High Unemployment Is Pushing Ugandans Towards Bitcoin Despite Numerous Warnings From The Bank Of Uganda

From the enthusiasm that was clearly observed last year during bitcoin and blockchain conferences in Lagos, Nairobi, Accra, and Johannesburg, we can say that Bitcoin is booming in Africa. Although Bitcoin communities in Africa are still small, we can’t neglect the fact that they are steadily growing. Today, Bitcoin awareness in Africa is rapidly increasing thanks to initiatives taken by mainstream media to report on cryptocurrencies.

Google trends reveal that three African countries – South Africa, Nigeria, and Ghana – are in the top five (5) of countries that have Google-search for bitcoin in the past twelve months. In addition to this, we can as well say without doubt that Africans are aware of Bitcoin’s potential in solving most of the current problems that the continent is facing. For instance, young Unemployed Ugandans are rapidly turning to Bitcoin as a source of livelihood despite the numerous warnings from the Bank of Uganda that cryptocurrencies are high-risk ventures.

 

Bitcoin as a source of income generation in Uganda

According to a report released by the Trading Economics, “unemployment rate in Uganda increased to 2.28 percent in 2016 from 2.15 percent in 2015.” Notwithstanding these discouraging statistics, a good number of Ugandan citizens have decided to take action rather than sit back with feelings of discouragement.

A report released by BBC holds that the youths in Uganda are increasingly turning to Bitcoin through investment and trading. As example to better portray this situation is a Kampala resident, Peace Akware, who made financial plans from the potential gains she will get from the over one thousand (1000) dollars in Bitcoin investment that she made. In her own words, she stated “[…] I would like to buy a car. I would like to buy land. I would like to build with it.

In Uganda, the appeal in making a living from Bitcoin is so great that Martin Serugga teaches weekly classes in Kampala to people who are interested in cryptocurrency trading. Interesting is the fact that his classes are regularly attended by more than 50 people. By so doing, Serugga has not only created a job for himself as a crypto trading instructor but is also helping others in an active manner to secure potential livelihoods through the trading of digital currencies.

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