Nigeria Leading in Africa as Global Bitcoin Transactions Hit $3tn

Bennett Oghifo

Despite economic loses from cryptocurrency trade and caution by financial experts, global trade in the Bitcoin industry has hit $3 trillion.

Coming at a time that Nigeria had been ranked as the fastest leading country in Bitcoin adoption  in Africa, followed by Togo, Cameroon, Cote d’Ivoire, Senegal, Kenya and South Africa, the Convener of Bitcoin Africa conference, Farida Nabourema, yesterday, said in the past five years, the industry has been the fastest on the planet and has surpassed card transactions.

She said the African continent has the fastest adoption rates in the world, saying at such rate, the continent may surpass America, Europe, or even Asia.

She noted that the maiden African Bitcoin Conference scheduled to hold in Accra, Ghana between December 3rd and 5th would attract about 800 people across the globe to speak about new innovations in the sector.

Speaking on Bitcoin investment, she urged Nigerians to be careful.

Nabourema said, “when people say can I invest in Bitcoin? I just tell them, can you invest in naira? Can you invest in dollars? The whole idea of Bitcoin making money out of Bitcoin is buying it and holding it.”

The Convener of the conference pointed out that a lot of scamming were happening in the cash industries and governments don’t talk about.

She said Bitcoin would check fraudulent activities, stressing the need for the government to understand the Blockchain so as to make sound policies.