Jack Dorsey, the CEO of Square and Twitter, stated that Africa will define the future, especially the future of Bitcoin (BTC). This statement came at the end of Dorsey’s trip to Africa, during which he went to a Bitcoin (BTC) meetup in Ghana.
Dorsey is a well-known advocate of Bitcoin (BTC), having previously tweeted about setting up a team to research blockchain technology, in addition to publicly advocating the Lightning Network. Also, the Square Cash App is one of the only mainstream fiat payment services that also offers Bitcoin (BTC).
It appears that Dorsey may be onto something considering Google search result data, which shows that searches for the keyword ‘Bitcoin’ have been spiking over the last week, and the top three sources of this spike are Nigeria, South Africa, and Ghana. It is perhaps possible that Dorsey’s presence in Africa caused this spike though.
Part of the reason that Africa has so much potential is that its population is expected to skyrocket. The World Economic Forum projects that 13 of the top 20 cities by population will be in Africa 100 years from now, with Lagos, Nigeria projected to be the biggest city in the world with a population of 88 million people, which is over 10 times more people than New York City has today.
However, this World Economic Forum data is just a speculative estimate. Likewise, Dorsey’s enthusiasm over Africa is speculation as well, and it would be surprising if it turns out to be true, since the United States, Asia, and Europe have been leading in the crypto and blockchain field since the beginning, with little noticeable contributions from Africa.
That being said, the lack of crypto and blockchain in Africa so far may be exactly why it has so much potential. Africa is abounding with opportunities for crypto and blockchain companies at this time, and it can be expected that eventually some major companies and innovations will come out of Africa.