Business

Bitcoin Adoption In Africa – Is It Too Good To Miss Out On Or A Bubble Ready To Burst At Any Time?

Bitcoin has been quite stellar in the market of Cryptocurrency since 2009. And fortunately, its popularity is still proliferating throughout the whole world.

However, when BTC came out of the cocoon, the country that first adopted this new norm was the USA. From then onwards, other nations, like Canada, the United Kingdom, and some Asian nations, have been grinding on the market as well.

Nonetheless, the continent of Africa wasn’t too interested in this segment until now. And, the reason behind taking such a step? Well, most people weren’t too happy with the volatility of Cryptocurrency, especially the Bitcoin market.

But, as we’ve said, the scenario has changed now. Africa has started investing in BTC, and the government is trying to regulate the whole process as calmly as possible. Also, the usage of a dedicated platform like the Bitcoin Loophole App has become quite common.

So, what’s the catch? Let’s find out.

Bitcoin And Africa – Assessing The Crypto Adoption

Honestly, though, Africa doesn’t essentially have a massive market for Cryptocurrency. And, the practice of buying Crypto in some specific nations has slowed down the process even more.

Also, we don’t even have enough data to determine how Bitcoin is progressing in some other nations, like Niger, Congo, etc. So, it’s hard to explain what’s going on here.

However, on the flipside, a few countries of the continent, such as South Africa and Nigeria, have been quite active on this part. Please keep reading to know more about them.

Bitcoin Acceptance In South Africa

Whether you believe it or not, Bitcoin is pretty popular in South Africa, especially amongst the millennials. According to a report, almost 35.7% of the overall population has invested in the same already. And, the number is increasing gradually as well.

Bitcoin Acceptance In Nigeria

Unlike in South Africa, most people in Nigeria consider Cryptocurrency to be an opportunity to liberate themselves from their flailing economy. The prime driving force of Nigeria’s BTC can be tied to the country’s dollar shortage in 2016-17.

Bitcoin Acceptance In Kenya

According to a 2017 report, Kenya is known to be one of the largest BTC-holding countries in the world, worth $1.63 billion. Besides, the trading volume of the same increased by 429% in 2017, and since then, it has only lost 19% of its growth.

Bitcoin Acceptance In Zimbabwe

Like Nigeria, Zimbabwe is facing a cash-strapped economy as well. It, in turn, has prompted the nation to opt for Crypto trading. And, they’re doing pretty well, if we’re being honest. As per a report, the country has already completed more than $one million worth of transactions.

Bitcoin Acceptance In Ghana

Unlike the other nations mentioned here, Ghana began its journey in the BTC universe a little later. However, it’s been quite consistent in the part of investing money in Bitcoin and, therefore, can be quite a handful in the future.

How Will Africa Perform In The World Of Bitcoin?

Honestly, it’s pretty impossible to answer this question right now. After all, the continent has only begun the adoption procedure recently. However, if we look at the potential, there’s a lot to be left desired to be completely honest.

For example, several countries, like Algeria, Morocco, and Egypt, have banned Bitcoin entirely. The chance of them getting acceptable in this regard is relatively low at this point. And, the countries, which have accepted the transactions, are not affluent enough as of now.

Therefore, it’ll be pretty difficult for the continent to perform efficiently in the market. If it wants to get to the position USA or Europe is in now, it has to wait for a few years. But, in case the adoption rate increases, the situation might improve a little.

Final Thoughts

Although we’re hoping for the best, Africa is in for a challenge when it comes to adopting Bitcoin properly. And the primary reason behind it is the regulatory resistance. For instance, if you want to trade Bitcoin, you’ll need access to the internet.

And this is something that the continent has to work upon. Besides, the promotion of Bitcoin or Cryptocurrency, in general, will also be something the countries should work on. Or else, the popularity or growth of BTC in the nation won’t propel properly.

Back to top button