Unchained Why Africa Is Poised to Be the Next Hub for Crypto Development - Ep.162
Mar 10, 2020
Soona Amhaz is a general partner at Volt Capital, specializing in crypto investments, while Yele Bademosi founded Microtraction, a firm focused on African startups. They discuss Africa's potential as a crypto hub, driven by rising Bitcoin demand in countries like Nigeria and Ghana. The conversation touches on the continent's youthful population, fintech innovations, and the challenges of traditional banking. They emphasize the importance of creating user-friendly solutions to boost crypto adoption and address local economic issues.
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Africa's Organic Bitcoin Demand
- Africa shows strong organic Bitcoin demand, especially via peer-to-peer trades.
- This aligns with Satoshi's vision and indicates a unique adoption pattern.
Hyperinflation Drives Crypto Adoption
- Hyperinflation in several African countries makes cryptocurrencies attractive.
- Zimbabweans, for example, turn to Bitcoin as a store of value amidst failing fiat currency.
Fintech Paves the Way for Crypto
- Africa's fintech activity, like mobile money, mirrors crypto's potential.
- High mobile usage and lack of legacy systems create a fertile ground for crypto adoption.