Leading Bitcoin expert Jack Dorsey is set to shed light on the future of Bitcoin alongside other stakeholders at the 1st African Bitcoin Conference (ABC) in Accra, Ghana.
Dorsey will be the wealthiest Bitcoin trader at this conference.
According to a Reuters report published in 2020, monthly cryptocurrency remittances of less than $10,000 to and from Africa ( made by individuals and small businesses) increased by more than 55% in a year. In June, it reached $316 million in 2018. This favored US blockchain data by research firm Chainalysis.
The number of monthly remittances has nearly halved to over 600,700, according to Chainalysis, the report. Much work was done in Nigeria, South Africa, and Kenya.
The “Maiden Africa Bitcoin Conference”
The conference will take place on December 5-7, 2022. It will feature keynotes, presentations, panel discussions, workshops, exhibitions, hackathons, and other exciting activities.
Nigeria’s Obi Nuwos, Ojoma Ochai, and Abubakar Nur Khalil beat out over 7,000 entries after South Africa’s Kara Kirk Cohen. On his Twitter account,
Dorsey said board members “will seek to define operating principles while considering how best to allocate 500 Bitcoins to development efforts”.
The trust will act as a blind and irrevocable trust that gives no direction to the donors. In February 2021, Dorsey announced on his Twitter that the faith would “fund #Bitcoin development initially focused on teams in Africa and India.” The board members’ applications have a mission: “Make Bitcoin the currency of the Internet.”
Recently, there has been a significant increase in the adoption and use of cryptocurrencies. Internet penetration in Africa is low. Between June 2020 and July 2021, it has seen a staggering 1,200% increase in adoption.
Many crypto developers, technologists, investors, advocates, and educators active in the African Bitcoin ecosystem have contributed to this growth.
Nigeria Ranked First Crypto Adoption in Africa in 2021
Nigeria ranked first in the 2021 Global Crypto Adoption Index of Africa. Togo followed it, and Nigeria tops the global peer-to-peer (P2P) ranking. While there is a tremendous driving force behind the Bitcoin market in Africa, there is little debate about the immense opportunities Bitcoin offers.
This calls for increased cooperation among various contributors to the cryptocurrency industry. The aim is to enhance knowledge and resource sharing. This deepens connections between African stakeholders and those operating in developed countries.
Is Africa the Largest Crypto Adopter?
Bitcoin has changed how people interact with money and the world’s monetary system. Over 300 million crypto users have emerged in 10 years. This exceeds the annual adoption rate of other digital innovations, such as the internet and mobile money.
Bitcoin adoption is growing the fastest in Africa, despite having the lowest internet penetration in the world. The Africa Bitcoin Conference will bring together the world’s industry’s leading sort of leaders. The aim is to build an ecosystem where everyone can learn, connect and collaborate.
Approximately 800 participants, including CTOs, innovation and technology leaders, IT directors, developers, startups, OEMs, governments, car companies, operators, technology providers, investors, and VCs, will join the first ABC It’s a schedule.