Experts Say Bitcoin Takes Backseat in Africa Crypto Adoption, with USDT Ruling
The post Experts Say Bitcoin Takes Backseat in Africa Crypto Adoption, with USDT Ruling appeared on BitcoinEthereumNews.com.
Russell Okung observes a preference for USD stablecoins over BTC in Africa. Austin Campbell affirmed stablecoins remain favorable for many in the crypto space. Campbell noted that while BTC serves as a store of value, stablecoins are favored for everyday transactions. Prominent figures in the crypto space recently revealed a notable pattern within the African crypto market, suggesting a growing preference among Africans for U.S. dollar-backed stablecoins over Bitcoin (BTC). Russell Okung, a professional athlete known for his advocacy of Bitcoin, initiated the conversation on X. Okung disclosed promoting the Lightning Network during his stay in Africa, wherein he encountered a sobering reality. Per the disclosure, a larger number of people were inclined towards dealing with USDT rather than Bitcoin. Essentially, he observed that African crypto enthusiasts generally preferred USD, even if it was in “synthetic” forms. During my time in Africa, while advocating for the Lightning Network, I faced a cold, hard realization. Despite my efforts, I found that more people were interested in dealing with USDT rather than Bitcoin. They desired USD, even if they were synthetic versions. — OKUNG 🥋 (@RussellOkung) February 18, 2024 In response, other X users commented about experiencing a similar situation in Africa and observed the same trend in Lebanon and Argentina as well. One user pointed out that financially struggling individuals cannot afford the volatility of cryptocurrencies. As a result, exposure to the USD remains a more secure option than their local currencies. Similarly, Austin Campbell, Founder & Managing Partner of Zero Knowledge Consulting, recognized a comparable trend during his tenure as the chief risk officer at Paxos Trust Company, noting USD stablecoins remain the favored option for many individuals. I witnessed the same behavior at Paxos; USD stablecoins were what most people desired to hold their money in. That will remain…
Filed under: News - @ February 20, 2024 11:22 am