Africa’s adoption of cryptocurrency in 2020 is astounding

Quick Take

1 minute read

• Cryptocurrency has been able to grow massively over the course of 2020. 

• But for the past three years, this growth has been slowly building up and now, people from all over the globe are using, or have at least heard of, bitcoin or any other cryptocurrency. 

Cryptocurrency has been able to grow massively over the course of 2020. But for the past three years, this growth has been slowly building up and now, people from all over the globe are using, or have at least heard of, bitcoin or any other cryptocurrency. Many institutions are getting involved with the leading cryptocurrency this year from America but when we look to Africa, this is one continent that has seen numerous countries embrace the technology.

There is a fast spread of crypto flying throughout its nations this year and even though it doesn’t have the same conglomerate companies as North America, things are looking up for crypto in Africa.

A report highlighted that Ghana, Nigeria, South Africa, Uganda and Kenya are a few of the top 10 countries to Google search about crypto in the world.

Due to a lack of banking infrastructure, crypto provides a fantastic opportunity and alternative. Especially with high volatile Fiat currencies and high inflation rates, digital assets such as bitcoin could really benefit the people in these nations. Many people in North America and Europe will use digital assets like bitcoin for investment opportunities but in Africa, they have a different need for assets like bitcoin. 

They want to use it for commerce.

Chainalysis, a United States blockchain research company has highlighted that crypto transfers on a monthly basis from and to Africa so an increase of over 55% and peaked at $316 million earlier this year in June.

It will be interesting to see how much adoption and news comes from Africa in the coming year. In 2021, things might look up for bitcoin in Africa even more so than they have throughout 2020.

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