A report by Citibank has positioned Kenya as the fifth most elevated bitcoin holder per capita on the planet. Nigeria was positioned third while South Africa took the 6th spot. On the off chance that these outcomes are anything to pass by, the fate of bitcoin has all the earmarks of being brilliant in Africa.
As revealed by Kenyan Wall Street, Kenya’s piece of the overall industry of bitcoin as a level of total national output (GDP) is somewhat more than 2 percent. Shockingly, the USA, which is one of the biggest bitcoin showcases on the planet as referenced in Futurism, positions eighteenth.
Curiously, the report takes a bearish remain with respect to bitcoin and even proceeds to anticipate a potential breakdown. Indeed, the report is of the conclusion that the computerized money is “inadequately structured.” However, it suggests interest in elective advanced resources, for example, ether (ETH) and wave (XRP).
If bitcoin were to collapse, the countries with the largest market share of bitcoin as a percentage of GDP would experience significant wealth effects.
“If a bubble for an essentially ill-designed product pops, values drop to zero. […] If bitcoin were to flop, those countries would already experience a meaningful negative wealth effect,” the report states.
Citibank is Positive about Blockchain Technology
Like most banks around the world, Citi is positive about the blockchain. Thanks to its ability to offer solutions such as transparency, security, and faster financial transactions, the technology underpinning bitcoin could be the next big thing in the years to come.
Blockchain technology can be applied in digital voting, land title registration, audit trails, data management, clearance and settlements, creating secure digital identities, and offering faster and cheaper remittance services, among other use cases.
What Does This Report Mean to Kenyans and Africans as a Whole?
The Citi report indicates that digital currencies are potential wealth creation assets and that Africans can also benefit if they invest in altcoins as well. Furthermore, the report gives a positive view of blockchain technology, reminding Africans of its potential benefits in solving some of the current economic, social, and political problems that the continent is facing.
Lastly, this report is motivating to the African population that could still be thinking of cryptocurrencies as assets meant for the Western world. With three African countries ranking among the highest bitcoin holders, perhaps more Africans will begin to look at digital currencies more favorably.