Jack Dorsey, the chief executive of payments company Square and Twitter, has described Africa as the future of Bitcoin.
The tech mogul made this declaration during his trip to Africa, where he visited Ethiopia, Ghana, Nigeria, and South Africa.
At the end of his tour, Dorsey tweeted that he would return to Africa to spend more time there in 2020. He added that he hasn’t decided yet where he will be living next year.
Sad to be leaving the continent…for now. Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020. Grateful I was able to experience a small part. ? pic.twitter.com/9VqgbhCXWd
— jack ??? (@jack) November 27, 2019
During his stay in Nigeria, Dorsey, a staunch crypto supporter, attended a Bitcoin meetup, advancing his personal advocacy for cryptocurrency.
Earlier this year, he launched a crypto division of Square. And endorsed the Lightning Network as a payment solution that allows users to perform BTC transactions instantly for free.
Africa slowly embracing BTC
Africa has recently begun to generate interest in Bitcoin, validating Dorsey’s statement that “BTC will see its future defined by Africa.”
Over the last two years, three of the top five countries googling Bitcoin are the ones located in Africa.
This is important as the continent’s population is growing. Thus Lagos, the Nigerian capital, has been slated to become a metropolis with more than 35 million people by 2050. According to data from the World Economic Forum, it will be the most populous city in the world by 2100.
These facts create opportunities for the crypto platform to influence the market space for the cryptocurrencies. Although Nigeria is yet to adopt formal regulation of cryptocurrency, Ghana is reportedly considering launching a central bank digital currency.
Thus, it may very well be that Africa will lead the way in the adoption of bitcoin and altcoins.
Dorsey is not the only one
Looking at the crypto space we’ve noticed that Dorsey isn’t the only gauging at Africa’s role in the development of the digital money systems.
Major Bitcoin and cryptocurrency companies, such as Binance, Belfrics, and Paxful, Bancor, amongst others are also expanding into Africa.
Besides, Mark Zuckerberg is also reportedly willing to bring modern payments easily to different people from around the world who fail to have bank accounts. Thus, he created the Libra project.
This initiative is very likely to take off in 2020. It might help unbanked people to easily transfer money all around the globe, including Africa.
Also, a number of bitcoin and cryptocurrency developers and entrepreneurs are working on projects across Africa.