Despite the skeptical approach in embracing the use of Bitcoin by certain African countries, others have fully embraced it and are considered leaders in the sector. A quick search on Google Trends will reveal three African countries among the top ten of global search interest for the term “Bitcoin”. This confirms the fact that leading African economies are becoming more interested in the daily use of bitcoin.
The demand for Bitcoin has greatly increased over the past years in most African countries. This leads us to asking questions like what are the five leading Bitcoin economies in Africa? If this question has ever troubled your mind, then you are at the right place. Relax and continuously unfold our writing to learn about these African leading countries when it comes to the use of Bitcoin.
Top 5 leading Bitcoin economies in Africa
The term “Bitcoin” is no longer strange among South Africans. According to Google Trends, South Africa tops the ranking for the search term “Bitcoin”. Both the young and old in South Africa have displayed their interest and commitment in the use of Bitcoin. The high demand and use of Bitcoin in South Africa have led to the installation of many cryptocurrency exchanges in the country.
Coming second on our list is Nigeria which has greatly contributed to the overall adoption of Bitcoin in Africa. Nigeria is one of the leading Bitcoin economies in Africa that has embraced the blockchain technology and digital currencies. Its local traders and activists welcome digital currencies like Bitcoin as a nice way of freeing themselves from an unstable and failing economy. It is worth noting that the previous inflation in Nigeria drove many into embracing Bitcoin as a way of preserving the value of their wealth.
Zimbabweans also welcome Bitcoin as a way of preserving the value of their wealth and protecting it from a failing and unstable economy. Many Zimbabweans are actively involved in the use of Bitcoin despite the official ban of all local financial institutions from serving cryptocurrency businesses. This ban was made by the Reserve Bank of Zimbabwe in order to overcome the foreign currency and liquidity challenges which were plaguing the country. However, this ban has not stopped the Zimbabweans from finding and adopting new methods of trading and using Bitcoin.
Kenya, one of the East African countries has one of the highest Bitcoin trading volumes in Africa. The demand and use of Bitcoin in this country is quite high. Kenya happens to be one of the few African countries with a Bitcoin ATM. As observed on LocalBitcoins, the weekly trading volume of Bitcoin in Kenya during 2017 jumped by almost 429%. Since then, it has not significantly reduced. In December 2017, a Citibank research ranked Kenya among countries with the largest Bitcoin holdings worth $1.63 billion.
When talking of leading Bitcoin economies in Africa, it would be a mistake to omit Ghana. Ghana has a high demand for Bitcoin and its citizens have greatly embraced the use of this digital currency. The rate at which Bitcoin was used in Ghana was so high that the Bank of Ghana issued a statement at the beginning of 2018 cautioning the people about the use of Bitcoin. In addition, the central bank also expressed an interest in introducing cyber security guidelines to guide the national use of cryptocurrencies.