On a continent plagued by high inflation and unstable currencies, bitcoin, which is decentralized and censorship-resistant, is seen “as a safer source to contribute to for retirement.
Bitcoin use cases in African countries continue to expand with the latest one being its use as an alternative source of retirement income.
According to a local report, this shift towards bitcoin is more profound in countries like South Africa where traditional pension funds “have historically had issues of fraud and instability.” The report, which relied on an analysis by a crypto startup, Yellow Card, explained:
This has been especially noted in countries such as South Africa, where a high number of users reported utilizing Bitcoin savings as a safer source to contribute to for retirement.
According to the analysis, it is such use cases that help to explain the “unprecedented surge in cryptocurrency purchase and usage on the African continent.”
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