Tuesday, June 8, 2021

Africa will define bitcoin's future, Jack Dorsey believes

Africa will define the future of Bitcoin (BTC). At least, that's what Jack Dorsey suggests. In a November 27 tweet, Jack Dorsey, CEO of the [...] https://www.pinterest.com/pin/1085437947660215829/

Africa will define the future of Bitcoin (BTC). At least, that's what Jack Dorsey suggests. In a November 27 tweet, Jack Dorsey, CEO of Twitter and payment platform Square, said he will return to Africa in 2020. All this after spending some time traveling in Nigeria and Ghana earlier this month. Dorsey highlights Bitcoin's potential in Africa "Africa will outline the future (especially of Bitcoin itself!)" - commented the businessman, revealing that he plans to spend up to a few months on the continent next year. During his trip to Nigeria, Dorsey also attended a Bitcoin meeting, where he once again outlined his support for digital currencies and the blockchain. The tech mogul has become famous for integrating the cryptocurrency with Square. Moreover, he has similar plans for Twitter. When asked if he is thinking about his own currency in the footsteps of Facebook, he countered that he is not and believes that BTC is a better option than Libra. He also publicly endorsed Lightning Network as a payment solution that allows Bitcoin users to send funds instantly within the network. Africa and Bitcoin Dorsey's comments come at a peculiar moment in history. For Africa is increasingly recognizing that blockchain and cryptocurrencies can help it with its so-called financial inclusion. Nigeria, for example, is regularly among the most active countries in terms of Google searches for "Bitcoin". Close on its heels, however, are countries like South Africa in this discipline. Lagos, the capital of Nigeria, is expected to become a giant metropolis as early as 2050 with a population of over 32 million people, increasing its role in the cryptocurrency market. According to the World Economic Forum, it will be the most populous city in the world by 2100. In total, by the next century, 13 of the world's top 20 cities by population will be located in Africa. Authorities so far have not been particularly hostile to BTC. This month Ghana revealed that it is considering issuing a central bank digital currency (CBDC) , something that fits in with China's plans. Nigeria has yet to adopt a formal cryptocurrency policy. Tags Africa bitcoin bitcoin jack dorsey

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