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- Africa now stands third globally with 13 percent of its internet users owning cryptocurrencies.
- The Bitcoin adoption in Africa is reaching new heights every week.
- Reports suggest that South Africa has the highest percent of Cryptocurrency ownership even though the market has always dominated by Nigeria.
According to data shared on twitter, Africa leads the list of global cryptocurrency Adoption. The Bitcoin adoption in Africa is reaching new heights every week. Africa now stands third globally with 13 percent of its internet users owning cryptocurrencies.
Bitcoin adoption in Africa is setting all-time highs every week now.
In just 3 months, P2P volumes are up:
125% in Nigeria
199% in Kenya
194% in South Africa
257% in GhanaCombined, these four currencies are now exchanging over $15M USD/week of Bitcoin. pic.twitter.com/jZfFFsXeTR
— Kevin Rooke (@kerooke) June 30, 2020
Crypto Growth Rate
Countries like Uganda, Nigeria, South Africa, Kenya, and Ghana frequently associated with Google searches for the word ‘Bitcoin’. It’s increasing popularity deemed to make Africa a crypto hub very soon. In just 3 months, the peer-to-peer volumes have increased to a very large extent. Following is the list which shows the country wise growth:-
125% -Nigeria
199% – Kenya
194% – South Africa
257% – Ghana.
Africa holds some of the most inflationary economies and as a result these four currencies are now exchanging over $15 M USD per week of the Bitcoin.
Africa – A Crypto Hub
Reports suggest that South Africa has the highest percent of Cryptocurrency ownership even though the market has always dominated by Nigeria. South Africa reports 13 percent of internet users who own cryptocurrencies which then followed by Nigeria with a 11 percent. Remarkably, South Africa ranks fifth for the global crypto adoption.
Only last month, the financial regulators in South Africa issued a policy which asserted on the fact that crypto assets and activities related to cryptocurrency would no longer remain outside the jurisdiction of the regulatory parameter.
In Africa, there are a lot of fintech activities going on. These activities have replaced the legacy of the banking system with digital rails in the financial system. This gives a very good head start to its people. Also the population of Africa is very young and digital minded than anywhere else. This is a very important aspect so that they form a natural fit for cryptocurrencies and all activities relating to it.
These are the reasons why crypto investors advised to look up for opportunities on this continent of ,1.2 billion people.
Road Ahead
Africa houses a few macro, social and economic trends which gives the continent a competitive edge in creating a fertile environment for the growth of Cryptocurrency. This basically means that Africa holds a great deal of potential for peer-to-peer solutions and is ready to thrive. Thus believed that these solutions will come as digital assets and intermediaries that best leverage them.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
