In order to significantly increase the world capitalization of the cryptocurrency market we must wait for mass adoption.
Mass adoption by whom?
In general, one thinks of the economies of advanced countries such as those belonging to China, Japan, Europe, the USA. And if instead the mass adoption occurs by towing another continent, specifically the African one?
In Africa, there are already countries where cryptocurrencies have adoption levels over 10% of the population. We can cite the case of Ghana, Kenya, Nigeria, South Africa.
Western companies are linked to all the typical problems that arise when transfers of financial flows occur.
Such flows must be controlled, supervised and inserted in exchanges, which in turn analyze these data and transmit the behavioral dynamics of the individual nations and continents.
In Africa this does not happen because most of the trading is OTC, over the counter, markets whose trading takes place outside the official stock exchange circuits; these exchanges do not go through the exchanges. Therefore, a peer to peer transfer of cryptocurrencies is carried out.
Generally, at this time, we tend to invest in cryptocurrencies for purely speculative purposes.
In Africa there are vetoes against access to credit and therefore to money especially by the female public, for example due to religious restrictions; this does not happen in Asia, in Europe, in the USA.
To remember what happened in South America, in Venezuela specifically, in which country the Dash, at the time, had allowed the Venezuelan population to bypass the financial embargo imposed by Maduro, through the adoption of a cryptocurrency that allowed them to receive funds by Venezuelans who lived outside their country.
It is very plausible that it will be Africa that will transmit a strong impetus to the growth of the crypto world. For what reasons?
- absence of problems related to government control and, therefore, the possibility of having decentralized unconventional financial resources available;
- no restrictions of a religious nature;
- availability of a tool that allows the preservation of value.
Thank you for taking the time to read this article.
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