- Africa registers record levels of Bitcoin purchases. The figures are above the record level registered in 2017.
- Twitter CEO Jack Dorsey says Bitcoin will define Africa’s future.
One of the most resonated topics in recent months is the growing adoption of Bitcoin. In principle, for the fact that the whitepaper of the King of crytptocurrencies celebrated 10 years since its publication. For this reason, new data have emerged that account for the impressive growth it has had over the last decade.
Bitcoin has been consolidating, every year, not only as an alternative to fiat money and the traditional financial system, but as a means used by countries and regions in crisis to overcome economic situations in crisis. The most recent case, Africa, has experienced a level of growth in the purchase volume of Bitcoin that has not been recorded since 2017. At that time, the price of Bitcoin reached an all-time high of $20,000 USD.
Africa as the next frontier in the adoption of Bitcoin
On the exchange LocalBitcoin and Paxful, as registered by data researcher Matt Ahlborg, it is possible to observe the increase in buying levels in the Sub-Saharan Africa region. Each week, the operations of the referred region are located in more than $ 20 million dollars.
Sub Saharan Africa has surpassed volume highs set during the 2017 bubble with Paxful showing very strong growth and gain in market share recently.
— Matt Ahlborg [UsefulTulips.org] (@MattAhlborg) November 26, 2019
With enormous potential and an increasing population demand for a better financial system, Africa is projected to be one of the key regions that could define the world economy in the coming decades.
Africa has suffered for decades from the poor economic management that financial institutions have had over the region’s economy. Determined by the political will of its leaders that have caused inflation and the detriment of the purchasing power of its citizens, as in Zimbabwe, Bitcoin is an important alternative. The cryptocurrency, in these conditions, gains value because of its intrinsic characteristics that prevent it from being regulated, censored or affected by a single entity.
One of the members of the Luno cryptocurrency exchange said in an interview that regions in such situations are more likely to accept Bitcoin. Above all, compared to other places in the world they become legal, reliable and cheap options.
Jack Dorsey, CEO of Twitter, has been watching the situation in Africa very closely. He recently made a trip to the region and declared that Bitcoin and the adoption of cryptocurrencies will be transcendental for Africa’s future.
Sad to be leaving the continent…for now. Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020. Grateful I was able to experience a small part. 🌍 pic.twitter.com/9VqgbhCXWd
— jack 🌍🌏🌎 (@jack) November 27, 2019
Adoption of Bitcoin in countries in economic crisis
As mentioned above, Bitcoin continues to increase in adoption. This fact is more important when considering that it is the regions with economic difficulties that choose to use cryptocurrencies as an alternative to the traditional economic system.
Venezuela, Iran and Turkey are relevant examples in this regard. For different reasons, the citizens of these countries have found a reliable alternative to conserve their savings and evade government controls over the local economy.
In these countries, as in Africa, Bitcoin is synonymous with future, freedom and self-determination. Without a doubt, the words of the CEO of Twitter could become a reality as the adoption of Bitcoin increases and the traditional financial system, centralized and with more restrictions, ceases to be a reliable option.
The price of Bitcoin, at the time of publishing the article, stands at $ 7,800 USD and continues its upward trend with an increase of 2.96% in the last 24 hours. The price recovery has been important during the last week as all the analyses pointed to a bearish market that would last for months. However, it is still too early to say that the bearish trend is over.