During the consistent uncertainty brought about by COVID-19 impact on every corner of the world, government-backed Fiat currencies seem to be failing people as more and more citizens turn towards cryptocurrency and blockchain. Looking at countries such as France, India, South Korea, and Germany we can see recently legalised crypto trading which only legitimises the aforementioned argument. Going on data from the well-known analytics site, Useful Tulips, African users trade around $14 million across peer-to-peer platforms.
Over the last year, bitcoin has seemingly peaked on Google trends. As a result of this, many enthusiasts of the crypto space are looking to the African crypto markets. Speaking in a recent podcast, the CEO of Paxful, Ray Youssef has said that the growing interest for bitcoin in the continent of the past few years has been a positive thing and also highlighted that a lot of interest came from millennials. Millennials in Africa could be encouraged to look at crypto as it is both a hedge against inflation and a new technology to explore. He further said:
“Africa is leading all of our volumes at the moment. In the next five years, Africa with its tremendous growth in trading volume is going to become the leading bitcoin crypto continent. It will grow in a way no one can imagine. Additionally, with the onset of COVID-19, there was a tremendous explosion seen.”