[WATCH] Under the Radar, Uganda, Ready to Become a Leading Bitcoin Player in Africa

LocalBitcoins is adding between 200 - 300 users per month in Uganda showing the potential for the Ugandan market in future.

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Uganda may not always be in the headlines when it comes to bitcoin adoption, however, the country has a lot of potential.

A look at bitcoin trading stats on LocalBitcoins reveals the extent of growth in the country and its potential in the near future.

Here is a quick breakdown of the latest 2021 bitcoin trading stats on LocalBitcoins in Uganda:

  • Adding between 200 – 300 users per month
  • Trading volume has consistently been between $50, 000 and $60, 000 per month

When the bitcoin price was $40,000, in Uganda most of the ads on localbitcoins were for UGSHS 160,000, which translates to roughly $45, 000.

Therefore, bitcoin was trading in Uganda at a $5, 000 premium.
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SEE ALSO[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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Here are some reasons why Uganda is ready to take crypto by storm:

  • The Ugandan Shilling has lost 50% of its value since 2008, and 30% since 2014, and people are looking for better way to save
  • With more than 28 million mobile phone connections, it is easy to own crypto on digital wallets such as on localbitcoins
  • Peer-to-peer BTC exchange platforms provide cross-border payment solutions which traders are using instead of echanging in dollars
  • A large population of 44.27 million people with the average age is just 16.7 years old
  • In 2020 and 2021, young people have exploited crypto’s up and down spikes to trade for profit
  • Demand for bitcoin has been consistent despite the downtrend in bitcoin price in May and June 2021

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RECOMMENDED READINGWhere Bitcoin Adoption is Taking Place in Africa – A Report Highlight by LocalBitcoins

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