Even with the ongoing crypto bear market, many countries in Africa are rapidly turning to Bitcoin adoption and Nigeria stood as a leader. The Central African Republic was the first country in Africa, and the second in the world after El Salvador to adopt Bitcoin as a legal tender.
Several African countries including Nigeria, Ghana, Kenya, and Tanzania are widely adopting Bitcoin. In fact, the African nation, Nigeria is adopting Bitcoin at an exponential pace. Nigeria has over 50% month-to-month active adult crypto investors. Due to the persistent devaluation of the legal tender Naira, several Nigerian citizens are preferring to store their money in cryptocurrencies.
Nearly one-third of Nigerians have already invested in Bitcoin. As for Ghana, the country has over 900,000 people owning Bitcoin which is equivalent to more than 3% of the country’s total population. Despite warnings from regulators, citizens from Ghana are turning to Bitcoin due to rising inflation and debt.
Thus, African countries are increasingly turning to Bitcoin due to economic instability, and inflation and for some, it is the philosophy of ‘financial liberation’.
Human Rights Defender, Farida Bemba Nabourema who is also a Bitcoin advocate, equates Bitcoin adoption with financial freedom as she commented: “There are many folks who asked about how I went from being a freedom fighter to a bitcoin advocate: try to understand Bitcoin’s philosophy. You cannot fight for political freedom and relinquish economic freedom: they go hand in hand. Whoever controls your money, owns your destiny.”