Crypto is more than just a speculative asset. Many cryptos – including Bitcoin – improve a failing banking system and provide concrete solutions to certain problems. It is also always interesting to see the significant use that is made of Bitcoin in countries with a faltering economy. Find out some figures on this subject, based on a study carried out by Usefultulips.
Bitcoin in force in Africa!
The Usefultulips site allows you to map the countries that have experienced the greatest increase in p2p bitcoin exchanges. Consider the situation over the past 180 days.
North America is in a powerful position and has the highest volume of bitcoin trading, with $545 million. The African continent is in second position with 409 million dollars, just ahead of Asia-Pacific (331 million dollars). The rest of the ranking is:
- South America with $283 million;
- The Russian Federation and Ukraine with 228 million dollars;
- Europe with 211 million dollars;
- Middle East / North Africa with $29 million;
- Australia / New Zealand with $21 million.
The results become even more interesting when we consider the dynamics. Thus over the last 180 days, the African continent is the one that has recorded the biggest growth in Bitcoin exchanges. Most countries in sub-Saharan Africa register about 15% increase, and up to 30% for countries in North Africa. This figure is more significant given that, North America recorded a decline of around 19% in trade. In May 2021, sub-Saharan Africa even recorded a trade volume equivalent to $17 million, which is 50% better than in May 2020!
Some African countries ready to take the wheel of El Salvador on Bitcoin
The Savaldor has been in the news recently by becoming the first country to use Bitcoin as one of the country’s legal currencies. Since then, it has emulated this announcement. Some countries are considering doing the same. Among them is Tanzania.
The President of Tanzania, Samia Suluhu Hassan recently asked the Central Bank of Tanzania to look into digital currencies. Nigeria remains a stronghold of Bitcoin even though the government has put in place some restrictions. Recently, Jack Dorsey, CEO of Twitter, said that “the people of Nigeria will lead the way for Bitcoin”.