Africa’s growing love of cryptocurrencies

Bitcoin, akoin and ubuntu’s success on the continent can be attributed to the low level of banking involved, the opportunity to save money and speculate as well as the possibility of carrying out cheaper international transactions.

Bitcoin has been enjoying real success so far in 2021. Tesla and BlackRock have both invested in this crypto-currency. Visa, Mastercard and PayPal are slowly starting to integrate it into their payment methods and some of the world’s largest banks – such as Morgan Stanley, JP Morgan and BNY Mellon, which were previously on the fence about it – are seriously considering adopting it.

These encouraging signs have contributed to the rise in popularity of the first cryptocurrency, which reached a record value of more than $63,000 in April. This has also helped increase the popularity of other cryptocurrencies, including akoin and ubuntu.

This momentum has not escaped Africa’s notice. According to the US firm Chainalysis, monthly transfers of less than $10,000 in cryptocurrencies to and from the continent jumped by 55% between June 2019 and June 2020, to $316m.

Source (the african report):

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