With cryptos already used as a hedge against inflation and currency devaluation in most African countries, there is now growing shift in demand towards using Bitcoin and other cryptos as a means of exchange during international trades, thereby bypassing international exchange fees.
Bitcoin is gaining a lot of buzz around Africa and the world. The digital currency has gained a lot of value over the years as 1 bitcoin (BTC) is currently worth US$41,447.60, that’s 15,799,825.12 Nigerian Naira and 632,809.52 South African Rand.
Despite volatile cryptocurrency prices during 2020, Bitcoin has been resilient during the global economic downturn. According to Marius Reitz, Luno’s GM for Africa, crypto has withstood the Covid-19 stress test and emerged with new support from previous naysayers. Reitz unpacks some of the key highlights for crypto this year.