Nigeria is already one of the top 5 nations in the world most interested in Bitcoin with hundreds of thousands of users with active Bitcoin wallets buying and selling the cryptocurrency regularly.
It can be a solution for financial savings, an investment opportunity, and a way to keep funds secure from outside actors. The latter feature has been particularly important lately as protesters have flocked to cryptocurrency as a solution for financial donations.
Notably, the Feminist Coalition had its fiat funding frozen by banks. They then moved towards Bitcoin, asking supporters to switch their donations from fiat currency to cryptocurrency. Twitter CEO and Bitcoin Fanatic, Jack Dorsey, even tweeted out a link to the Feminist Coalition’s Bitcoin address, tagging it with the famous #EndSars.
Many cryptocurrency experts view the Nigeria situation as a prime example of Bitcoin’s value. Beyond Nigeria, Africa as a whole has become a hot spot for cryptocurrency adoption as national banks fail to meet the currency needs of their citizens. Top cryptocurrency exchange Yellow Card has been providing a platform to buy and sell Bitcoin to Nigerians for years now.
And it recently began to expand across the continent to South Africa, Botswana, Kenya and Cameroon. The company is also working on launching in Zambia, Ghana, Uganda, Rwanda and Tanzania in an effort to accelerate Bitcoin adoption across the continent.
Speaking with reporters, Chris Maurice, CEO of Yellow Card, said, “In terms of the crypto scene and everything, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana, and Kenya.”
With the rising call for Bitcoin adoption, things are looking bright for the future of the cryptocurrency revolution – despite the threat of currency instability and the global economic uncertainty from Coronavirus. And Nigeria could very well lead that revolution.
*This is a featured post.