A report by Citi Bank showed that Kenyans are among the highest Bitcoin holders per capita in the world. As reported by Kenyan Wall Street, 2.3% of Kenya’s GDP is constituted of cryptocurrencies. Given the price changes in Bitcoin, this figure would, undoubtedly have changed since the report was published. Nevertheless, it goes to show the growing importance of Bitcoin in Africa which has led to spikes in adoption rate across the continent.
Blockchain offers the African continent the opportunity to improve the transparency, security, and speed of the financial system in Africa. If achieved, this can serve as a significant step in reducing wealth inequality in Africa while also increasing financial inclusion.
Cryptocurrencies can serve as wealth creation assets for a continent that, in history, has found its wealth squandered in a history of rogue leaders and colonialism. Finally, the power is in the hands of the masses. Finally, true liberation begins.