In some parts of the developing world, cryptocurrency is changing lives for the better.
went mainstream. Wall Street set its eyes on the world of crypto, with hotshot investors like hedge funder Paul Tudor Jones leading the pack;to arguing that it belongs in most portfolios; tech CEOs Jack Dorsey and Elon Musk gamely crossed swords about Bitcoin’s merits at a conference run by an asset management firm. Popular opinion lags a bit: Many people still believe cryptocurrency is a giant, global get-rich-quick scheme.
by the country’s controversial president, Nayib Bukele. President Bukele claims that the government-sponsored Bitcoin wallet already has more users than the entire Salvadoran banking system, potentially throwing a lifeline to thousands of unbanked individuals. These Bitcoin wallets operate partly on the Lightning network, a system that allows for cheaper and faster cryptocurrency transactions.
But the real leader in Bitcoin trading is not Latin America, but Sub-Saharan Africa. UsefulTulips, a website that tracks peer-to-peer Bitcoin trading across the world, now reports that trading volumes in Sub-Saharan Africa are currently equal to those in North America and will soon exceed them. Observed volumes are on the order of $20 million a day, but the true figures are likely to be multiples higher.
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