Despite economic losses from cryptocurrency trade and financial experts’ caution, global Bitcoin trade has reached $3 trillion.
Coming at a time when Nigeria has been ranked as the leading country in Bitcoin adoption in Africa, followed by Togo, Cameroon, Cote d’Ivoire, Senegal, Kenya, and South Africa, Farida Nabourema, Convener of Bitcoin Africa conference, stated that the industry has been the fastest on the planet in the last five years, surpassing card transactions.
She stated that the African continent has the world’s fastest adoption rates, and that at this rate, the continent could surpass America, Europe, or even Asia.
She stated that the inaugural African Bitcoin conference, which will be held in Accra, Ghana from December 3 to 5, will attract approximately 800 people from around the world to discuss new innovations in the sector.
Speaking about Bitcoin investment, she cautioned Nigerians, stating that one cannot immediately recoup investment in crypto currency. “In five to ten years, Bitcoin will not be worth what it is today; it will be worth close to a million dollars for one Bitcoin.”
“When people ask me if I can invest in Bitcoin?” Nabourema said. I simply ask them, “Can you invest in naira?” Can you make a monetary investment? The whole point of making money with Bitcoin is to buy and hold it.”
She mentioned that several applications and services, such as hospitality management and healthcare transportation, are being built on the Bitcoin protocol, and that donor organizations are also moving to the blockchain to administer their grants because it is more transparent and reduces the number of frauds and middlemen in the Blockchain.
The conference convener stated that there is a lot of scamming in the cash industries, and governments don’t talk about it because they are often complicit in illicit money trading and capital flight.