Africa outperforms Latin America at LocalBitcoins

by in Cryptocurrency News


For a long time, Latin America led the ranking of regions in terms of the scale of bitcoin trade.

Investments in BTC through LocalBitcoins and Paxful have been rising in Venezuela, Argentina, and various countries in the region over the past two years.

Still, now the leader position in this rating has passed to the African continent. During the COVID-19 pandemic, investment in cryptocurrencies fell significantly not only in South America but also in Western Europe and the Asia-Pacific region.

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A surge in investor activity from Africa occurred after the May Halving (a reduction in the reward of miners).

The volume of bitcoin transactions last week in this region exceeded $ 14.6 million. Thus, the previous record of $ 10 million, recorded in early May, was broken.

Most transactions were made with bitcoin paired with Nigerian naira. The total amount of such operations amounted to about $ 9.5 million).

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According to many observers, the scale of BTC trade in Africa will increase steadily. Recently, Twitter founder Jack Dorsey even predicted that countries in this region are already becoming an essential part of the Bitcoin ecosystem.