Opportunities and Potential for Bitcoin in Africa

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Of the top 30 countries in the Cambridge professor Garrick Hileman's 2015 Bitcoin Market Potential Index, which measured propensity for Bitcoin uptake, 14 were in Africa.

And tech pioneers in the continent see much to be excited about, including Luno, founded in South Africa in 2013, which has plans to become one of the leading cryptocurrency traders in the world. Chief executive and founder Marcus Swanepoel has a goal that would leave many bigger companies in the shade: 1 billion users by 2025.

"There are few industries in the world for which you could say that is a reachable goal,but because Bitcoin is so open and global, it is really an achievable goal.We are excited to pursue it",he told CNN Tech.

Given the complex history of financial crises, political turmoil and informal economies in countries such as Nigeria, Angola and Zimbabwe, Prof Hileman's results are of little surprise.

In numerous African cities- especially financial hubs like Lagos in Nigeria and Nairobi in Kenya, a growing number of investors are turning to bitcoins,which has been trading at a premium on the continent.Relatively unscathed by global market jitters, and with fiat currencies as erratic as ever,hunger for African Bitcoin shows no sign of abating.

Recent demand growth in Nigeria is second only to China,with peer to peer transactions rising nearly 1500 percent in 2017.

But the country's government has expressed concern.

"Cryptocurrency or bitcoin is like a gamble and there is a need for everybody to be very careful", Central Bank governor Godwin Emefiele said.

But digital currency is becoming ever more popular regardless of the warnings,even in the small ads.
South of Johannesburg,South Africa, in the district of Sedibeng, a miniature Pekingese puppy in listed on Gumtree for sale in bitcoin.

Other items listed on the site from motorbikes to electric guitars to a used $9 bodyboard can all be bought in Bitcoin.

Red and Yellow business school which has campuses in Cape Town and Johannesburg attracted headlines in January when it began accepting fees in Bitcoin. "We are a future focused institution and cryptocurrencies,Bitcoin in particular has an important role to play in the world ahead", says Rob Stakes, it's chairman.

Meanwhile global experts in Bitcoin and blockchain participated in glitzy conferences last year in Lagis, Nigeria,Accra and Johannesburg.

In Uganda, hundreds of Crypto leaders wannabes attended trader Martin Serugas' digital currency classes in Kampala.

Since Bitcoin price is based on market forces,it cuts out potentially corrupt middlemen and impulse Central bankers.

Despite growing enthusiasm in Africa, investors there as in other regions, are just exposed to risk such as when Bitcoin crashed globally in 2018. After hitting a record high of $19850 in December 2017,prices fell as low as $6000 in 2018 before regaining ground.

Nevertheless,prices have rebounded recently. The global concerns have made their way into the continent but prices flactuations have not dampened enthusiasm.