Africa Will Define the Future of Bitcoin (BTC). Or so Jack Dorsey suggests.
IN tweet on November 27, Jack Dorsey, CEO of Twitter and payments platform Square, said he will return to Africa in 2020. This comes after spending some time this month traveling in Nigeria and Ghana.
Dorsey Highlights Bitcoin’s Potential in Africa
“Africa Will Shape the Future (Especially of Bitcoin Itself!)” – commented the businessman, revealing that he plans to spend even a few months on the continent next year.
During his trip to Nigeria, Dorsey also attended a Bitcoin summit where he reiterated his support for digital currencies and blockchain.
The tech giant is famous for integrating the cryptocurrency with Square. He also has similar plans for Twitter. When asked if he was thinking about his own currency like Facebook, he said no and that he thought BTC was a better solution than Libra. He also publicly supported the Lightning Network as a payment solution, which allows Bitcoin users to send funds instantly within the network.
Africa and Bitcoin
Dorsey’s comments come at a special moment in history, as Africa increasingly sees blockchain and cryptocurrencies as a way to financial inclusion. Nigeria, for example, is regularly among the most active countries in Google searches for “Bitcoin.” But it’s closely followed in this regard by countries like South Africa.
Lagos, the capital of Nigeria, is set to become a giant metropolis by 2050, home to over 32 million people, increasing its role in the cryptocurrency market. According to the World Economic Forum, it will be the most populated city in the world by 2100.
In total, by the next century, 13 of the 20 largest world cities by population will be located in Africa.
Authorities have so far not been particularly hostile to BTC. This month, Ghana revealed it was considering issuing a central bank digital currency (CBDC), something that dovetails with China’s plans.
Nigeria has not yet adopted a formal cryptocurrency policy.
