Africa has witnessed an upsurge of growth among peer-to-peer Bitcoin traders within the last month.
Bitcoin traders in Africa have their feet on the rocket speed, with no intention of slowing down any time soon.
Africans prefer p2p trading because it reduces commissions and allows for a direct relationship with other customers.
Less than two weeks after registering all-time high p2p trading volumes at the regional level; Africa has done it again. According to data from analytics site, Useful Tulips, Bitcoin traders in Africa exchanged the equivalent of more than $15.5m across p2p platforms such as LocalBitcoins and Paxful.
With this development, Bitcoin trading volume in Africa is currently outpacing local trading in Latin America, a region often taken as reference point when examining regional p2p volumes. Just over $11m worth of Bitcoin was trading through Latin America over the last one week.
The growth in local trading reflects the increased interest in cryptocurrency within the continent, as local inflation rates range between 4% and 7% year-on-year and economic uncertainty stemming from the Covid-19 outbreak combined with with a widespread economic recession.
In a swift response, a growing number of African traders view Bitcoin as a viable store of value.
From further analysis of the continent's breakdown, Nigeria saw considerable growth; registering more than $9.3m in weekly trading volume, 400% more than South Africa, its closest competitor.