Bitcoin adoption in Africa has increased immensely in the last year, making it the third fastest Bitcoin economy in the world.
BTC adoption in Africa up 1200%
A report The growth produced by Chainalysis estimates the growth at over 1,200%, which means that there has been an increase in bitcoin activity from retail investors who store, transfer and exchange digital assets through various P2P platforms.
This was confirmed by Paxful co-founder Artur Schaback, who said the crypto app had seen a surge in activity from African nations, particularly Nigeria and Kenya, with increases of 57% and 300% respectively in the previous year.
Currency devaluation among other reasons for acceptance
According to him, banking restrictions and hostile crypto regulations on the continent have laid a foundation for the mass adoption of these digital assets, making it the world’s fastest growing P2P bitcoin hub.
A 2019 Brooklyn Institute study found that sub-Saharan Africa received over $ 48 billion in remittances from abroad. Bitcoin P2P trading enables Africans to bypass foreign exchange restrictions and send and receive more funds across borders.
Schaback highlighted this in his comment when he said, “If you are working with a partner in China to import goods for sale in Nigeria or Kenya, it can be difficult to send enough fiat currency to China to buy yours Complete purchases. It’s often easier to just buy Bitcoin locally on a P2P exchange and then send it to your partner. “
This was confirmed by a local merchant in Nigeria, Oluchi James, who said it was quite easier to use digital assets like BTC as a method of payment for “goods” outside the coast of the country.
The co-founder also suggested that the increasing depreciation of national fiat currencies also played a role in accelerating bitcoin adoption. As an example, Schaback cited Nigeria that Paxful had seen tremendous growth in the most populous black nation in the past year, especially when the naira saw massive devaluation.
If you have naira left, convert it to USDT now. The value is tied to the value of the dollar and is easy to acquire.
Even if you don’t want to buy crypto coins, but buy and keep them. You can exchange it for naira if necessary
If you don’t know which app to use, download Roqqu. down
– DR. Chinonso Egemba (@aproko_doctor) September 13, 2021
This is true when you consider that some popular social media influencers on Twitter have repeatedly advised their numerous followers to save on crypto due to the falling value of the naira.
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