According to data from the analysis platform UsefulTulips, Africa has developed into the continent with the largest Bitcoin peer-to-peer trade in the world. In the past seven days, the continent’s $ 18,073,777 negotiated in LocalBitcoins surpassed, and Paxful outperformed North America, the previous leader trading $ 17,540,134 worth of bitcoin on peer-to-peer platforms.
Although the data is collected in absolute terms and is not weighted for each region’s individual and collective wealth measurements, it shows how much bitcoin adoption is growing in emerging markets. While financially privileged investors in developed countries often reject the use of Bitcoin as a currency or just view it as a store of value, those in less privileged regions, who usually face severe currency devaluation or limited access to the traditional financial system, show how important Bitcoin can and do the real problems it can solve.
This reality is further corroborated by Chainalysis’ recently released Global Bitcoin Adoption Index, which shows how Bitcoin is establishing itself in the countries that actually need it most – not those that see it as a way to make money. By weighting each country’s Bitcoin activity to prevent it from skewing in favor of the vast institutional trading volume of developed countries, the index found that the biggest leap in adoption by ordinary people is in emerging economies – which focus on the Focus on saving and trading with Bitcoin.
There are three African countries in the top 10 of the index: Kenya, Nigeria and Togo. Since the index weights each country’s on-chain value received and transferred, as well as P2P trading volume with their purchasing power parity (PPP) per capita, it was found that Africans use Bitcoin for many use cases, including daily storage and daily value exchange. The study also found that institutional actors were mainly driving adoption in North America, Western Europe, and East Asia.
The inevitable benefits of Bitcoin adoption for a nation state and Africa’s increasing Bitcoin adoption and trading volume make the continent ripe for an embargo on a Bitcoin standard. As more and more people and their countries recognize the antifragility, scarcity, decentralization, non-discrimination, censorship resistance, predictable monetary policy and open source code of Bitcoin, we can expect more that different use cases will emerge on the five edges of the world and countries adopting it as their base currency – for their and their people’s sake.