to country: Thai investors anticipate higher returns (USD 10.4 per 1 invested dollar) due to an underdeveloped securities market, while South Korean investors are more conservative, expecting USD 2.6 per 1 invested dollar [5].

Eastern Europe has a lower percentage of young people (25% under 25) [3], indicating a relatively mature population (Table 12). Nevertheless, young people in Eastern Europe occupy an important place in the crypto and technology space with significant adoption rates.

In Eastern Europe, the cryptocurrency market is projected to reach 33.72 million users by 2025, reflecting the continued growth in adoption across the region. The user penetration rate is estimated at 14.10% in 2024 with a slight increase to 14.17% by 2025. This growing interest demonstrates that Eastern Europe is becoming a significant player in the global cryptocurrency landscape, driven by factors such as economic instability, currency fluctuations, and a strong desire for alternative financial solutions. The steady increase in user penetration indicates further potential for expansion in the coming years [6].

Millennials (25-44 years)

The group aged 25 to 44 represents the primary demographic for both cryptocurrency and Telegram users. In Africa, 14.5% of the population falls within this age range, while in Asia, it is approximately 20.4%. In Eastern Europe, this group dominates, comprising up to 65% of the population in this range [3].

Cryptocurrency users are predominantly millennials (ages 28 to 43), who make up 44.3% of the global cryptocurrency user base. This parallels the 25-34 and 35-44 age groups on Telegram, which account for 29.4% and 23.8% of users, respectively. These demographics are likely the most technologically engaged, using both cryptocurrencies and Telegram for financial and social interactions.

Telegram serves as a crucial platform for technologically adept users within this age range. Given the correlation between cryptocurrency adoption and Telegram usage, it can be suggested that these age groups utilize both instruments for professional, financial, and personal communication purposes.

Generation X (45-64 years old)

The 45-64 age group constitutes approximately 30% of the population in Eastern Europe and 16.1% in Asia. Cryptocurrency asset holders in Eastern Europe, particularly among younger generations, demonstrate a high level of awareness of blockchain technologies. Their motivations may include the potential for quick earnings from airdrops and token offerings, the introduction of innovative financial mechanisms for payments, increased flexibility in international transfers, and the ability to store savings outside the traditional banking system.

Baby Boomers (65+ years old)

In Eastern Europe and Asia, the 65+ age group makes up about 20-25% of the population, comprising a very small share of cryptocurrency users (only 8.2% for baby boomers, 1.2% for Silent Generation).

Telegram has a slightly higher representation in this age group (21.6% for those over 45), yet a noticeable technology gap remains, with older individuals being less engaged with both cryptocurrencies and messaging platforms like Telegram. This gap underscores a potential growth area, particularly in countries with aging populations, if platforms can adapt to better accommodate and serve the needs of older generations.

Conclusions

Evidence suggests that the potential for attracting new cryptocurrency users in Africa, Asia, and Eastern Europe is far from being fully realized, pointing to significant growth opportunities in the coming years [4,5,6]. These regions, characterized by a high proportion of young populations and growing mobile connectivity, offer fertile ground for the expansion of digital finance despite relatively lower cryptocurrency adoption rates compared to more developed markets (Tables 10,11,12).

In Africa, demographics are heavily skewed toward younger age groups, with more than 44% of the population under the age of 14 [3]. Although cryptocurrency adoption is still in its early stages, the growing tech-savvy young population, coupled with the widespread use of mobile payment systems, positions the continent as a prime candidate for future cryptocurrency adoption. As these young people mature and gain greater access to mobile internet and financial technology, they are likely to adopt decentralized financial solutions as an alternative to traditional banking systems, which remain underdeveloped in many parts of Africa. This presents a significant opportunity for crypto platforms to attract these potential users through educational campaigns and affordable financial products. The predominance of young people in the demographic and the high involvement in mobile technology create an ideal environment for the future expansion of cryptocurrencies. By 2025, the number of cryptocurrency users is expected to reach 53.89 million, driven by the positive impact of Nigeria and South Africa [4].

Asia, especially in regions such as Southeast Asia and South Asia, is already home to a large base of millennials and Generation Z, who dominate the use of cryptocurrencies and Telegram (Table 1,2) [1, 2]. Given that these younger generations are driving the region's economic growth and technology adoption, there is ample room for further expansion. The 25-34 age group is particularly active, but there is still considerable potential to engage older age groups that may be less familiar with cryptocurrencies. Young people between the ages of 18 and 39 account for 90% of crypto investors, which is significantly higher than participation rates in other regions such as the United States [5]. The region's strong interest in cryptocurrencies is driven by limited access to traditional financial services and a desire to accumulate wealth quickly.

In Eastern Europe, the situation is somewhat different due to the aging of the population. Still, the 35-44 age group is actively involved in both cryptocurrencies and digital communication platforms [1, 2]. The region's experience with economic instability and currency fluctuations has already pushed many to adopt cryptocurrencies as a hedge against inflation and banking restrictions. However, there is untapped potential among both younger and older people who have yet to fully engage with cryptocurrencies. As regulatory frameworks become clearer and more favorable, and as financial inclusion initiatives become more widespread, Eastern Europe could see a surge in cryptocurrency users, especially as more people seek alternatives to traditional financial systems.

Overall, the numbers in all the analyzed regions suggest that cryptocurrency adoption will continue to grow in the coming years. In contrast to more mature markets where growth has begun to decline, Africa, Asia, and Eastern Europe still have significant room for expansion. Given their large, young, and increasingly tech-savvy populations, the growth of decentralized financial platforms and mobile solutions will naturally drive cryptocurrency adoption. In addition, the unique economic challenges in these regions, such as limited access to traditional banking and currency volatility, will continue to make cryptocurrencies an attractive alternative, ensuring that these regions will outpace global trends in cryptocurrency adoption for the foreseeable future.

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