Bitcoin At Premium: How BTC Prospers in Africa

Bitcoin At Premium: How BTC Prospers in Africa

Years ago media predicted the rise of bitcoin in the emerging-market countries. Unsurprisingly, that’s what is happening today. Bitcoin and its brethren are conquering the financial markets of countries, which are living through financial or economic crisis and suffer from bureaucracy, lack of development, volatility of national currencies and high remittance fees. The digital asset seems to be quite an attractive alternative to financial systems of developing countries, particularly, African states. Currently, the oldest cryptocurrency in the world is experiencing the prosperity period in the region.

Africa Embraces Bitcoin

According to Google Trends and several reports, bitcoin is currently trending in African countries. For instance, atop of the Trends list in January 2018, there is South Africa. Two other countries, Nigeria and Ghana, are represented in top-10 countries, interested in bitcoin.

Our top trading bots

Just last month Nigeria was #1 on the trending list, and now it sits on #7 when Ghana is #10. Furthermore, the popularity of bitcoin also grows in other highly populated areas such as Kenya and Sudan.

South Africa

The popularity of bitcoin keeps growing in South Africa. Perhaps, people there find the decentralized currency as means of surviving and getting success when the government is not capable of solving economic, social and political issues. In March 2017, the online trading platform eToro, which functions in the country, has seen the increase of the number of customers, just at the time, when Pravin Gordhan, the South African now ex-minister of finance, lost his post.

In the comment to the Wall Street Journal, the platform’s analyst Mati Greenspan said that the political difficulties might have directly influenced the growth of traders on the exchange:

“In South Africa, the number of new users trading bitcoin through eToro rose by 671% from January to the end of November last year over the same period in 2016, more than the 574% overall growth.”

The leader of marketing for digital asset platform Luno, which is based in London but operates in Asian and African countries, Werner van Rooyen added that South Africans conduct thousands of trades per week on the platform.


Meanwhile, in 2017 the p2p transactions in Nigeria grew by about 1,500%, as it is reported in the article by Bloomberg. At this time, the state lived thought the rehabilitation era of the foreign exchange market. Hence, the national public currency of Nigeria – naira – decreased by 12.4%.

No wonder that people started paying more attention to alternative means of transaction and deposit. In accordance with LocalBitcoins data, last year, trading volume in Nigeria stood at $115 million, when the worldwide trading made up to $1.9 billion.


The columnist from Uganda, Catherine Byaruhanga in her blog for BBC stated that despite the risks of the bubble, the surging price of bitcoin seems especially appealing to African millennials. Among the African representatives of generation Y, who pile into bitcoin, is young Peace Akware. She lives in Uganda’s capital city Kampala and is optimistic concerning her crypto investment. The young lady hopes not only to make purchases with bitcoin like buying a car and land but also to invest in building on the land.

On the other hand, Ugandan Martin Serugga cautions millennials that bitcoin can be risky. He conducts classes about cryptocurrency every week for around 50 people. He also teaches them how to trade bitcoin against the local public currency.


According to the adoption of bitcoin has been increasing exponentially due to the political turmoil in the country, particularly, after the scandalous resignation of Zimbabwe’s president Robert Mugabe. The economic volatility of the country has also led to the fact that bitcoin overcame global averages numerous times throughout 2017.

Bitcoin Thriving Amidst Caveat

Some experts in the field of digital safety believe that the quite novel crypto technological trends will help to make difference in Africa. One of them is Neil Blazevic, who answered BBC:

“With the right support for innovation, and collaboration Africa could once again leapfrog over the digital divide and become a market leader just like it did in the move from landline communications infrastructure to the mobile phone ecosystem.”

In the meantime, the p2p platform Localbitcoins is fixing the volume records in such countries as Nigeria, South Africa, and Kenya. The trading there has been soaring of the essence since summer 2017.

Nevertheless, not everybody is happy with bitcoin adoption in Africa. A group of activists from several African nations has turned to the EAC (East African Community), which is a six-Eastern African-state central bank organization, with a special request. These members’ goal is to develop a unified currency for the six Eastern African nations, but they believe that bitcoin can be dangerous to this project.

Furthermore, within the past few months several central African banks, e.g., Kenyan, Tanzanian and some others also expressed their concern over bitcoin and asked people to be cautious with it.

Charts Source: Google Trends; Localbitcoins.

Ebang refutes Bitcoin ‘China Hustle’ claims as share price falls 20%
The share price of Chinese Bitcoin mining company Ebang continues to fall, while the firm refutes claims made in a Hindenburg Research report that alleged...
Retail traders become 'sitting ducks' as sell-off triggers $1.4B liquidation
After flirting with a $2 trillion market capitalization for the last couple of days, the cryptocurrency market took a 7% hit on April 7, dropping the total...
Mark Cuban says NFTs could disrupt electronic signature firms
Dallas Mavericks owner and Dogecoin proponent Mark Cuban says nonfungible tokens may have the ability to disrupt and even transform industries dealing with...
Real-world data comes to NFTs as street artists geotag their work
A Latvian artist going only by the name of Kiwie has announced their intention to release more than a thousand nonfungible tokens that represent real-world...
The next big Bitcoin price move: Optimism is high, but is it justified?
The crypto market seems to be once again heating up, with Bitcoin (BTC) flirting with the $60,000 mark for almost a week now. However, despite its bullish...
Pantera Capital backs Liquity Protocol’s $6M Series A funding round
DeFi lending platform Liquity Protocol has secured $6 million in Series A funding to expand its on-chain borrowing services, underscoring the continued...
Chainalysis has crypto’s 'heightened momentum' to thank for multibillion-dollar valuation
Blockchain analytics firm Chainalysis recently added $100 million to its books thanks to investments from a number of parties, including Salesforce CEO Marc...
Avanti Financial raises $37 million to launch institutional crypto bank
The Avanti Financial Group has announced that it has raised $37 million in a Series A round, bringing the company closer to launch as a digital asset bank.In...
Following $6.5 million CFTC fine, Coinbase delays direct stock listing
After settling charges of improper reporting of exchange volume and “self-trading” with the CFTC yesterday, reports have emerged that cryptocurrency exchange...
AR FinTech Head: Financial Advisors Don’t Know What BTC Is
It is the age-old question both for professional and amateur investors: when is the right time to pile funds into bitcoin? Also, nowadays, this is the...
Nobel Prize Winner Shiller Says Bitcoin is a ‘Clever Idea’
The American Nobel Laureate and Sterling Professor of Economics at Ivy League Yale University Robert Shiller considers bitcoin as an exciting experiment...
How Much Taxes You Owe If You Own Bitcoin. At Least If You Are an American
It does not matter whether you use the most known cryptocurrency in the world bitcoin for storing your funds or for making relatively quick and cheap transactions,...
Bitcoin Skyrockets to $16,900 After a Week of Stagnation
Finally, after a week of stagnation, bitcoin has finally shown some positive gains in price as it reached a week-record of around $16,900. A Long-Expected...
Risks of Cashing Out Cryptos Into Fiat
In 2017 bitcoin has grown by around 1,700%, when litecoin managed to surge up by about 7,000% and despite the correction which occurred to the whole...
BCH Insider Trading Reportedly Conducted Via Coinbase With “Huge” Returns
Allegedly, there has been disclosed a case of not so long ago forked Bitcoin Cash insider trading, conducted through the Coinbase, which is a well-known...