Sub-Saharan Africa P2P Bitcoin Weekly Trades Hit $10M USD Breaking the December 2017 Bull Market Record

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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.

SEE ALSOWe Grew by More than 116% in March 2020 vs March 2019 in Africa, Says Paxful

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:

  • Ghana
  • Nigeria
  • Pakistan

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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