News

Bitcoin adoption in Africa, the driving forces

Bethel Brill

Apr 23, 2021 — 1 min read

Whilst the price of Bitcoin is plummeting, with experts speculating that Joe Biden's new tax laws could be the driving force, it is quite stunning to ferret out that Africans are jumping on the Bitcoin trend massively.

BTC Peers, today, will highlight the prime movers of this adoption amid unfavorable government policies.

Global Remittance

According to a 2020 World Bank report, global remittance in Africa grew by over 10%, taking the total sum to $49 billion, with West African country Nigeria receiving more than half of the remitted funds.

The cited report further revealed that it is more expensive to remit funds to sub-Saharan Africa than it is in other parts of the world. In a bid to reduce transaction costs, which according to the World Bank oftentimes exceed the 8% mark, Africans in the diaspora have resorted to Bitcoin and altcoins.

Currency Depreciation

The last decade, for some African countries, is one to forget quickly. Financial instability and the soaring inflation rate have plagued these countries.

The foremost drivers of Bitcoin adoption Nigeria, Kenya, Ghana, Botswana, and South Africa have all in the last decade experienced a massive depreciation in their respective local currencies. To hedge funds against rising inflation and plummeting local currencies, locals have resorted to BTC, USDT, ETH, BNB, et al as perfect alternatives, thereby increasing adoption and investment funds.

While the Nigerian apex bank has placed a ban on Bitcoin transactions, statistics as reported, claim citizens are still actively investing in Bitcoin via P2P trading.

Check our guide of the most promising crypto

World Mobile Documentary Showing Hurricane Helene DePIN Relief Airs with Mario Nawfal

When Hurricane Helene tore through North Carolina two months ago, the aftermath was catastrophic. Over 230 lives were lost, and more than $53 billion in damages were incurred. Infrastructure across the region was crippled, leaving thousands without communication. World Mobile, a leader in Decentralized Physical Infrastructure Networks (DePIN), responded to

HIO Music ($HIO) Announces Arabian Prince as the Chief Innovation Officer to Enhance User Experience and Artist Empowerment

* The rap icon brings much-needed experience to the HIO Music platform amid notable progressive events in the near term. * Arabian Price has already integrated his album content on the HIO Music platform. * The HIO Music team plans to distribute its native token, $HIO, to empower the community financially. HIO Music

Bitcoin Breaks 100K Milestone as Trump Names Pro-Crypto SEC Chief

Bitcoin achieved a historic milestone late Wednesday as its price surpassed $100,000 for the first time, driven by President-elect Donald Trump's announcement of key administration appointments viewed as favorable to cryptocurrency markets. The world's largest cryptocurrency reached $103,000 by Thursday morning, marking a dramatic

Most Promising Meme Coins in 2025 to 100x in 2025

Like most industries, the crypto space loves a good story and only a few trends captivate as much as meme coins. These playful, fun, yet profitable tokens transcend eliciting comical relief; they entail utilizing an active community, buzz, and the right timing to generate gains—enabling you to turn small