Bitcoin continues to gain traction in Africa, with Kenya being the most bitcoin maximalist country, with 94.7% dominance. The top 10 list also contains Nigeria at the 5th spot and South Africa at the 6th spot.
As per Blockchaincenter, Bitcoin remains the most searched coin in all countries, accounting for 90% of all the search volume on Google Trends.
South America is the most “bitcoin Maximalist” continent, but Bitcoin adoption in Africa has been exploding for some time now and setting new highs every week.
In just three months, the peer-to-peer volume has been up 125% in Nigeria, 199% in Kenya, 194% in South Africa, and 257% in Ghana shared Kevin Rooke.
Compared to other African countries, Nigerians transacted the most with Bitcoin in Q2 2020.
As per Usefultulips, during the last quarter, Nigeria transacted $34.4 million in Bitcoin, followed by South Africa at $15.2 million, $7.8 million in Kenya, $640k in Ghana, and $600k in Tanzania.
“Africa sees another weekly record on P2P markets. 4th week in a row,” said Matt Ahlborg, creator of the crypto data providing site.
“Bitcoin premiums remain high in Nigeria, Kenya, South Africa, and others,” he added, sharing how remitters buy BTC in the USA and then send them to families in Africa where they can sell BTC for a 5-10% premium.
Making it Easier
Recently, Nigerian startup BuyCoins also opened up crypto to everyone with its new product, Sendcash, reported Disrupt Africa. With this platform, people can receive money into their bank accounts from any country abroad using Bitcoin.
“Basically, we map a bank account to a Bitcoin wallet address, and when anyone sends Bitcoin to that address from anywhere in the world, we convert it to Naira and credit the bank account within a few minutes,” said BuyCoins product manager Teju Adeyinka.
Sendcash is processing around $300,000 from about 400 users so far and continues to see growth.
— Timi (@timigod) July 3, 2020
BuyCoins enable Nigerians to easily buy, sell, and use crypto and trades about $7 million worth of digital assets each month.
Back in May, it traded more than $17 million in cryptocurrencies, which have been its “best month ever.” They also saw a huge spike in OTC trades that month.
What’s driving this demand in Africa is the high inflation rates, depreciating local fiat currencies, political instability, capital control, costly remittances, and lack of financial infrastructure.
If the ongoing trend continues as Twitter and Square CEO Jack Dorsey recently said, “Africa will define the future (especially the Bitcoin one!).”