The goal of Bitcoin’s creation was to return financial power to the people. Since its beginnings, the use of Bitcoin has spread worldwide. Peer-to-peer bitcoin trading in Africa has risen dramatically recently. Peer-to-peer Bitcoin trading
Ghana and Kenya have overtaken South Africa to become Africa’s second and third top cryptocurrency markets in the first quarter of 2021, according to statistics from UsefulTulips. Despite a government assault on bitcoin recently, Nigeria continues to be the continent’s largest market for digital currency.
Between January and March of 2021, Nigeria’s trading volume topped $99.1 million, with Kenya coming in second with $38.4 million, Ghana third with $27.4 million, and South Africa fourth with $25.8 million. In 2020, Nigeria’s bitcoin trade volume was $309 million, beating the previous record of $98.4 million set by South Africa.
The improved regulatory climate in Ghana and Kenya is to blame for the increase in volume. According to reports, the Central Bank of Kenya is considering adopting bitcoin as its reserve currency because of recent large investments in bitcoin by companies such as MicroStrategy and Tesla that have solidified its use as a currency store of value. Ghana’s Central Bank has introduced regulations that benefit Bitcoin companies and startups.
A crackdown on cryptocurrency has been undertaken by the Nigerian government recently, with the Central Bank of Nigeria prohibiting banks from processing bitcoin-related transactions. After the recent collapse of the worldwide Mirror Trading International Ponzi scam, which was located in South Africa, the South African authorities also criticized Bitcoin.
People in Africa have been more interested in bitcoin as a result of growing poverty, political corruption, and weakening currencies in the continent’s economies. Even more likely, given the current worldwide epidemic and bitcoin’s recent price increase.
