RATE Group | Top 5 Catalysts and 4 Obstacles for Bitcoin In Africa
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Top 5 Catalysts and 4 Obstacles for Bitcoin In Africa

21 May Top 5 Catalysts and 4 Obstacles for Bitcoin In Africa

Posted at 12:53h in Bitcoin News by

Top 5 Catalysts and 4 Obstacles for Bitcoin In Africa 101
Source: Adobe/Vitoria Holdings LLC

Cryptocurrency is gaining popularity fast in Africa, where a new report claims young people are disillusioned with the conventional financial system and are poised to turn to bitcoin (BTC) and altcoins to power their financial future.

The report was co-produced by Arcane Research and the cryptocurrency trading platform Luno, which is looking to expand its reach on the continent.

The report mentions a number of what it calls catalysts that it claims are now driving bitcoin and altcoin adoption in Africa, including the below:

  • Capital control: governments often impose restrictions on foreign exchange to defend their currencies from losing value
  • Political instability and inflation: growing uncertainty and lack of faith in state-run systems is driving people away from conventional finance, while people are losing their confidence in conventional fiats
  • Mobile finance: Existing mobile money transfer solutions are becoming increasingly popular. Kenyan…

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