Twitter CEO Sees Big Future for Bitcoin in Africa

[dul48]

Twitter CEO, Jack Dorsey, recently published a tweet in which he announces his move to Africa, as he believes that the continent will ‘define the future.’

https://bitcoinist.com/twitter-ceo-sees-big-future-for-bitcoin-in-africa/

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[Kyraishi]

Twitter CEO, Jack Dorsey, recently published a tweet in which he announces his move to Africa, as he believes that the continent will ‘define the future.’

https://bitcoinist.com/twitter-ceo-sees-big-future-for-bitcoin-in-africa/

He's not wrong. Africa is one of the largest companies associated with crypto-currencies, and there is a surprising number of people associated with the currency, even though, only a limited amount of them have access to the internet.

A lot of the countries are entering the emerging phase, and don't have established banking systems, so there is a void of crypto-services, that could easily take over and replace banks completely, which would be a first.

Crypto-banks are going to be very interesting in Africa.

[AmoreJaz]

i hope he is sincere on what he's thinking about africa and not just another business that he can exploit of. but of course i dont know him as a person so lets hope that he has really good intentions to explore his possibilities on this region and assist in alleviating the poverty among its people
corruption among govt officials might be one of the factors why this area is good for crypto. because you can bribe them so long you can implement what you want... but hey, if there are ordinary people that will benefit from it, why not?

[shield132]

Maybe it's a shame but to be fair I don't know well what kind of situation there is in Africa around bitcoin and cryptocurrencies. I believe I amn't wrong that in Africa there is poor education, lack of pc/internet and in overall bad economy so how can one say that a lot of people are interested with bitcoin in Africa?
Btw when he states that Africa is future, I agree at some point. We can learn on our mistakes and develop this country from A to Z.

AmoreJaz
Business interests of course but I amn't against that kind of business which can also benefit customers.

[nelson4lov]

Jack Dorsey's did visit a couple of African countries with some of the top guys at Twitter. When he visited Nigeria, he met with the biggest tech hubs and personalities. It's also worth mentioning that Jack did hold a Bitcoin Meetup in Nigeria during his visit. I made a thread about it.

You can read about it here :  🔗 https://bitcointalk.org/index.php?topic=5200114.msg53032304#msg53032304

Africa is going to be one of the fastest technology countries soon – Nigeria will spearhead that movement!

[Oceat]

Maybe it's a shame but to be fair I don't know well what kind of situation there is in Africa around bitcoin and cryptocurrencies. I believe I amn't wrong that in Africa there is poor education, lack of pc/internet and in overall bad economy so how can one say that a lot of people are interested with bitcoin in Africa?
Btw when he states that Africa is future, I agree at some point. We can learn on our mistakes and develop this country from A to Z.

AmoreJaz
Business interests of course but I amn't against that kind of business which can also benefit customers.

It's not that bad in Africa actually because there are some well developed urban cities on their country. But if you point out the people who live in rural areas, well then, most of what you have said is true. They do have some Bitcoin meetup in Nigeria just like what @nelson4lov said on his recent thread.

Countries like in Africa will have a big effect in adopting Bitcoin in the future just like what happened in Venezuela.

[yohananaomi]

Twitter CEO, Jack Dorsey, recently published a tweet in which he announces his move to Africa, as he believes that the continent will ‘define the future.’

https://bitcoinist.com/twitter-ceo-sees-big-future-for-bitcoin-in-africa/

Is it true what is said that "define the future" will happen on the African continent? still a question too because we know that the internet network is not as broad as thought and many do not know because of that limitation.
maybe because there still rarely understood there he began to build a large project, because not many people understood? if that happens it could be a distinct advantage.

[boyptc]

Jack has been a bitcoin bull.

Jack sees opportunity on the continent and I guess he'll launch something there, a business that's related to crypto which will be a win-win situation for him.

[Yaunfitda]

It's pretty obvious that Africa is a big market, for bitcoin and crypto in general and that's why Jack has doing several rounds of travel in Africa to promote crypto. I guess for us enthusiast this is a good move for him. And just imagine in 5 years what would crypto bring in that continent, perhaps it could be the catalyst for a huge bull run that everyone is expecting after the block halving and beyond.

[The Sceptical Chymist]

i hope he is sincere on what he's thinking about africa and not just another business that he can exploit of.

I may be unduly cynical, but I seriously doubt he's making a statement like this because he truly believes in Africa.  I'm not even sure why the CEO of Twitter is making comments about bitcoin and Africa--makes me just a little suspicious as to his motives.

In any case, Africa isn't going to lead any blockchain or bitcoin revolution IMO.  Look to S. America perhaps, in countries like Venezuela and Argentina, but not to Africa.  And I've got nothing against them, either, and I wish the whole continent only the best.  But as AmoreJaz has mentioned, there is a lot of corruption in a lot of countries there, and it wasn't too long ago when there were starving children everywhere in Africa.  The poorer countries aren't going to be adopting bitcoin for day-to-day transactions, even if the people therein are unbanked--I don't even think it would be a good thing for them to do so, either.  Not with the extreme volatility bitcoin exhibits.  That would just exacerbate someone's poverty should bitcoin decline in price overnight.

