Sub-Saharan Africa Bitcoin trades on peer-to-peer exchanges has hit a new high, breaking the December 2017 bull market run that saw bitcoin reach $20, 000.
The new record numbers can be seen by evaluating transaction volumes on LocalBitcoins and Paxful P2P bitcoin trading platforms.
Nigeria in particular has seen a shift in bitcoin trades. Just a few months ago, bitcoin was trading at a discount. As of now, it is at a premium as shown below.
The CEO of Paxful, Ray Youssef, has also said that the exchange trade volumes are up by over 20%, with record breaking new user signups coming from:
Another BlockBuster week on @Paxful. Trade volume up over 20%+ and record breaking new user signups! Ghana 🇬🇭 Nigeria 🇳🇬 and Pakistan 🇵🇰 are leading the way! #bitcoin recent upswing will soon have another wave based on real human demand! #p2pfinance
— Ray Youssef (@raypaxful) May 5, 2020
According to one analyst, these new figures may well have put Africa over Latin America as the epicenter of utility Bitcoin usage globally.
Another analyst has opined:
“Total volume in Latin America+Africa+Asia Pacific is almost 30 million $ per week. After halving (at actual price) miners will mine 56 million $ per week. It means over half of new bitcoin supply will be eaten up by poorest regions of the world.”
It will be interesting to see how things turn out as the 2020 bitcoin halving gets closer now just days away.
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