JD Lasica / Flickr
Voyager
Binance
Binance

This guest post is written by Voyager, a crypto brokerage firm with a commission-free trading app.

Jack Dorsey, the co-founder and CEO of Twitter and Square, has become an avid Bitcoin supporter and has even pledged to integrate the digital currency into both the Twitter and Square platforms. In March, he told CNBC that he buys $10,000 of Bitcoin per week.

But, his latest announcement may be his biggest bet on Bitcoin yet. Last week, Dorsey tweeted that he’s moving to Africa next year. While he didn’t give much of an explanation as to why he’s leaving the U.S., he did say that “Africa will define the future,” adding in parenthesis, “especially the Bitcoin one!”

His cryptic tweet comes after a month-long trip through Ethiopia, Ghana, Nigeria, and South Africa. During this visit, Dorsey is reported to have connected with several crypto business owners in Ghana and attended local Bitcoin meetups in Nigeria.

Why Africa?

Africa is on the brink of a tech explosion. According to the World Bank, four of the globe’s fastest-growing economies are in Africa – Cote d’Ivoire, Ethiopia, Ghana, and Rwanda. Not just that, only 400 million of Africa’s 1.25 billion people are using the internet, leaving more than 800 million potential new users.

Despite limited access to the web, Africans are avid crypto users. In April, Google Trends revealed that Lagos, Nigeria had the world’s highest volume of online searches for “Bitcoin.” In the West African country, 7.8% of people own cryptocurrencies, compared to the global 5.5% average.

In many countries in Africa, people have turned to cryptocurrencies over their national currencies because of inflation and volatility. In Zimbabwe, for example, there’s been a surge in peer-to-peer Bitcoin transactions following a ban on foreign currencies.

🚀  Defying the Critics: Litecoin (LTC) Is up 20% Over the Last 2 Weeks

The South African rand has been named the most volatile currency in the world, which is likely why 10.7% of its citizens own cryptocurrencies (the highest rate in the world).

In addition to currency instability, 2 out of 3 adults in sub-Saharan African don’t have a bank account, making it extremely difficult for them to transact on a global scale. With cryptocurrencies, there is no need for intermediaries like banks – all that’s needed is an internet connection.

The challenges in Africa have created the perfect storm for crypto adoption. With the support of local governments and investments from tech giants like Twitter and Square, the continent is primed for a Bitcoin revolution.


Georgia Governor Appoints Bakkt CEO Loeffler as New US Senator

Georgia Governor Brian Kemp officially appointed Bakkt CEO Kelly Loeffler to the U.S. Senate on Wednesday, where she will fill current Senator Johnny Isakson’s seat. Read more.


HSBC Moves $20 Billion From Paper To Blockchain In One Of The Biggest Financial Deployments

Blockchain and banking continue to push new boundaries with the relatively untested technology offering lots of promise and potential, but not finding too many direct uses, as of yet. HSBC, one of the largest banking and financial services organizations in the world, headquartered in London, is planning on making a bold $20 billion step. Read more.


Deutsche Bank Gives Crypto Enthusiasts Some Hope to Hang On

Rising doubts about the sustainability of government-backed currencies amid higher inflation could drive more people to digital assets, Deutsche Bank strategist Jim Reid wrote in the firm’s “Imagine 2030” report on 24 alternative ideas for the next 10 years. Read more.


Crypto Loans See Solid Growth, Platforms Attract Community Interest

Cryptocurrency loans platforms began to develop during the bear market of 2018, as crypto prices became critically low at the peak of the downturn. At the time, owners of digital currencies who didn’t want to sell their crypto at low prices lent out their holdings and made money on interest. Read more.

🚀  Surf Air Is Offering Discounts for Flights Paid for in Bitcoin and Litecoin

Japanese giant SoftBank Group launches crypto wallet card

In a press release published yesterday, the multinational conglomerate – which has holdings in Uber and Alibaba – said the new ‘SoftBank Card’, or ‘SBC Wallet Card’, will allow users to store and spend a range of digital assets. Read more.


Microsoft Teams up With Enjin to Offer Crypto Collectible Rewards

Microsoft and Enjin have collaborated in a local pilot to create a blockchain-based recognition program. The Azure Heroes badgers were created in a number of original and unique designs which have been tokenized into a digital asset on the Ethereum public blockchain. Read more.


China makes new bid to power finance with blockchain

China is launching a range of blockchain and financial programs in a bid to boost its relationship with countries participating in the Belt and Road Initiative, according to an announcement today. Read more.


Bitcoin flash crash to $700 on Binance caused by failing stablecoin

Yesterday, an order to sell 8 bitcoin (BTC), worth $60,000, tanked the price of Bitcoin on a single trading pair on crypto exchange Binance. It was either a fat-fingered mistake or there were more nefarious plans underway. Read more.


What Twitter Meme Wars Say About Crypto’s Reliance on Figureheads

Gareth Li, head of business development and partnerships at Binance, had the crypto exchange’s angular diamond etched on his arm to match founder Changpeng “CZ” Zhao’s ink. And a similar level of commitment extends to the charismatic CZ’s fans, who get their own Binance tattoos, sometimes permanently. Read more.


Ex-SoFi CEO Cagney’s blockchain startup Figure closes $103M Series C at $1.2B valuation

Figure Technologies, a blockchain-powered financial services startup founded by former SoFi CEO Mike Cagney, has closed a $103 million Series C round. Read more.

The original Voyager post can be found here.

Image: JD Lasica / Flickr

Voyager
%ALT_TXT%%

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.