Bitcoin adoption in Africa has grown over 1,200 percent ! The report by Chainalysis confirms the increased adoption has been due to retail investors. The use case of bitcoin ranges from savings, remittances, and trading. Artur Schaback, COO and co-founder of P2P exchange Paxful, told Chainalysis that his platform had seen stark growth in African countries, notably 57% in Nigeria and over 300% in Kenya, over the last year.
A recent study by the Brookings Institute found that the ability to purchase bitcoin through peer-to-peer markets enabled African citizens to bypass government restrictions of remittances and perform cross border transfers. In 2019 alone, Sub-Saharan Africa received at least $48 billion in remittances.
The use case feeding bitcoin adoption relates to the terrible economic conditions in Africa where fiat currency debasement is the rule, not the exception. Paxful’s growth has rapidly accelerated in Nigeria this past year during a severe currency devaluation in the nation according to Schaback.