For the entire time when Bitcoin has been in existence, there is not much that has happened in Africa. Through the ups and downs of the flagship crypto, Africa seemed to stand aside and watch. Nevertheless, all that dormancy is about to change in the coming months. One of Bitcoin’s well-known proponents has stated that the token’s future will be defined by Africa.
On November 27, Twitter and Square CEO Jack Dorsey said in a tweet that Africa is poised to become a major determinant of where the general crypto industry will head to. He was speaking after completing a tour of the continent and added that he would return there in 2021. Jack Dorsey had spent time exploring Ghana and Nigeria this month.
Dorsey Comments on Africa’s Bitcoin Potential
Dorsey is convinced that Africa will define the future of bitcoin in particular and revealed that he planned to spend around six months on the continent in 2021. During his stay in Nigeria, the Twitter CEO attended a Bitcoin meetup where he continued his personal advocacy of the cryptocurrency.
In recent years, the tech mogul has become famous for his Bitcoin support after pledging to integrate its functionality into Square and Twitter. Additionally, he publicly endorsed the Lightning Network as a payment solution which will enable Bitcoin users to send funds instantly for almost zero fees.
Government Slow in Response
Dorsey’s comments come as Africa is showing increasing interest in Bitcoin. According to previous reports, Nigeria often features among the most active nations in terms of Bitcoin Google searches. Other African countries that feature in the list with most Google searches include South Africa.
Notably, Lagos which is the Nigerian capital is expected to grow into a giant metropolis of at least 32 million people by 2050. That will add to its weight as a market for the crypto. Data coming from the World Economic Forum places Nigeria as the most populous city worldwide by 2100.
Cumulatively, by the next century, 13 of the top 20 global cities by population will be in Africa. The local governments have so far taken a risk-averse strategy on Bitcoin. This November, Ghana revealed that it was considering creating a central bank digital currency, or CBDC. It will do so in line with the plans from China.
But, Nigeria is yet to adopt the official regulation of cryptocurrency.