It is evidence that cryptocurrency is gaining momentum in African communities such as Nigeria, Ghana, Botswana, Kenya, South Africa and Zimbabwe. A report by gobitcoin.io shows that these parts of the continent are considered to be the leading adopters over the past few years. Although Africa captures only 2 per cent of the global value of all cryptocurrencies received. Africa grew 1200% between the years 2020 and 2021 making it the fastest adoption rate in the world. Africa, the second-most-populous continent in the world, with around 1.3 billion people has been experiencing fast adoption of the technology which has made Africa a perfect market for cryptocurrency startups.
Understanding the African Crypto Community
A population of African communities that are growing exponentially every day needs to be explored. Africa’s fast-growing population and markets present important opportunities for business in an environment of slowing global growth. At the same time, greater innovation and investment from businesses are essential to meet Africa’s unfulfilled demand for crypto. All thanks to the internet and the early cryptocurrency adopters in Africa which include the followings among others:
The influence of Celebrities: These are famous individuals in society that have a large number of supporters, especially in the entertainment industry. It is easier for these sets of people to disseminate information to get to the general public, especially the younger generation. That means their influence on helping the crypto community is extremely a good niche in the future.”
The Influence of Content Creators: These are individuals who create digital entertaining material to be expressed through any medium to generate income. Content creation has been contributing immensely among youths in Africa. This gives cryptocurrency more mainstream and helps break down the concepts of cryptocurrency into different local languages. Hence, more needs to be explored as regards getting the elderly ones to understand what crypto is.
In conclusion, Africa is a great opportunity for crypto startups to explore due; to its population, increased literacy level, fast adoption
More Reads:
https://www.un.org/africarenewal/magazine/june-2021/crypto-currency-adoption-africa-ups-and-downs
https://www.brookings.edu/research/spotlighting-opportunities-for-business-in-africa-and-strategies-to-succeed-in-the-worlds-next-big-growth-market/#footnote-1