The Bitcoin 2021 Miami event was filled with key speakers in the crypto space and one of these people was Ray Youssef, CEO, Paxful, the largest P2P bitcoin marketplace in Africa.
Speaking during the event, Ray revealed the reason behind the recent Nigerian ban and the massive growth of Paxful on the continent.
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UPCOMING WEBINAR – JUNE 19, 2021
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Responding to a question on how to Paxful is leading this massive bitcoin adoption in Nigeria, Ray said:
“The young people of Nigeria have turned to bitcoin and using it with such efficacy that the government had to institute draconian means to slow it down, but they can’t.
In January 2020, remittances, foreign currency coming into Nigeria, was at $2.5 billion. By September of 2020, that had fallen to $55 million – a 98.7% decrease in the amount of foreign money coming in, but it was a 98.7% increase in bitcoin being used as remittances.
This shows you the power of a motivated youthful population to actually move forward.
Paxful has 1.5 million users in Nigeria. We’ve done $1.5 billion of volume there and we’re starting 2 offices there right now – incubation education centers.
Going there again has made me realize our work there has just only began.”
– CEO, Paxful
Following the above comments, Twitter CEO, Jack Dorsey, has similarly expressed confidence by saying that indeed, ‘the people of Nigeria will lead bitcoin.’
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RECOMMENDED READING: Over 1.5 Million Nigerians Have Traded Over $1.5 Billion (1/3 of Total Volume) As of April 2021, Says Paxful
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