I won't go into a debate but I want to present you all with some facts. total 22 African countries are living in poverty due to a draconian law known as - the Franc of the French Colonies in Africa!
Yeah yeah, the blame game!
If the evil franc is so bad why countries that have abandoned it like Madagascar, Mauritania or Guinea are even poorer than some who are still using the franc? Oh but wait, we have other success stories from outside the evil influence of the evil franc, Mauritania, Congo, Angola, and Zimbabwe they are doing so great without the franc!
Reality check:
https://www.dw.com/en/africas-cfa-franc-colonial-relic-or-stabilizing-force/a-48908889Guinea quit the CFA monetary zone in 1960, followed by Mali in 1962 and Madagascar and Mauritania in 1973. But their decision to leave put their currencies into such a tailspin that no one has been seriously tempted to follow their example since.
The CFA franc is pegged to the euro (before which it was pegged to the French franc) and guaranteed by the French treasury. Defenders praise the credibility and stability of the currency and point out that no CFA member has experienced a major financial crisis.
The criticism is from the government which just wants the ability to print money, they want to devalue their currency and they can't do that, this brings stability but it also stops their inability to throw money away and the inability of doing anything without borrowing like mad, showing their utter inability to run the country.
I find it so amusing that while we praise
BTC adoption there are individuals that would love to ee each government printing money like mad like this would solve a thing, do tell me, what will change for them if they switch from the franc to
BTC ? Will they gain any "independence" ?
Remember Gaddafi's gold dinar. Libya was a beautiful country, but as soon as they wanted to get rid of American slavery, a civil war broke out in the country.
Yeah the famous gold dinar, except for the fact that Lybia had only 5 billion in gold reserves, so comparing this to something like the annual budget of New York which is 100 billion or the 400 billion Apple makes a year shows you pretty much how ridiculous that was.
I don't know if the estimates are accurate, but I have my doubts and questions. Okay, let's say it's 10 million in Nigeria, 1.4 million in Ethiopia. Then you say 4.5 million residents of South Africa (you mean, like, residents but not citizens or a total of 4.5 million?), then saying 88% of adults own cryptos there. It seems that roughly 35 million adults like in South Africa, and 4.5 million is certainly not 88% of them. But okay, let's say it's 35 million. Add to that 9% of Kenyan population (around 5 million), 3.1 million traders in Ghana. That, excluding Egypt (because calculating a population of young adults is tricky), gives us almost 55 million crypto users in this handful of countries alone. Isn't is a bit too many? I'm especially interested in the 88% of adults in South Africa. Could that really be true?
No, it's not!
It's just like those stupid numbers with 20% of Turkey owning crypto and 15% of the US owning Bitcoin, clear exaggerations since the blockchain data clearly refutes those but it also brings another thing into the equation, the amount those people would be holding.
It's data pulled from
https://triple-a.io/crypto-ownership-data/You can dig in that data and look at the numbers and it would show you the US holds at least 400 billion in crypto, then go to Europe add another 300 billion and what's left for the rest of the world if we count out Satoshi is pennies!
Pretty nice things there, but the best is Somalia beating Salvador in crypto owners percentages or Honduras topping Switzerland.
