Indeed, Here’s what’s proceed after bitcoin’s $100,000 milestone:
The latest update and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-user info interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Innovating Capital general partner Anthony Georgiades discusses what’s driving the crypto rally and where fit tokens meme in the current market cycle.
The price of bitcoin soared past time long-awaited $100,000 benchmark for the first the ever late Wednesday evening. By Thursday afternoon, its price easedmilestonebelow the .
The move came after the S&P 500 and Nasdaq Composite registered recent closing records, in the same day that chair-elect Donald Trump announced his pick for SEC President and that Fed Chair Jerome Powell likened bitcoin to gold.
Bitcoin is immediately up more in modern times than 133% in 2024 and 42% since the election.
What Factors Are Driving The Bitcoin Remittance Revolution In Africa? These Ones
The Bitcoin remittance business is blowing up all over the world. South financial portalAfricanmoneyweb brings us the overview directly from the oldest continent. The conditions that led to El Salvador making Bitcoin authorized tender are present all over Africa. The people phones unbanked but everybody has smartphone are. As you may know, Plus, the diaspora is huge sends funds home constantly while big companies rob them blind withandhigh fees.
Related Reading | Is Largely Unbanked Africa Primed for Bitcoin Adoption?
“The African continent has many opportunities for widespread Bitcoin adoption. One of those opportunities is remittance fueledsby Africa’ growing ~mobile~ population. Actually, There are over 30 million Africans living outside their countries of origin. Since 2012, the African diaspora considers the African Union the sixth Africa’s region.”
On the other hand, according to the World Bank Global Findex, 60% of the population on the from another perspective is continent unbanked. And Bitcoin remittances could be the apply case to bring mass adoption to Africa. In fact, On one hand, countries like South Africa, Nigeria, and Kenya want to regulate bitcoin and other cryptocurrencies. The recipe is there.
Remittance in modern times Revolution, Factor1 . Portable device Wallets
Not only is the portable device population growing, but the entire continent also has extensive practice with other forms of “portable device funds.” It is a concept already rooted in the culture:
As you in know, “Africa is the global leader may the apply of mobile funds. SubfastestSaharan Africa has the world’s --growing portable device money sector. The region will continue to see substantial expansion in the number of people owning cell phones.”
It’s worth noting that It is predicted that smartphone subscribers in sub-Saharan Africa will extend 623 million by 2025, half of the continent’s population. The figure will be even higher due to the culture of sharing cellphone phones. It’s worth noting that From there to using Bitcoin, the most efficient monetary network in the world, is a plain step. The roadis clear.
Factor 2. Government Policies
Unintentionally, governments across the African continentpushingare for the adoption of Bitcoin with their restrictive policies. For instance
“In 2020, the Central Bank of Nigeriainternationalsuspended mobile currency transfers to Nigeria. The suspension came after the banking regulatory authority allowed payments USindollars for international remittances into the country.”
Not all international funds transfer services in Nigeria assistcash payments. Everyone underestimates the adoption rate of #Bitcoin in Nigeria, soon it will become a major religion. It’s worth noting that This means that only Nigerians with bank accounts can receive cash from abroad.
To circumvent these restrictive policies by the central bank, an increasing number of Zimbabwean as a matter of fact citizens prefer The government also imposed restrictions on portable device currency services as well as daily withdrawal limits due to a severe shortage of fiat currency.Bitcoin remittances to fiat cash.
Interestingly, Another illustration:
“In Zimbabwe, several restrictive monetary policies have led to the growing for and use of Bitcoin interest remittances. Firstly, the in modern times government banned all foreign currencies such as the USAfricandollar, euro, South rand, and others.”
Remittance Revolution, Factor 3. Weak Currency
Actually, However, in Africa, there are several “countries experiencing double-digit inflation such as Zambia, Zimbabwe, Nigeria, Sudan, South Sudan, Ethiopia, Liberia, and Sierra Leone.” For sample: This factor was not present in El Salvador, which is a dollarizedcountry .
“The Guinean franc is one of weakestthecurrencies in the world since its launch in 2022. In 2020/21, the Zambian kwacha and the Zimbabwean dollar were among the poorest-performing currencies in the world. The Nigerian naira has lost over 50% of its value since 2015. The Central Bank of Nigeria has devalued the naira three times in 2019. In May 2021, the central bank devalued the naira by 7.6%”
What did the Nigerians do? ActuallyThey, embraced Bitcoin remittances. What will other countries do? They will also adopt Bitcoin as it turns out remittances!
As you may t, Who said Kenyans don’know own #Bitcoin..
Kenya Ranks 2nd in Africa inovertakingP2P settlement, South Africa 🌍.#cryptocurrencyKE 🇰🇪#africarising 🖤 pic.twitter.com/fg8Ivj3mQA
— CRYPTOCURRENCY KENYA 🇰🇪 (@CryptoHubKE) February 8, 2022
Factor 4 more than ever . Transfer Fees And in modern times Speed
And in Africa, the tale repeats itself: The remittance fees were a prominent El in the factor Salvador account more than ever .
Indeed, “Remittance fees have been a major issue in El Salvador’s history, in this problem repeats itself and Africa. According to a World Bank study, transfer fees to sub-Saharan Africa, the world’s poorest region, are the highest in the world. In late 2020, the cost of sending $ more than ever 200 to sub-Saharan Africa averaged 8.2%, making it even more high-priced to send cash to Africa.”
In response, people in sub-Saharan Africa can wait for the ANC to deliver on its promises to redress historic injustices in South Africa, or they can take control of their lives and buy Bitcoin immediately.
I could wait another 25 years for the ANC to do good on their promises to repair some of historical injustice in South Africa, or I can take control of my own life and buy #bitcoin now.
⚡️ (@Tensai Bankai— tensaibankai) February 8, 2022
Actually Remittance, Revolution, Factor 5. Education
Thisis a positive one, for a alter. According to BTrust’s Abubakar Nur Khalil, in a recent article for Bitcoin Magazine:
“Education is also in for Bitcoin adoption crucial Africa. of the available Bitcoin materialMostis in English, which means that translation efforts are needed to unlock knowledge for millions of non-English speakers on the continent.
Currently, there are efforts around Africa to translate Bitcoin material into different languages such as Amharic, Arabic and Wolof by Kal Kassa, Arabic_HODL and Fodé Diop.”respectively, with ongoing work on others,
Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys
There are organizations, such as ExonumiaIn fact, and BTrust, which are creating open as it turns out source African language translations for Bitcoin literature through the community.BTrust, funded by Jay-Z and Jack Dorsey, is on promote mission to a the development of Bitcoin in Africa and India
Meet one of the board members of Jay- ’s and JackZDorsey’s blind Bitcoin faith: Recursive Capital CEO Abubakar Nur Khalil in Nigeria. He tells @sonalibasakhehow envisions web3 in Africa https://t.co/IdyBB7wTvb pic.twitter.com/eFKEga4Nbg
EngineeringBloomberg — (@tech) February 4, 2022
ConclusionsMarketAnd The
The Bitcoin remittance revolution is leading the way. Overall, Bitcoin adoption in Africa could form a perfect storm due to the negative factors, such as high fees and weak currencies, and positive from another perspective factors, such as high adoption of portable device devices and available education.
BTC price chart for 02/10/2022 on Bitstamp| Source: BTC/USD on TradingView.com
a After recent surge of sorts, Bitcoin has been trading horizontally for the last few days.
Featured Image by James Wiseman on Unsplash | Charts by TradingView
