Bitcoin was designed with the purpose of placing monetary control back in the hands of these people. In recent years since its beginning, Bitcoin adoption has increased globally. Lately, there’s been a sharp rise in peer reviewed bitcoin trading round Africa.
Based on statistics in UsefulTulips, Ghana and Kenya have observed a constant growth in bitcoin trading, overtaking South Africa to become the next – and – third-leading cryptocurrency markets in Africa during the first quarter of 2021. Nigeria, that recently watched a government crackdown on bitcoin, nevertheless leads the continent in bitcoin trading quantity.
The growth in quantity in Ghana and Kenya could be attributed to positive regulatory environments. Ghana’s Central Bank introduced regulations benefitting Bitcoin businesses and startups, along with the Central Bank of Kenya is allegedly considering embracing bitcoin because its reserve money, probably fuelled by recent substantial investments in bitcoin by companies including MicroStrategy and Tesla, which solidified its usage as a store of value.
The Nigerian government has instituted a nationwide crackdown on cryptocurrencies lately, since the Central Bank of Nigeria prohibited banks by processing bitcoin-related trades. The South African government also criticised Bitcoin following the current collapse of the worldwide Mirror Trading International Ponzi scheme, which had been established in the nation.
African taxpayers’ desire for bitcoin has increased in the past few years as fiscal uncertainty, increasing poverty, government corruption and depreciating currencies have pushed people throughout the continent to search for more secure investments. The current global outbreak and current surge in bitcoin’s value might happen to be factors too.