Twitter’s CEO Jack Dorsey is meeting with African entrepreneurs as the Bitcoin bull aims to push for bitcoin utilization on the continent and its growing crypto industry interest as we are reading further in the Bitcoin news updates.
Dorsey is now staying in Ghana after he spent a few days in Nigeria and met with tech entrepreneurs. The goal of his visit was to gather on mini bitcoin meetups with developers and startup founders that are also seeking to push Bitcoin utilization in both countries. If Google searchers are something to guide you, the data shows that Nigeria is having the highest BTC searches worldwide over the past year. Also, both South Africa and Ghana make it to the top five. This increased level of interest didn’t really translate to further Bitcoin adoption outside of the African cypherpunk scene yet.
For Twitter’s CEO Jack Dorsey, the gap between interest and real-world utilization, there is a huge opportunity for Square’s Cash app to enter the continent. Speaking during a meeting at Techpoint in Lagos, the Square chief remarked:
‘’I want to understand the challenges of starting a company here and figure out a way I can support. I want to live here for three to six months next year, full time, no traveling.’’
Some analysts say that Dorsey’s approach outlines what constitutes the important aspects of the mainstream adoption rather than the pursuit of ETFs and blockchain applications that don’t really mean much. According to World Bank figures, the majority of sub-Saharan Africa remains unbanked but the continent has seen a huge penetration of mobile telecommunications technology.
The startups have also been able to cover this telecom boom to provide further mobile money services even in a place where there is no access to decent banking infrastructure. With such a buoyant mobile digital money market, the Bitcoin payment adoption seems like the one step that makes sense. Unlike the officials in Asia and some Western countries, the governments in the sub-Saharan African communities haven’t really created administrative obstacles for crypto adoption. The startups are also operating in the industry and now have an even clearer field.
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