Is Jack Dorsey Defining Bitcoin as the future currency of millions of people?

Even though the world is moving towards digitalization but Bitcoin and cryptocurrency still struggled to maintain a place in the digital world where it is easy to send payments online and corruption are relatively low with infrastructure maintained as well. The price of bitcoin increased this year due to the high demand of tech companies in the cryptocurrency, that includes Jack Dorsey’s social network Twitter and iPhone-maker Apple as well.

Jack Dorsey is the chief executive of payment companies of Square and Twitter, he is now looking at the future involving bitcoin and technology on Africa and its more than 1.2 billion people. Jack Dorsey launched the crypto division of Square this year and is now planning to move to Africa for a few months next year and according to the Twitter's CEO, Africa will define the future of Bitcoin for sure. Dorsey is planning to start his trip in early November and his locations include Ethiopia, Nigeria, South Africa, and Ghana as well. There are no official statements regarding the countries Dorsey is planning to live in next year but we know that during his trip to Nigeria, Dorsey attended a bitcoin meetup and according to a report Dorsey also met some crypto entrepreneurs during his visit to Ghana.

According to Dorsey’s expectations, Africa is for sure expected to lead on the new digital currency arena. If you take a look at the top five countries searching Google for bitcoin you’ll see that Africa has been in the top five for more than two years.

There are so many developing countries that already have moved forward to developed ones when it includes some digital mobile payments and according to Decrypt, developing countries are expected to be the ones benefiting the most from bitcoin cryptocurrency and the underlying blockchain technology as well.

If you take a look at the emerging markets of Africa, the traditional money system is shallow which means that people will likely resist less to the technology introduced to financial systems. The companies using bitcoin and cryptocurrency including Biannce, Belfrics, and Paxful are already expanding into Africa and this shows the kind of future Africa holds for digital currency. Along with so many companies showing interest in Africa, there are also several developers and entrepreneurs that are working on various projects across Africa.

In 2015, Kenyan tech entrepreneur John Karanja founded BitHub which is an incubation hub for various internet-based currencies and according to its founder the opportunity to learn about cryptocurrencies is massive as it can help young people easily access global markets.

Jack Dorsey isn’t the only one

If you look at tech industry, Dorsey isn’t the only one who is looking at the future involving digital money system. Mark Zuckerberg is also moving his social network Facebook towards payments through Libra cryptocurrency specifically aimed to bring modern payments easily to different people from around the world who fail to have bank accounts. This project is very likely to be launched next year and we think this might help so many un-banked people easily transfer money to their loved ones which will perhaps leave developed regions behind too.

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Featured photo: AP
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