Twitter and Square CEO Jack Dorsey are meeting with African technology entrepreneurs as the bitcoin loyalty is eyeing the continent's growing cryptocurrency industry. Dorsey has always been a bitcoin diehard. Just as social networks such as Facebook, Telegram, and Kakao are preparing to launch their own cryptocurrencies, the Twitter CEO insists that Bitcoin is already in place, and there is no need for anything else to resolutely refuse to emulate Facebook. He also believes that the Internet should have a local token, and this is likely to be bitcoin.
Twitter CEO travels to Africa
Dorsey has traveled to Ghana a few days after meeting with tech entrepreneurs in Nigeria. Part of his visit included a mini-bitcoin gathering with developers and startup founders to promote bitcoin adoption in both countries.
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If you search with Google, Bitcoin can be seen at a glance in Africa. According to Google Trends data , Nigeria’s BTC search volume is the highest in the world in the past 12 months.
In fact, two other African countries (South Africa and Ghana) are also in the top five. However, this high level of interest has not yet translated into specific bitcoin adoption outside the field of encrypted geeks in Africa.
For Dorsey, the gap between interest and actual usage provides an opportunity for Square's CashApp to penetrate the African continent. The owner of Square said at the town hall meeting in Techpoint, Lagos.
I want to understand the challenges of setting up a company here and come up with a way to support it. I want to live here for three to six months next year, full time, not on a business trip.
Some commentators say that Dorsey's approach emphasizes the important aspects of mainstream adoption rather than the pursuit of ETFs and worthless blockchain applications.
@jack shows us where things are going:
1. He attended a local BTC gathering in Africa.
2. His #CashApp is providing banking services to people without bank accounts nationwide, with a penetration rate of 40% in poor areas.
3. He is hiring encrypted geeks and core developers.
He did not shout for the ETF. – Jacob Kostecki (@jacobkostecki) November 11, 2019
The time is ripe for the mobile money market in Africa to adopt bitcoin
According to World Bank data, there are still no bank accounts in most parts of sub-Saharan Africa. However, the African continent has seen a huge penetration of mobile telecommunications technology.
Startups have also been able to take advantage of this telecommunications boom, providing mobile money services even in rural areas without physical banking infrastructure. In such a booming mobile digital currency market, the use of bitcoin payments seems to be in line with the next step in the development logic.
Unlike officials in Asia and the West, governments in sub-Saharan Africa have not set administrative barriers to the use of cryptocurrencies. In addition to the so-called risks, the field of startups in the industry is clearer.
Some cryptocurrency companies seem to be dynamic about this reality and are already looking for ways to harness the potential of the African digital market. As previously reported, the currency security Nigerian Naira is its first legal transaction pair.