fingers crossed

Bitcoin, crypto and blockchain: African start-ups trying their luck

in depth

This article is part of the dossier:

Crypto Adventurers

By Quentin Velluet

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Posted on August 19, 2022 11:18

While cryptocurrency scams regularly make international headlines, there are still entrepreneurs determined to expand the possibilities of digital currencies to include more users.

This is part 3 of a 3-part series

It all started in November 2021. At that time, the price of Bitcoin had reached an all-time high. As it approached $60,000, it won over new followers, surprised by the sudden rise in value of a still poorly understood digital currency, and created new fortunes around the world. Like the rest of the global economy, the world’s leading cryptocurrency was enjoying a favourable economic climate, driven by the recovery in global trade. This was a far cry from today’s fears of commodity shortages, soaring freight prices and the war in Ukraine, which have subsequently caused Bitcoin’s price to plummet to around $20,000.

In Africa, many people invested in cryptocurrencies even before this upward trend in the value of Bitcoin. In Kenya, the consulting firm Chainalysis, which specialises in monitoring the development of the crypto sector, estimates that 8.5% of

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