Bitcoin has been on a bull run in the last few days, and as can be expected, the news of PayPal adding cryptocurrencies onto its platform is further fueling an already bullish market.
According to a popular crypto market entrepreneur and commentator, exchange rate figures this week are at an all-time high than ever before in 7 countries.
3 African countries are among the top 7 where bitcoin is selling highest in the local currency.
Here is the full list:
Countries where #Bitcoin has hit a new ATH in their local currency:
Brazil – pop. 209million
Turkey – pop. 82m
Argentina – pop. 44.5m
Sudan – pop. 41m
Angola – pop. 30m
Venezuala – pop. 29m
Zambia – pop. 17m
… then all other fiat currencies
— Alistair Milne (@alistairmilne) October 22, 2020
Below are the current rates for 1 bitcoin in the above African countries on LocalBitcoins:
Here are some possible reasons why the above African countries are better off putting their money in bitcoin:
- The Sudanese Pound has suffered from U.S. sanctions and secession of South Sudan, which has resulted in the loss of most of its oil and foreign exchange resources
- The Zambian Kwacha has lost its purchasing power due to inflation as the country’s mounting debt burden has resulted in the country defaulting on its loans
- The Angolan Kwanza has depreciated by over 17% in 2020 against the US. Dollar brought on by the fall in foreign currency resources as a result of a drop in oil export revenue
A recent report by Luno seems to support the above conclusions. The report shows the rapid adoption of cryptocurrencies is more likely in Africa in the context of high inflation rates, volatile currencies, and underdeveloped banking infrastructure.
Bitcoin is currently at an all-time high for the year 2020 having already gone up by over 70% this year alone.
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