Bitcoin as Everyday Currency in Africa, Says Stafford Masie
- Stafford Masie, executive chairman of Africa Bitcoin Corporation, stated that in parts of Africa, Bitcoin is used as everyday money rather than just a store of value.
- Masie noted that in some African economies, merchants prefer to accept satoshis over traditional currencies like the dollar.
- From July to June, Sub-Saharan Africa received over $205 billion in onchain value, a year-on-year increase of 52%.
- In March alone, the region’s monthly crypto volume reached nearly $25 billion, largely due to activities in Nigeria following a currency devaluation.
- Transfers under $10,000 represented more than 8% of total value sent in Sub-Saharan Africa during this period.
Masie emphasized the role of younger demographics and rapid technology adoption in driving this shift towards digital assets like Bitcoin, especially amidst high inflation rates affecting local currencies.
With inflation rates soaring above typical Western standards, communities are increasingly turning to Bitcoin as a stable financial alternative. This trend is underscored by Sub-Saharan Africa’s impressive $205 billion in onchain value received over the past year. (Source)
