Drivers of increased use of Bitcoin startups in Africa

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Most countries in the African continent experience political turmoil and weak economies which are occasioned by poor governance.

As such, Bitcoin provides leeway for African entrepreneurs to compete in global business scene without much restrictions or influence by their respective governments. National currencies from African countries are pretty volatile making it difficult for entreyto engage in business.

Countries like Zimbabwe and Nigeria have turned to the US dollar for the stability of their dwindling economies. However with depleted foreign reserves, the US dollar barely offers much stability and sustainability.

The crypto market is a refuge for politician and economic instabilities affecting the exchange value of African countries. This is because the price of Bitcoin is determined by the forces of demand and supply, not the inefficient governments or central banks in the states.

Another reason for the widespread adoption of Bitcoin in Africa is the institutionalized corruption that is entrenched in the economic systems of most countries. What's more, citizens living in the states dont trust their respective governments to provide sound leadership or implement solid development plans

Another factor that propels significant growth of Bitcoin in African markets is the lack of regulation. This feature favours countries like South Africa where migrants face significant regulatory restrictions when sending money and are compelled to rely on informal networks for trade.