Bitcoin was developed with the intent of putting financial control back in the hands of the people.
According to data from UsefulTulips, Ghana and Kenya have seen a steady increase in bitcoin trading, overtaking South Africa to become the second- and third-leading cryptocurrency markets in Africa during the first quarter of 2021.
Trading volume in Nigeria surpassed $99.1 million between January and March 2021, followed by Kenya with $38.4 million, Ghana with $27.4 million and South Africa with $25.8 million.
The rise in volume in Ghana and Kenya can be attributed to favorable regulatory environments.
Meanwhile, the Nigerian government has instituted a nationwide crackdown on cryptocurrencies in recent months, as the Central Bank of Nigeria banned banks from processing bitcoin-related transactions.
African citizens’ appetite for bitcoin has grown in recent years as financial uncertainty, rising poverty, government corruption and depreciating currencies have pushed individuals across the continent to look for more stable investments.