Sub-Saharan Africa Bitcoin exchanges on distributed trades has hit another high, breaking the December 2017 positively trending market run that saw bitcoin reach $20, 000.

The new record numbers can be seen by assessing exchange volumes on LocalBitcoins and Paxful P2P bitcoin exchanging stages.

Nigeria specifically has seen a move in bitcoin exchanges. Only a couple of months prior, bitcoin was exchanging at a rebate. Starting at now, it is including some built-in costs as demonstrated as follows.

The CEO of Paxful, Ray Youssef, has also said that the exchange trade volumes are up by over 20%, with record breaking new user signups coming from:

  • Ghana
  • Nigeria
  • Pakistan

According to one analyst, these new figures may well have put Africa over Latin America as the epicenter of utility Bitcoin usage globally.

Another analyst has opined:

“Total volume in Latin America+Africa+Asia Pacific is almost 30 million $ per week. After halving (at actual price) miners will mine 56 million $ per week. It means over half of new bitcoin supply will be eaten up by poorest regions of the world.”

It will be interesting to see how things turn out as the 2020 bitcoin halving gets closer now just days away.

source:
https://bitcoinke.io/2020/05/p2p-bitcoin-trades-in-africa-set-new-record/

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