Bitcoin is gradually heading towards mainstream adoption and that’s a fact we need to start accepting. The banks know this, the government knows this, and the wise investors are very much aware of this situation. In recent years, countries outside Africa have utilized the power of blockchain technology and bitcoin to create to create whole new economic systems and Africa is not left out of this trend.
If you’ve failed to notice Africa is one of the leading continents in the charge for mainstream adoption of blockchain technology, cryptocurrencies and bitcoin in particular, but the question is this – who leads the charge? Is it the technologically advanced South Africa, the most populous black nation in the world (Nigeria), is it the emerging nation of Kenya ot the Noth African giants: Egypt.
Bitcoin adoption is growing tremendously in Africa. No single week goes by in Lagos where we don’t witness a blockchain summit or bitcoin trading lecture, it is a growing movement in Africa. During the ICO wave you hardly see any ICO sale not dominated by Nigerians and to top it off South Africa has the second highest google trend search for Bitcoin in the world, these are facts nobody wants to talk about but it’s there for us to see.
Why is South Africa so into Bitcoin? Well it’s simple, South Africa is perfect for Bitcoin, a really educated and wealthy population, an investment savvy white community and a deteriorating currency and population. This makes it easy for folks to rather look into bitcoin as a second avenue to invest their money.
Nigeria’s story is entirely different, a unique story i must say. A country with youths with unbelievable potentials, a massive workforce but a very bad human capital development history, bad economy, weak currency and according to recent reports the country with the highest number of poor people in the world, the citizens are starting to make economic decisions for themselves – and that begins with massive investments in Bitcoin.
The last Bitcoin bull run produced more young millionaires in Nigeria than any other sector in such little amount of time. The adoption of Bitcoin in other countries like South Africa, Kenya, Egypt and Zimbabwe is also impressive.
The Rise Of Bitcoin ATMs
From just internet money to having its own dedicated ATM – Bitcoin has come a long way and just has some hurdles to cross before it finally becomes mainstream. Today we have over 4200 Bitcoin ATMs in the world with most of them located in North America and Europe – the United States leading the charge.
In Africa South Africa has the highest number of Bitcoin ATMs with 5 located in several parts of the country, Kenya, Zimbabwe, Uganda and surprisingly Djibouti have one Bitcoin ATMs each. Although this isn’t the metric to choose the the leading cryptocurrency nation in Africa but it helps us paint a clearer picture, and in this picture South Africa holds sway as the top Bitcoin nation in the Africa.
The massive population of Nigeria, the exposure of the South African nations and the tenacity of the North Africans can help position Africa as the top bitcoin continent in the world (yes it can be done). It will bring strong economic benefits that will surely help revitalize the economic situation of a continent teeming with intelligent youths and untapped potentials.
But in this race we should all agree on one thing – South Africa leads the charge for now, it might change in the future, but as it stands let’s keep our fingers crossed and expect the best best for Africa because the continent is in dire need of a miracle.