Topic: Twitter CEO Sees Big Future for Bitcoin in Africa (Read 238 times)

I totally agree that Africa is a continent with high potential for economic growth at the present time, developing countries in this continent will probably easily accept new technologies and ideas. New idea. Bitcoin will have great opportunities in Africa.

Jack has expressed his support of Bitcoin before, and even tested the Lightning Network as far as I remember. Africa is usually taken as a whole and as a hole (pun intended). In reality, it's a huge continent with very different countries. Some of them are terrible, some of them are improving, and some of them have the highest equality indices. When it comes to cryptos, there've been successful startups working in Africa, and I've seen multiple articles on the topic of good rates of crypto adoption in various countries there. I hope Jack will be fine and turn out to be right in this situation.

Africa is definitely a good stage for bitcoin, most of the governments are corrupt, inflation is high and very hard to get resources. Bitcoin may be their solution for many of the things. CEO's of unicorns are more supportive towards bitcoin which is another great thing to see.

the big future in africa for bitcoin does that mean for payments? we know if the country in Africa is a country that is lagging behind economically. so it's natural that bitcoin can be an option and has a great future potential

I came across that tweet few minutes after it was posted, but didn't pay too much attention to it. Interests in Bitcoin and cryptocurrency from top individuals in different fields is welcome but shouldn't overshadow the actual objectives.
I believe Africa is going to be a hub for technology in the near future as the growth of smart phones become more evident and the continent would also influence the growth of Bitcoin. I'm speaking as an Afripreneur

he is only around 3 to 6 months in mid 2020 what will happen in 2020? well at least this is more unique news than hearing news about china and moreover about hacking exchanges, a lot of boring news, I think this will be interesting news for me to read and be interested in, I certainly fully support even hearing the development of bitcoin in africa because they are also a big continent, why not and why should big countries like America and China published here, let's move the news to other countries so it doesn't look boring

Bitcoin has a good future here in Africa, but the leaders here are hiding the reality of bitcoin and cryptocurrencies from an average African whorely on the government to do the thinking for them. My government in Nigeria is hell-bent on taxing the unborn child and using the same to fund their expensive lifestyle. How I wish stores in Nigeria will abandon banks and majorly use cryptocurrency, the government will be forced to rethink. The youth in Africa are the ones taking destiny in their hands.

Africa is one of the countries that is supplied with almost every natural resources that can help improve the growth of development of every country but it's so sad to see that they have fallen so deep when it comes to development and this is all due to corruption. Cryptocurrencies would definitely help such countries in there so that government officials don't steal and misuse the funds of the state for their own personal gains.

Bitcoin has been the favorite asset for countries in war, oppressive regime or unstable economies.
Africa too has a large wealth gap between the lords and the general public and bitcoin could be a good tool to safeguard the wealth of these lords as the general people would never know how to transact bitcoin.

As said above, Africa could be a quick growth market for crypto as a large population still remains away from organized banking system. But for it to succeed, people need to be directly involved in providing direct connectivity and devices to the population as most of the population lacks internet and technical knowledge to operate electronic devices. A crypto based telecom could be a good option for Africa.

Africa and another developing countries are potential big markets for Bitcoin. However, I see some other problems there like poor or low level education, lack of knowledge about new technologies, poor and expensive internet connection and similar. I think that at the moment Bitcoin is available only to smaller circle of people in places like Africa.

Too late, cryptocurrency-based ponzis have been a thing for quite a while now in many African countries:

https://qz.com/africa/1100886/bitcoin-in-africa-is-driven-by-mmm-mavrodi-ponzi-scheme/
https://citizen.co.za/news/south-africa/local-news/2142537/flashy-cars-parties-cash-payouts-all-part-of-ladysmith-investment-scheme/

There is a big and very bright future for Bitcoin in Africa and certainly cryptocurrency can be helping a lot of people in this fragmented continent. The potential is huge with Africa which is now considered as the last frontier for Bitcoin. Maybe we should be moving to Africa too and have a commune living with Twitter CEO Jack Dorsey and help him realize whatever his vision can be for digital currency and the increasing population of the continent. |As a businessman, I am sure that Dorsey can easily evaluate the potential of the continent as a huge market for Bitcoin. In some areas of the continent where conflicts can be ongoing, offering Bitcoin as the alternative currency can be changing the dynamics and can be the tool for these people to reach outside help and resources. For countries experiencing crazy inflation figures, Bitcoin can be the best storage of value compared to the fiat alternatives. And for the young people of Africa, Bitcoin can be helping them get empowered and make finance, banking and money right on their fingertips. I am just hoping that we are not at the same time promoting for more scams to sprout all over the continent taking advantage of cryptocurrency for easy movement of asset across different countries, and in this case education should really be provided for the people.

Bitcoin can allow them to avoid capital controls. Also, in some countries hodling may still be better than holding fiat and losing on inflation, or relying on unreliable banks.

People have been claiming for many years that poor countries, including African countries, would lead Bitcoin's adoption, but the stats still show that majority of Bitcoin's use comes from wealthy countries - the US, Europe, Japan, S. Korea. This is seen in node count, exchange statistics, localbitcoin volumes, google trends and so on.
My theory is that there's a bit of language barrier, as most information, especially quality information about Bitcoin is in English; Bitcoin is a bit complicated and requires good computers proficiency, which can scare off a lot of uneducated people; poor people can't afford to invest money or don't have the investor mindset necessary to take the risk of hodling Bitcoin.

This is in fact a good move to encourage africans to adoption to cryptocurrency. But in my opinion, they should first open up the industry of technology to them by introducing infrastructures for africans to easily access internet in their areas. Basically, enhance their internet connectivity plus providing them with seminars on how to utilize cryptocurrency in the basic manner, invite them to this forum to learn and to join discussion about cryptocurrency. Because basically pushing them to adopt bitcoin without enough knowledge about it would not do them any good.

Was born in Africa, and still live in Africa.
Been in bitcoin since 2011. People here like bitcoin...a lot.

I may be unduly cynical, but I seriously doubt he's making a statement like this because he truly believes in Africa.  I'm not even sure why the CEO of Twitter is making comments about bitcoin and Africa--makes me just a little suspicious as to his motives.

In any case, Africa isn't going to lead any blockchain or bitcoin revolution IMO.  Look to S. America perhaps, in countries like Venezuela and Argentina, but not to Africa.  And I've got nothing against them, either, and I wish the whole continent only the best.  But as AmoreJaz has mentioned, there is a lot of corruption in a lot of countries there, and it wasn't too long ago when there were starving children everywhere in Africa.  The poorer countries aren't going to be adopting bitcoin for day-to-day transactions, even if the people therein are unbanked--I don't even think it would be a good thing for them to do so, either.  Not with the extreme volatility bitcoin exhibits.  That would just exacerbate someone's poverty should bitcoin decline in price overnight.

Twitter sucks, by the way, in my oh-so-humble opinion.  I don't think their CEO knows his ass from his elbow.

It's pretty obvious that Africa is a big market, for bitcoin and crypto in general and that's why Jack has doing several rounds of travel in Africa to promote crypto. I guess for us enthusiast this is a good move for him. And just imagine in 5 years what would crypto bring in that continent, perhaps it could be the catalyst for a huge bull run that everyone is expecting after the block halving and beyond.

Jack has been a bitcoin bull.

Jack sees opportunity on the continent and I guess he'll launch something there, a business that's related to crypto which will be a win-win situation for him.