Bitcoin adoption in Africa over the last three months has seen weekly all-time highs resulting in the continent emerging as the second-strongest P2P market by volume margins.
BitcoinKE though has learned that trading volumes on Paxful and LocalBitcoins are just a fraction of a much larger undocumented market.
The top breakout African countries by volume increases over the last 3 months are:
- Ghana – 257%
- Kenya – 199%
- South Africa – 194%
- Nigeria – 125%
So far, weekly P2P trading volumes in Africa are about $15 million with new highs being recorded every week.
While these figures are remarkable by themselves, they are just a fraction of the actual volumes being traded on the continent.
BitcoinKE spoke to various traders, in Nigeria and Kenya, who trade off-grid to understand the market potential. These traders, who operate WhatsApp Escrow services, provided data which showed the documented volumes are just a fraction of much larger volumes being trade within much smaller circles.
As many as 20-30 bitcoins on average are traded in some of these groups daily with some African traders saying the actual volumes are 3-6 times what is currently measured.
We also recently highlighted newer exchanges, not documented, but moving 6-figure trading volumes as shown below:
Clearly, while these documented volumes are indeed promising, the undocumented P2P African marketplace is much larger and remains untapped by exchanges like Paxful and LocalBitcoins.
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