Crypto is taking off in the developing world

Bitcoin use in the developing world is sky rocketing. Alt coins are being adopted by governments.

Crypto is taking off in the developing world
Nigeria during rush hour

A key promise of crypto has always been the ability to easily cross borders and create stability in unstable economies.  Well, crypto is making good on that promise.  Recent reports show that there are now more crypto users in Nigeria than there are in the U.S. (1 in 3 in Nigeria vs 3 in 50 in the U.S.).  In the past year, crypto use in the developing world has exploded, here’s a few examples:

  • El Savador voted to make Bitcoin legal tender
  • Ethiopia partnered with Cardano to track student progress
  • Brazil’s trading volume is up 2,247% in the past year
  • Venezuelans have been fleeing hyperinflation by using bitcoin + lightning network

The big picture: There’s a lot of focus on the U.S. and China, but crypto may be making faster progress outside of the biggest economies.