Africa: The next hub for Bitcoin, crypto adoption and venture capital?
The cryptocurrency space has no shortage of skeptics. While many people criticize the environmental impact of proof-of-work blockchains or the proliferation of scams, one particular argument against crypto often stands out: Blockchain has no real use cases.
Every two weeks, Cointelegraph’s The Agenda podcast breaks down this critique and explores the various ways blockchain and crypto can help everyday people.
On this week’s episode of The Agenda, hosts Jonathan DeYoung and Ray Salmond chat with Elisha Owusu Akyaw, Cointelegraph’s own social media specialist and host of the Hashing It Out podcast, to break down how Africans are using crypto to strengthen financial inclusivity and potentially turn countries into hubs of technological innovation.
According to Akyaw, crypto offers a more convenient, affordable way to send money both regionally and around the world. “Western Union, MoneyGram and all of these money transaction firms or rails have made millions from Africa for so long” by charging high fees, said Akyaw, whereas the cost required to send money via crypto is significantly lower.
Bitcoin (BTC) also offers a better store of value for most Africans than local fiat currencies, Akyaw argued. Speaking on his own experience of living in Ghana, he said that “you can buy Bitcoin and keep it for the next one year or six months. It’s a better hedge against inflation than keeping the Ghanaian cedi.”
Finally, the crypto industry is opening up new opportunities on the continent. “At every point of development, Africa has been left behind,” said Akyaw. But the global nature of the industry and the fact that it’s still in its early development present a unique opportunity to participate and benefit from its growth.
When asked about
Read more on cointelegraph.com
