Bitcoin Adoption keeps thriving within Africa’s borders. This is particularly common among the continent’s Millennials who are stopping at nothing to take their own fair share of the over $200 billion market-capitalized cryptocurrency.
Examples of these millennials abound in major countries in the continent. For instance, a young resident from Kampala, Peace Akware, hopes her investment in bitcoin will grow enough for her to purchase a vehicle, and possibly even buy land some day. Another individual from Kampala, Martin Serugga, is teaching young millennials about cryptocurrencies in his weekly class that over 50 people attend. Serugga teaches the class how to trade cryptocurrencies against fiat used in the region. Similar stories are heard in Africa’s most populous country, Nigeria and even the surrounding west African nations.
In South Africa, the number of new users trading bitcoin through eToro rose by 671% from January to the end of November last year over the same period in 2016, more than the 574% overall growth,” explains Mati Greenspan, an analyst for Etoro.
More populated areas like Sudan, South Africa, and Kenya continue to see adoption levels rise. The head of marketing for digital asset platform Luno, Werner van Rooyen, details that “thousands of trades are being made by South Africans every week.” Further, as news.Bitcoin.com reported a few weeks ago, the recent resignation of Robert Mugabe has caused BTC prices in Zimbabwe to spike exponentially higher than the global average. The tumultuous economy in Zimbabwe has caused the price of bitcoin to exceed global averages multiple times over the past year.
“With the right support for innovation, and collaboration Africa could once again leapfrog over the digital divide and become a market leader just like it did in the move from landline communications infrastructure to the mobile phone ecosystem,” a digital security expert, Blazevic explains.