Back to the list

Bitcoin becoming very popular in Africa

Reports coming from Africa suggest that Bitcoin boom has not ended there, in fact, the amount of buyings grows even higher.

This has been confirmed by Google Trends, where South Africa is the first region in the list of most interested in the word “Bitcoin”. The young generation of Africans is indeed interested in Bitcoin, tells the local reporter. In their countries (Uganda, Kenya, Sudan and South Africa) the possibility to save their money from inflation, if not considerably multiply them, is much more attractive than to the residents of the first world, who are sometimes unwise enough to buy bitcoins with credit cards in hopes to return money to the banks later, when Bitcoin becomes even bigger in price. Local exchanges see more and more new users from Africa, while the association of countries from that region does not really know what to do about it - they planned to develop their fiat equivalent of Euro and now Bitcoin has clearly won before they even started.

The recent research from Goldman Sachs naturally comes to mind. In that work, cited by many major media outlets, they told Bitcoin is able to replace fiat cryptocurrencies of the third-world countries. This contradicts the previous opinion of Goldman Sachs expressed by its leader, although not fully - as an experienced finance and asset manager, he left the room for a maneuver by telling that he might not be right about Bitcoin at all.

Back to the list