According to the report by Arcane Research and Luno found that Uganda, Nigeria, South Africa, Ghana, and Kenya are frequently among the top ten countries by Google searches for the word “Bitcoin.” Crypto adoption is making significant advances in the African continent. The report describes Africa as “one of, if not the most promising region for the adoption of cryptocurrencies,” emphasizing the continent’s combination of low existing crypto adoption alongside an “enormous” domain possibility. Several leaders from the crypto industry have shared similar opinions about Africa.
Monetary crisis and several other reasons present a strong case for bitcoin in Africa.
The report emphasizes that African countries exhibit a young population, frequent monetary crises and currency failures, large unbanked or underbanked populations, and expensive means of payment. These reasons present a strong case for the mass adoption of cryptocurrencies in the country. Bitcoin solves many monetary problems that the African continent faces. Nigeria has long dominated the continent’s trade volume, but the report found that South Africa has the highest percent of crypto ownership or use among internet users in Africa with 13%, followed by Nigeria with 11%. South Africa ranks fifth in the world for crypto adoption among connected citizens.
Twitter CEO Jack Dorsey believes Africa will drive crypto adoption.
Before the pandemic hit the world, the CEO of Twitter and Square had announced his plans to stay in Africa for six months to a year and explore crypto opportunities in the continent. Jack Dorsey believes that Africa has the potential to drive the crypto to mainstream adoption in the coming years. This past week saw South Africa post its second-strongest weekly volume on the peer-to-peer Bitcoin marketplace Localbitcoins, with nearly $1.65 million worth of BTC changing hands. The regulations around crypto in most African countries are still in the grey zone. The peer-to-peer trade in Nigeria is rallying to record highs, producing $9.2 million in the combined weekly trade.