I recently read about
Africa's coming population explosion. What's more, the generation that will soon become the working force was mostly raised in relative poverty and high child mortality. They will consequently be the "cream of the crop". Many of them will lack proper education but have great intelligence nonetheless. A poor and uneducated, but intelligent demographic seems like the perfect Bitcoin success story.
There are, unfortunately, problems. Internal unrest, totalitarian governments, and militant groups are active in many parts of the continent. Even in Equatorial Guinea, Africa's richest country, violence is common and governments are corrupt. The risk of excessive government regulation seems almost inevitable. Moreover, Internet access remains sparse in Africa, especially in slums and rural areas.
But Africa has great potential. The African Union, following its European counterpart, has gained traction recently and will soon create the world's
second-largest democracy, after India. With universal suffrage comes greater freedom and peace. Religious and ethnic feuds, although still rampant, are also set to decrease to acceptable levels. In 1990, a massive genocide in Rwanda claimed almost a million lives. Twenty-three years later, most are confident such an event will never again occur.
African governments likely do not worry about Bitcoin now, as it is still small. But as it gains traction, it cannot be ignored. If a democratic African Union votes to embrace Bitcoin, thereby bringing its low management costs, transaction fees, and reduced waste, both Africa and Bitcoin stand to benefit. The daily lives of what will eventually be 22% of the world will be improved.
Many claim that the demographic explosion helps Africa none, and will only fuel conflict, war, and totalitarianism. Indeed, recent losses for democracy in Egypt seem to cement this position. But perhaps there is a saviour in Bitcoin. In this time of change and challenge, Bitcoin will not only nullify the boom's demerits but also bring out the boom's benefits. With Bitcoin's help, Africa's coming population explosion will recall the Baby Boom: affluence and prosperity.