Could Africa Become the World’s Crypto Capital?

Whenever individuals mention cryptocurrency, they tend to believe it is associated with such destinations as the United States, Europe, or even Asia. However, the question that I have been posing myself recently is a simple one, and it is the following: do I think that Africa can become a crypto capital of the world? I firmly believe that the answer can be yes as I am a Nigerian guy and have observed the rate at which crypto is spreading in the country.

Africa is one of the places that have been blessed with cryptocurrency. To begin with, the local currencies in most African nations are weak. Nigeria is one such country where the naira is depreciating annually. Human beings always find improved methods of saving their finances and safeguarding them against inflation. Crypto is now a solution in reality. People do not store money in the bank and see its devaluation; instead, they resort to using coins such as Bitcoin, Ethereum, or stablecoins. It demonstrates that Africans do not only like crypto as entertainment, but they have to survive.

The other reason has to do with the youthfulness and innovativeness of the population. Africa is also among the youngest population in the world and the youths are fond of technology. I have watched so many young Africans to know how to trade, create blockchain projects, or launch crypto businesses. Most of them do not even wait to be approached by the government, they simply act. It is this type of energy that would make Africa a force to reckon with in the global crypto world.

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Moreover, Africa is a continent, in which traditional banking is not available to many people. There are even villages and towns that lack banks. Nevertheless, nearly everyone possesses a mobile phone. Anyone can enter the crypto space with only a phone and internet. This is a big advantage. It implies that crypto is able to reach individuals that other banks cannot reach. By doing so, Africa would be the first to demonstrate to the world how crypto may assist those typically marginalized.

Naturally, it has difficulties. Cryptocurrency is not yet friendly in some governments of Africa. They fear scam, fraud, or lack of control over money. In Nigeria, one of the examples was when we were restricted in terms of crypto dealing banks. Nevertheless they had limitations, but people still managed to trade peer-to-peer. This indicates that the need is too high to be halted. Assuming that the governments in Africa change their model and embrace crypto rather than combat it, the continent may increase at even a greater rate.

I also consider ways that crypto is addressing true issues here. Indicatively, remittance of money out of the country or in of money out of Africa is normally slow and costly. It is nearly immediate and far less expensive with crypto. This is beneficial to traders, students and even families. The more issues crypto will solve the more people will embrace it.

Therefore, will Africa become the crypto capital of the world? I believe it is very possible. The demand is actual, people are prepared, and technology is already available. With additional support by governments and improved education on crypto, Africa may shock the entire world.

Finally, I regard Africa as an opportunity place. We are almost transitioning to mobile phones almost instantly, and just as we have done this, we can transition to crypto in a short period of time. It is my wish that the day will come when people mention crypto and Africa will not be a follower or leader but the leader.