by Alexander Romero Binance CEO, Changpeng Zhao, said recently that Africa is an important market for the development of Bitcoin and cryptocurrencies.
Likewise, Twitter CEO said that Bitcoin’s development will go through Africa.
Thus, the figures indicate a strong progression of Bitcoin BTC trading in Africa thanks to P2P (Peer to Peer), person to person trading.
If there are crypto exchanges in Africa, the means of payment used in Africa logically differ from those found in countries like the United States where the population has easier access to the banking system, with bank cards or the possibility of easily making a bank transfer to a Bitcoin exchange.
In Latin America or Africa, Bitcoin P2P trading is therefore very widespread and used by people who want to buy or sell Bitcoin on the African continent.
Just like Bitcoin was in its infancy when there were few solutions to buy or sell Bitcoin, BTC enthusiasts exchanged USB keys in Starbucks or on parking lots!
In recent months, Bitcoin trading in Africa has therefore been growing as the figures indicate, and Africa is now even exceeding the volume of BTC trading in Latin America!
Over $14 million in Bitcoin have been traded between LocalBitcoins and Paxful combined as revealed by figures provided by Matt Ahlborg of UsefulTulips.org.
[1/2] Africa had ANOTHER record week on global P2P markets. In all, over 13M in USD equivalent was traded across 18 African currencies and this was the first week on record where African volume exceeded Latin American volume on these P2P exchanges.https://t.co/IZzHqwcpRS pic.twitter.com/LbmLac4pfq
— Matt Ahlborg [UsefulTulips.org] (@MattAhlborg) May 19, 2020
Interesting and very detailed figures on the site of this scientific researcher, which give an idea of the volume of Bitcoin trading by country, continent and worldwide.
Africa therefore passes South America and attracts attention, Binance is particularly active on this continent and intends to establish itself in this growing market.
The current economic problems accentuated by the Coronavirus/Covid19 crisis with the backdrop of rampant inflation in certain African countries could explain this renewed interest in Bitcoin and this increase in BTC trading through P2P apps.
Nigeria and South Africa have the highest Bitcoin trading volumes on the African continent.
An African market with strong potential and which should certainly see these figures increase over time due to an adoption which is gaining ground and the current context of economic uncertainty which should also increase in the coming months, in consequence of the Coronavirus crisis.
