Twitter CEO: Africa to “define” Bitcoin’s future

29 Nov 2019

Bitcoin Bitcoin’s future will be “defined” by Africa, according to the CEO of Twitter and Square, Jack Dorsey.

The well-known Bitcoin advocate made the statement on Twitter after completing a tour of Africa, saying he would return next year after travelling in Nigeria and Ghana earlier this month.

Dorsey stated: “Africa will define the future (especially the bitcoin one!),” adding he was planning to spend six months in Africa next year.

Whilst in Nigeria, Dorsey attended a Bitcoin meetup, carrying on his public backing of the world’s largest cryptocurrency by market capitalisation.

The Twitter CEO is renowned for his support of Bitcoin, promising to integrate its functionality into Twitter and Square, according to a Coin Telegraph report.

Furthermore, he has also publicly shown his support for the Lightning Network as a payment solution.

There continues to be significant interest in Bitcoin on the African continent. Nigeria is a regular feature within the most active countries in regard to Google searches for Bitcoin, as well as other African nations including South Africa.

Nigeria’s most populous city, Lagos is forecast to become a giant metropolis with more than 32 million people by 2050, further adding weight to its status as a market for Bitcoin. World Economic Forum data shows Lagos will be the world’s most populated city by 2100.

In addition, earlier in November, Ghana announced it was contemplating a central bank digital currency, or CBDC, on track with plans from China to do the same.

Bank of Ghana governor, Ernest Addison said in a keynote address this week: “Digital financial technologies will continue to define the future of our banking experience,” adding that mobile money transaction volumes rose from 982 million in 2017 to 1.4 billion last year.

The governor went on to say: “This consistent growth pattern underscores the sustainable nature of opportunity for the banking sector.”