• Bitcoin has had a defining year in 2022, and the global South will continue to lead Bitcoin adoption in 2023.
• Trade volume in Africa is increasing despite the bear market, due to the necessity for Bitcoin on the continent.
• The divide between Bitcoin and the rest of the financial systems will continue to grow in 2023.
This past year was a defining one for the world of Bitcoin. After a tumultuous few years, the digital currency is finally beginning to cut the deadweight of speculation and is being taken seriously by individuals, companies, and governments alike. People all around the world are starting to recognize the value of Bitcoin, and its use cases are making it a viable option for many. In particular, the global South is leading the way when it comes to the adoption of Bitcoin.
Africa is a prime example of this. Just recently, the Africa Bitcoin Conference was held in Ghana, an event that brought together pan-African and international leaders to discuss how Bitcoin can be used to help those in need. As part of the event, the Built With Bitcoin Foundation opened the Bitcoin Technology Center in Kumasi, Ghana. This center is set to educate 400 people in its first year, and will be used to teach people about the power of Bitcoin and its potential to revolutionize the way money is transferred, stored, and invested.
Trade volume in Africa is also continuing to increase, despite the bear market that is still present in many areas. This is due to the necessity for Bitcoin on the continent, as it provides a cheaper and more efficient solution for people to send money back home, make payments, and preserve their wealth. This is a trend that is expected to continue into 2023, and will likely lead to further growth in both Ghana and Nigeria.
The divide between Bitcoin and traditional financial systems is also becoming increasingly apparent. Bitcoin is backed by human work and has proven its use cases over and over; this is something that cannot be said for many of the other financial systems out there. As such, it is expected that the divide between Bitcoin and the rest will only continue to grow in the coming year, as more people begin to recognize its potential.
All in all, Bitcoin had a defining year in 2022, and the trend of adoption is expected to continue in 2023. With the global South leading the way and the divide between Bitcoin and traditional financial systems widening, there is plenty of hope that the digital currency will be used to help those in need and revolutionize the way money is used around the world.