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TECH & INNOVATION – Bitcoin adoption in Sub-Saharan Africa is the highest in the world

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GUEST - Christo de Wit, SA country manager at Luno.

Chainalysis, the blockchain data platform is sharing its focus chapter on Sub-Saharan Africa, as part of the Chainalysis 2023 Geography of Cryptocurrency Report. Last week, the first chapter, The 2023 Global Cryptocurrency Adoption Index was published, as well as the chapter about Central & Southern Asia.

Some highlights of the Sub-Saharan Africa chapter:

1. Adoption and use of Bitcoin in Sub-Saharan Africa is the highest in the world. The report dives into how and why.

2. The use of homegrown Sub-Saharan Africa-based exchanges continues to outpace global exchanges.

3. With a 9% growth rate, Nigeria was one of only six countries in the world where transaction volume grew year-on-year. The Naira crisis led to further adoption of cryptocurrency. In the report Chainalysis maps how interest in Bitcoin and stablecoins has generally risen as the Naira’s value has decreased.
19 Sep 2023 5PM English South Africa Business News · Investing

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