South Africa is the revolutionary bitcoin hub in Africa

South Africa is on the verge of becoming one of the notable adopters of Bitcoin. The adoption of Bitcoin in the last five years deemed South Africa to be quite an appropriate spot for Bitcoin trading, mining, as well as making payment using Bitcoin. There are numerous reports and findings scattered across the internet pointing out that people in the country are interested in the presiding and innovative cryptocurrency in the world and in the Bitcoin Future.

There is a surprising fact which unveiled that there is a specific population in South Africa who are using Bitcoin to buy things, they are the millennials specifically people born from 1981 to 1996. The adoption of Bitcoin in South Africa and its growth is unprecedented. Reportedly, the adoption of Bitcoin and other cryptocurrencies has aided the country in stabilizing the economic status.

Given that the improvement in uplifting the economy has been gradual for five years, the adoption has come a long way since 2014. A published report from African Development Bank Group which is titled “African Economic Outlook 2020: Developing Africa’s Workforce for the Future” said that Africa’s economic growth saw unexpected stability since early 2019. Before the Pandemic fiasco made people confined to their homes, the study anticipated a 3.9 percent increase in the country’s economic stability. In addition to this, in 2021, the economic growth of South Africa is expected to be 4.1 percent. The finance officials of the country are curating ideas and formulating them to provide sustainable stability and improve the country’s financial management.

Economy and Finance in South Africa before Bitcoin Adoption

Back in 2017, Africa was regarded as an unbanked continent because 60 percent of the population did not have access to banking. Even the commercial banks faced a tough time meeting the demands of the country’s unbanked population. In addition to this, factors such as political instability, low-wage income, and sheer lack of financial knowledge.