Twitter and Square CEO, Jack Dorsey recently said “Africa will define the future (especially the Bitcoin one!)” But was he right?
Crypto in Africa on the Rise
Sad to be leaving the continent…for now. Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020. Grateful I was able to experience a small part. 🌍 pic.twitter.com/9VqgbhCXWd
— jack (@jack) November 27, 2019
Earlier this year, Luno published The State of Crypto in Africa report in collaboration with Arcane Research. This was an attempt to understand where the future for crypto in Africa is headed. In this summary, we’ll highlight some of the key aspects of the research, including the catalysts for crypto adoption in Africa, obstacles to be overcome, and the latest trends.
Crypto in Africa
Despite being an incredibly diverse continent, African nations often share key similarities, ranging from socio-economic issues to a significant lack of infrastructure. The use of cryptocurrencies around the world has, to date, largely centred on investment, speculation and trading. This is not true of Africa, where applications for crypto and the scope of challenges it could help overcome vary far more.
This makes it a fertile breeding ground for crypto. As the report notes that “Africa is one of, if not the most promising region for the adoption of cryptocurrencies. This is due to its unique combination of economic and demographic trends. While the overall adoption is relatively low, the potential is enormous, the growth is rapid, and the development is likely to become defining for the cryptocurrency industry going forward.”
However, there’s currently a polarity to crypto adoption in Africa. On the one hand, researchers have identified
