Goodnews over Africa in the crypto world as it was rank one of the most effective active user of p2p exchanges such as Paxful among others, Nigeria to be precise has recorded a tremendous performances in this regards with an outstanding increase in numbers of users with active account, you could recall her recent ban of crypto by the government and the citizens have soughted for an alternative crypto trading platforms (exchanges) which is more preferred than the cross boarder transactions by Fiat with high cost on transaction fee/charges in a bid to avoid inflation, this has also help in the increase of Nigeria's Economy and more visible chances could lead to it adoption by the government at a later run.
P2P platforms, the need for remittances to circumvent restrictions from banks, and putting savings into crypto as a means of avoiding inflation could have contributed to the growing market in Africa.
Chainalysis said Africa’s crypto market increased in value by more than 1,200% between July 2020 and June 2021, with high adoption in Kenya, South Africa, Nigeria and Tanzania. The company added that the popularity of P2P platforms could have been one of the driving factors toward greater crypto adoption in the region, given some countries have restricted or banned residents from sending money to exchanges through local banks.
If the government put in place by the people to effectively work and regulate the economy, make policy and implement strategies to economy development but couldn't than placing restriction on crypto which could have been one of the aiming soughted out solution, the populace have rather in their own way create an alternative to sustain their respective businesses and exchange market thereby avoiding inflation and solving the problem of remittance limiting number of funds to transfer abroad.
With this developments, I hope it will create an upper edge toward the adoption of crypto back in Nigeria specifically and increase the performance and participation the more in Africa as a whole.
In a developing countries, some made a huge impact in the development of Bitcoin price. This only happened because of major involvement of people of such country into the trading and investments.Without the huge demand of bitcoin, it won't reach the valur of 60k$.It was the welcome one for the long term investors. They gained huge from this pump.