Bitcoin has had a very up and down year when it comes to its price, but for men like Jack Dorsey, the CEO of both Twitter and Square, the cryptocurrency is very much the future of finance.
Dorsey: BTC Is Going Places
Dorsey has been promoting bitcoin since the beginning. Just last year he announced that he believed bitcoin would become a global currency. In other words, individual fiats would not exist. Everyone across the continents, whether they were in Asia, North America or Europe, would be using bitcoin to pay for goods and services, but its price and volatility still leaves a lot to be desired.
BTC initially began the year in the low $3,000 range. It fell to this position in November of last year and hung at this spot for the next five months, eventually spiking to about $5,000 in April. From there, it continued to go up little by little until it peaked in July at just under $14,000 – the highest it had been since December 2017.
However, since then, bitcoin has lost nearly half its value, falling to the $10,000 where it spent most of the fall season and now traversing through the low $7,000 range, where it’s been for a few weeks. There’s no end in sight, it seems, and analysts are very confused about where bitcoin will go from here.
For Dorsey, however, the currency may be suffering in price, but it’s right where it needs to be in terms of stamina. The social media conglomerate recently announced that after touring Africa for the past several weeks, he would be moving to the continent for a few months in 2020 to potentially bring more bitcoin and crypto capabilities to Africa’s people.
In a recent Tweet, Dorsey explained:
Sad to be leaving the continent… for now. Africa will define the future (especially the bitcoin one!) Not sure where yet, but I’ll be living here for three to six months mid-2020.
Dorsey has visited several countries recently including Ethiopia, South Africa, Ghana and Nigeria. It’s unclear if he’s planning to move to any of these countries or if he’s got a separate location on his mind. Either way, he commented that of the five top countries performing Google searches regularly on bitcoin, three are situated in Africa.
Over the years, Africa has become a serious hotspot for heavy crypto action. Many companies are seeking to bring the magic of bitcoin and crypto to African peoples including Bit Hub, which was founded in 2015 by entrepreneur John Karanja. The company seeks to develop further cryptocurrencies and alleviate some of the failings of traditional institutions across the continent.
Bringing Crypto to Africa
For young people, it’s an opportunity for them to learn about cryptocurrencies, helping them access global markets.