• Bitcoin had a defining year in 2022, with more adoption and growth happening in the Global South.
• The divide between Bitcoin and other forms of currency has grown, as Bitcoin offers a cheaper and more efficient solution for people to send money, make payments and preserve their wealth.
• 2023 is expected to bring further increases in both Ghana and Nigeria, as the necessity for Bitcoin continues to be a driving force in these countries.
The year of 2022 was a defining one for Bitcoin, as the digital currency saw a major uptick in adoption and growth, particularly in the Global South. This was made evident by the Africa Bitcoin Conference in Ghana, which brought together pan-Africa and international leaders to talk about the purpose of Bitcoin over its price. The event resulted in the opening of the Bitcoin Technology Center (BTC) in Kumasi, Ghana, which is set to educate 400 people during its first year.
These events and initiatives are indicative of the necessity of Bitcoin in the Global South, as it offers a cheaper and more efficient solution for people to send money back home, make payments, and preserve their wealth. This has led to a divide between Bitcoin and other forms of currency, as its use case has proven to be far more beneficial.
As we look ahead to 2023, it is expected that this divide will only continue to grow, as more and more people in Ghana and Nigeria turn to Bitcoin for their financial needs. Trade volume in Africa has continued to increase, even in a bear market, further proving the necessity for Bitcoin in these countries.
It is clear that Bitcoin is starting to cut the dead weight of speculation, and is becoming a more accepted and widely used form of currency. With more education and awareness, it is expected that Bitcoin will be able to onboard the next billion users, and continue to be a driving force in the global economy.