Why is the price of bitcoin higher in Africa than in other countries?
The whole world perceives Africa as an underdeveloped country suffering from poverty and malnutrition for ages. With all that not-so-good perception about one of the largest continents, it’s high time to know that Africa tops the list of owning the highest cryptocurrency and making maximum profits out of it.
Africa is known for its young enthusiastic people who are always in search of financially smart ways to extirpate the stigma that has girded them. However, cryptocurrency is not confined to any boundary especially bitcoin-the first, largest and original cryptocurrency that has left no stone unturned to change the fortunes of countless people in such a short span.
With all that in mind, Africans have found an effective way to eradicate themselves from the list of third-world countries and be financially stable regardless of any circumstances. We cannot neglect the fact that cryptocurrencies are completely digital-based and African has produced some of the best tech-savvy individuals with excellent knowledge, experience, and skills in the tech field.
That is why Africa has the record of highest bitcoin mining accompanied by higher bitcoin price value than other countries. With that said, here we have listed some more reasons explaining why the price of bitcoin is higher in Africa than in other countries.
Africa’s Economic Background
There’s no denying the fact that Africans have not done anything remarkable in terms of economy for the country. But, the problems like debts, mortgages, and lack of resources have always held them back from progressing.
On the other hand, the increasing interest and use of new, helpful techniques to make payments, doing transactions, and money exchanges have got a lot more easily and convenient in Africa today. The monthly cryptocurrency transfers solely from Africa have reached up to $10,000 with predictions to exceed more. This extreme bitcoin use in Africa has also made a powerful impact on the inflation rate reducing it up to 12% in the last few months.
As already mentioned, cryptocurrency can be new to anyone who’s not interested in it from the scratch, same as it was with Africa. Africans believe that mining bitcoin isn’t the only good option to obtain bitcoin but there are several others too. As compared to other countries, bitcoin has been successful to create its currency, make all-the transactions safe, and lastly make maximum profitable upshots out of the high-volatility of bitcoin.
The sky-rocketing limits of bitcoin reaching the market capitalization of $1 trillion and more have surely intrigued every other African to ground its fleet in the highly volatile crazy bitcoin market.
Rule of Bitcoin in Africa
The huge population of Africa is not new to anyone. As a matter of fact, everything that is introduced in an excessive population is more likely to run out before time. Hence, in Africa, the formula of demands exceeds supply has taken bitcoin trading by storm.
In a market where all the traders are fully passionate and geared up to ace every bitcoin deal, the odds of gaining profits is a lot easier at such a crucial time. Being a lucrative market, bitcoins are not only bought really high but amazingly sell out in good, excellent price offerings.
The price fluctuation for bitcoin and any other cryptocurrency sets the bar too high for other cryptocurrencies respectively. Also, the well-known failure of the US dollar, Nigerian Naira, money stocks, etc. further influenced the idea of buying bitcoin in Africa and trading them at higher prices as compared to the other international countries.
Banks are too restricted in major cities like Zimbabwe and convinces one to look for other feasible, money-generating ways. Therefore, Africans started trading bitcoin that is mined by other countries to reduce the risk of losses and bring it to a higher price with respect to another international bitcoin trading.
The surprising paradigm shift from an underdeveloped state to a rapidly progressive country today has influenced the life of many growing individuals in Africa. Buying bitcoin with the help of the bitcoin champion is open to every country regardless of its boundary or ethnicity and you can benefit with your bitcoin asset in the same way as Africans have done lately.