- “Bitcoin is hope for Africa” tweets the founder of MicroStrategy.
- CNBC reporter states BTC network focuses on decentralization and security.
- Chainalysis, a blockchain forensics firm, reports African crypto market grew by 1200% between 2020 and 2021.
Founder and Executive Chairman of MicroStrategy, Michael Saylor captioned “Bitcoin is hope for Africa” in a tweet where he shared an interview conducted during Africa’s first cryptocurrency conference.
In the footage, CNBC’s reporter, MacKenzie Sigalos reporting from Accra, Ghana explained how bitcoin and other crypto tech is being used to supplant legacy financial systems across the continent.
Sigalos reported that the Bitcoin project concentrates on two things: decentralization and security. Moreover, she stated that people around the world placed their faith in Bitcoin as it was more secure than other altcoins as it was decentralized, which bars the centralized actors from accessing others’ money.
Elaborating more on the application of crypto, Sigalos commented that there was organic growth in crypto adoption in particular countries like Ghana, Kenya, and Nigeria because it was better than the existing system. Moreover, she stated that there is a peer-to-peer payment network across the continent that uses Bitcoin and Stablecoins pegged to the dollar.
Sigalos stated that despite the Nigerian government banning crypto outright, the industry has been booming. According to Chainalysis, a blockchain forensics firm, Africa’s crypto market grew by over 1200% between 2020 and 2021.
Moreover, it states that four African countries: South Africa, Nigeria, Kenya, and Tanzania rank among the top twenty countries for crypto adoption.
An article published on African Business website says that rampant and unpredictable inflation has had Africa begging for an alternative. Specifically, Sierra Leone, Nigeria, and Ghana are nearing 20% inflation while Zimbabwe was hitting 90%. As such lies the condition of the economies, crypto has been embraced as the go-to option.
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