Some African crypto users see Bitcoin as an alternative source of retirement income – Emerging Markets Bitcoin News
Bitcoin use cases in African countries continue to grow, with the most recent case being its use as an alternative source of retirement income. On a continent plagued by high inflation and unstable currencies, Bitcoin, which is decentralized and censorship-resistant, is seen as a “safer source of contribution to retirement.”
According to a local report, that shift to Bitcoin is more profound in countries like South Africa where traditional pension funds “have historically had problems with fraud and instability”. The report, which was based on analysis by a crypto startup, Yellow Card, stated that:
This was particularly noted in countries like South Africa, where large numbers of users reported using Bitcoin savings as a safer source of contribution to retirement.
Still, the report notes that Bitcoin is not yet a reliable investment for a long-term horizon. As a result, the report warns long-term savers to consider all possible scenarios and options when planning retirement.
Meanwhile, the results of the Yellow Card analysis confirmed Bitcoin’s status as a “cheaper alternative to sales and transfer payments”. Similarly, the analysis also found that many users “see Bitcoin as a profitable investment and trading as a way to generate additional income”.
According to the analysis, it is such use cases that help explain the “unprecedented increase in the purchase and use of cryptocurrencies in the African continent”.
Do you agree that Bitcoin has now become an alternative source of retirement income? Let us know what you think in the comments section below.
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