interested inIt explodes in Africa on the eve of the big event and halves. The volume of P2P exchanges exceeded the maximum reached in 2017.
Bitcoin trading volume on P2P exchanges is increasing in sub-Saharan Africa. The increase is likely related to the halving event that will occur next week.
Trade volume has risen in sub-Saharan Africa
Both Paxful and LocalBitcoins report a dramatic increase in the volume of trade in sub-Saharan Africa. Last week, total trading volume on the region’s P2P exchanges exceeded $ 10 million for the first time. It has now officially broken the last weekly record set in December 2017.
As Matt Ahlborg (@MattAhlborg) tweeted recently:
Ghana, Kenya and Central Africa set new volume records last week. Nigeria was also close to breaking the highest volume of trade ever. Bitcoin is trading there with a slight premium, probably due to the collapse in the price of oil affecting the country. Nigeria’s currency, the Naira, had problems.
As Ray Youssef, CEO of Paxful, said recently: on twitterBoth Ghana and Nigeria have published records of user registrations on the P2P exchange. The growth was clearly significant and this slump could continue.
Africa is probably a new hub for Bitcoin
Africa shows its potential as a blockchain development center. More and more people are connecting to the internet and are hungry for alternatives to their fiat currencies.
However, interest in Bitcoin on the mainland has increased steadily since mid-2019. In November, BeInCrypto reported that interest in the major cryptocurrency is booming in Nigeria and South Africa. In South Africa in particular, the cryptocurrency is unexpectedly high in relation to the number of online users.
However, many are now looking for growth opportunities in sub-Saharan Africa. The middle class in particular has grown in Nigeria. As a result, they are hungry for new opportunities and technologies. Therefore, it is not surprising that Bitcoin noticed it. Many in Africa see this as an opportunity to get rid of their fiat currencies.
Bitcoin and other cryptocurrencies are full of inflation and corruption and are a way out for some in Africa. People now have a choice other than the monopolistic fiat currency, and by most standards this is becoming clearer for Africans every day.
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