Twitter sucks, by the way, in my oh-so-humble opinion.  I don't think their CEO knows his ass from his elbow.

[southafricadude]

Was born in Africa, and still live in Africa.
Been in bitcoin since 2011. People here like bitcoin...a lot.

[Wintersoldier]

It's pretty obvious that Africa is a big market, for bitcoin and crypto in general and that's why Jack has doing several rounds of travel in Africa to promote crypto. I guess for us enthusiast this is a good move for him. And just imagine in 5 years what would crypto bring in that continent, perhaps it could be the catalyst for a huge bull run that everyone is expecting after the block halving and beyond.

This is in fact a good move to encourage africans to adoption to cryptocurrency. But in my opinion, they should first open up the industry of technology to them by introducing infrastructures for africans to easily access internet in their areas. Basically, enhance their internet connectivity plus providing them with seminars on how to utilize cryptocurrency in the basic manner, invite them to this forum to learn and to join discussion about cryptocurrency. Because basically pushing them to adopt bitcoin without enough knowledge about it would not do them any good.

[hatshepsut93]

People have been claiming for many years that poor countries, including African countries, would lead Bitcoin's adoption, but the stats still show that majority of Bitcoin's use comes from wealthy countries - the US, Europe, Japan, S. Korea. This is seen in node count, exchange statistics, localbitcoin volumes, google trends and so on.
My theory is that there's a bit of language barrier, as most information, especially quality information about Bitcoin is in English; Bitcoin is a bit complicated and requires good computers proficiency, which can scare off a lot of uneducated people; poor people can't afford to invest money or don't have the investor mindset necessary to take the risk of hodling Bitcoin.

[malevolent]

The poorer countries aren't going to be adopting bitcoin for day-to-day transactions, even if the people therein are unbanked--I don't even think it would be a good thing for them to do so, either.

Bitcoin can allow them to avoid capital controls. Also, in some countries hodling may still be better than holding fiat and losing on inflation, or relying on unreliable banks.

[CryptoBry]

There is a big and very bright future for Bitcoin in Africa and certainly cryptocurrency can be helping a lot of people in this fragmented continent. The potential is huge with Africa which is now considered as the last frontier for Bitcoin. Maybe we should be moving to Africa too and have a commune living with Twitter CEO Jack Dorsey and help him realize whatever his vision can be for digital currency and the increasing population of the continent. |As a businessman, I am sure that Dorsey can easily evaluate the potential of the continent as a huge market for Bitcoin. In some areas of the continent where conflicts can be ongoing, offering Bitcoin as the alternative currency can be changing the dynamics and can be the tool for these people to reach outside help and resources. For countries experiencing crazy inflation figures, Bitcoin can be the best storage of value compared to the fiat alternatives. And for the young people of Africa, Bitcoin can be helping them get empowered and make finance, banking and money right on their fingertips. I am just hoping that we are not at the same time promoting for more scams to sprout all over the continent taking advantage of cryptocurrency for easy movement of asset across different countries, and in this case education should really be provided for the people.

[malevolent]

I am just hoping that we are not at the same time promoting for more scams to sprout all over the continent taking advantage of cryptocurrency for easy movement of asset across different countries, and in this case education should really be provided for the people.

Too late, cryptocurrency-based ponzis have been a thing for quite a while now in many African countries:

https://qz.com/africa/1100886/bitcoin-in-africa-is-driven-by-mmm-mavrodi-ponzi-scheme/
https://citizen.co.za/news/south-africa/local-news/2142537/flashy-cars-parties-cash-payouts-all-part-of-ladysmith-investment-scheme/

[bitbunnny]

Africa and another developing countries are potential big markets for Bitcoin. However, I see some other problems there like poor or low level education, lack of knowledge about new technologies, poor and expensive internet connection and similar. I think that at the moment Bitcoin is available only to smaller circle of people in places like Africa.

[tsaroz]

As said above, Africa could be a quick growth market for crypto as a large population still remains away from organized banking system. But for it to succeed, people need to be directly involved in providing direct connectivity and devices to the population as most of the population lacks internet and technical knowledge to operate electronic devices. A crypto based telecom could be a good option for Africa.

[Tipstar]

Bitcoin has been the favorite asset for countries in war, oppressive regime or unstable economies.
Africa too has a large wealth gap between the lords and the general public and bitcoin could be a good tool to safeguard the wealth of these lords as the general people would never know how to transact bitcoin.

[joinfree]

Africa is one of the countries that is supplied with almost every natural resources that can help improve the growth of development of every country but it's so sad to see that they have fallen so deep when it comes to development and this is all due to corruption. Cryptocurrencies would definitely help such countries in there so that government officials don't steal and misuse the funds of the state for their own personal gains.