Headline : With low prices and trust, what’s next for African crypto startups and creators?

Read more from the original article on here at techcabal.com.

---

No. of Paragraph 14

Image source: Techcabal

Two years after crypto excitement hit Africa, there has been a painful return to earth. Prices and trust are low, and the promise that crypto would help Africans escape poverty now needs re-examination.  

In November 2021, bitcoin (BTC) hit an all-time high value of $65,000, while ethereum (ETH) also hit an ATH of $4,815. The prices reflected the market’s optimism, driven partly by news in early 2021 that Tesla would accept payments in bitcoin and convert part of its balance sheet to crypto. Africa was not left out of the excitement. A big part of the crypto promise for Africa was that it would bring prosperity to the continent. That promise took hold. The peer-to-peer lending platform, Paxful, claimed its data showed in 2021 that Africa was leading the “global cryptocurrency adoption.”

In 2018, articles like this predicted that crypto would find acceptance in Africa, citing hyperinflation in many African countries and the difficulty of sending money to the continent. Those predictions panned out, and in 2020, a two-year bull run followed, validating crypto’s promise of prosperity. Speculative trading, holding USDT as a hedge against local currency inflation and, later, stake-to-earn and high-yield crypto products, became popular among Africa’s crypto-conscious. The consensus was that those were the early days, and prices could only go up.

Read more from the original article on here at techcabal.com.

Related Headlines : With low prices and trust, what’s next for African crypto startups and creators? (in Google.com):

Hello, below you have a "Web" tab to read more content and an "Image" tab to get related pictures

Example : Trends, Country, News, Jobs, Scholarships, Investment, Business, Politics, Adverts, Fashion, Events, Technology and more.