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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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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