Twitter CEO to focus on developing the Bitcoin market in Africa

Twitter and payment application Square CEO Jack Dorsey traveled to Africa to meet with tech entrepreneurs in the country, focusing on the continued development of the cryptocurrency industry on the African continent.

Driving Cryptocurrency Adoption in Africa

After meeting with tech entrepreneurs in Nigeria, located in West Africa, Dorsey is currently in Ghana. As part of his visit, he is holding small Bitcoin meetups with developers and startup founders to promote Bitcoin adoption in both countries.

According to a report, data from Google Trends shows that Nigeria has had the highest Bitcoin search volume globally in the past 12 months.

In addition, two other African countries, South Africa and Ghana, are also in the top five. However, despite the high interest in Bitcoin among the public, concrete Bitcoin adoption in Africa has yet to materialize.

For Dorsey, the gap between high interest and actual adoption presents a great opportunity for Square's Cash.App to enter the African market. During a meeting at the Lagos City Hall, Dorsey stated:

I want to understand the challenges of setting up a company here, and I want to have a deep experience. I plan to live here for three to six months next year, full-time, no travel.

Some commentators point out that Dorsey's approach to promoting cryptocurrencies is a key factor in achieving mainstream adoption, rather than pursuing ETFs and some valueless blockchain applications.

.@jack is showing us where the puck is going:

1. He's in Africa at local BTC meetups
2. His #CashApp is 'banking the unbanked' all over the country, 40% penetration in depressed areas
3. He's hiring cypherpunks & core devs

He's not yelling about ETFs or lettuce on the block https://t.co/QJXNrN28kX

— Jacob Kostecki (@jacobkostecki) November 11, 2019

Mature Mobile Payment Market in Africa, Poised for Further Bitcoin Adoption

According to World Bank data, most sub-Saharan African regions still lack access to banking services. However, the African continent has seen tremendous potential in mobile payments.

Some financial startups have been able to promote mobile payment applications, even in remote rural areas without banking infrastructure. In the flourishing mobile payment market, the adoption of Bitcoin payments seems to be the logical next step.

Unlike some countries with strict regulations, sub-Saharan African governments have not established regulations for adopting cryptocurrencies. Therefore, financial startups in these countries have a clearer vision for future development.

A previous report by ABM also noted that Square's Cash App continued to achieve record-breaking Bitcoin sales, reaching $148 million in Bitcoin sales in the third quarter.

Through this application, U.S. users can easily purchase Bitcoin directly with a credit card, making it quite promising in the future Bitcoin market.

Related Reading

• Square's Third Quarter Bitcoin Sales Reach Record High
• Bithumb Global Launches Bithumb Coin to Empower the Bithumb Family Ecosystem

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