[WATCH] Senegal Saw 500% Growth in Bitcoin Traded Volume in Q1, 2021 on LocalBitcoins

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Senegal has seen the largest growth in bitcoin traded volume so far in 2021, says LocalBitcoins.

Senegal is one of a few African countries where the mobile wallet model has been shown to be particularly successful for consumer-to-consumer transactions, which would explain this massive growth and crypto adoption.

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SEE ALSO[WATCH] In 2020 We Got Over 10, 000 New Users From Ethiopia – a 500% Growth from 2019 – Says LocalBitcoins

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Below are some stats about LocalBitcoins in Africa:

  • Since Summer 2016, the Naira has lost half of its value against the US dollar
  • Over 30, 000 new users in Nigeria have joined LocalBitcoins in 2021
  • Kenya is the second largest market with over $3 million have been traded almost consistently every month
  • Every week over 1, 000 new Kenyans sign up to LocalBitcoins
  • The Kenya Shilling has lost half of its value since 2008
  • The Kenya Shilling has lost about 10% of its value since February 2020
  • In August 2020, South Africans traded over $3 million worth of bitcoins in a week
  • Morocco is LocalBitcoins 4th biggest market in Africa
  • Morocco saw a 30% user signup rate between 2019 and 2020 on LocalBitcoins
  • Only 29% of Morocconans have a bank account
  • In Q1, 2021, Senegal had a 500% increase in traded volume on LocalBitcoins

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RECOMMENDED READING[WATCH] In 2020, We Added Over 1.7 Million Customers (20% from Africa) – A Chat with Jukka – Chief Marketing Officer, LocalBitcoins

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