1.2 Billion African People are Interested in Bitcoin
In November, Dorsey traveled to Ethiopia, Ghana, Nigeria, and South Africa. This journey inspired him so much that he is going to live in the “cradle of civilization” for three to six months next year.
During the trip, Jack Dorsey met with many Bitcoin popularizers, as well as business owners related to the cryptocurrency industry. The meetings took place in a warm atmosphere and were fruitful.
The sincere interest and huge prospects opening up with the conquest of this market have led to the conclusion that Africa will lead in Bitcoins and cryptocurrencies sphere. Here are at least three reasons:
Low coverage of traditional monetary systems. This is a clear motivation to master new financial technologies.
High interest from users. Google Trends is showing an interest that is ⅓ higher than worldwide.
The popularity of mobile payments. Every second payment in Africa is made from an account tied to a mobile number, while such kinds of payments have not received a significant distribution in the other continents.
Kenya has become a pioneer in this segment. It was here that the local company M-Pesa began to offer mobile bank services in 2007. Later, other companies appeared, they became known as mobile money operators.
As a result, today almost 95% of payments in Kenya are made through mobile money. Bank cards are practically absent, salaries and even loans can be obtained directly to your mobile phone account.
Let`s look at other countries
Many cryptocurrency companies already felt the prospect of conquering a new market. For example, giant exchanges such as Binance, Belfrics, and Paxful are actively expanding their presence in Africa.
Many European countries also started to consider the African financial model. For example, in Ukraine, where the authorities are loyal to cryptocurrencies, mobile payments have also begun to appear lately.
In October, Ukrainian media were full of headlines “Catch up and overtake Kenya ...”. This demonstrates that Africa is quite capable to surprise bypassing many opponents in the financial race.
Neironix analytic agency — the latest news on cryptocurrency!