Episode 5 of the Crypto in Afrika talk show took place on Wednesday 16th March 2022. The theme of the talk was Cryptocurrency investment opportunities in Africa and the talk was both educative and entertaining as well. On the table, we had Jeremiah Maangi Founder and Managing director at Bizin Africa as the moderator and three speakers,
- Brian Adams Founder, Cryptocurrency Academy Nairobi kenya.
- Reginald Alango ,Operations Manager, Vibra Kenya
- Jonathan Bouzanquet, Founder & Chief Strategy Officer at PLAYA3ULL GAMES , Australia.
The session kicked off with the question of investment whether i gaming, trading and NFTs in cryptocurrency are the main investment opportunities or not. Adams jumps right in and agrees on this and adds some more. He believes that cryptocurrency opportunities are limitless and apart from the mentioned ones he adds that oversees payments are now a thing. Business with branches world wide can now send money among-est themselves easily and instantly. DE-FI investments as well is another opportunity, were n interested party can choose a DE-FI token to buy and resell later at a better price.
Adams goes further to explain that, in the gaming sector now there are games one can play and earn cryptocurrency as well. Axie infinity an online game is paying up to 100$ a day for just playing it. He adds that people in countries like Palestine and Philippines are earning a living through such games. Adams believes peoples persieveness about money is changing and the power of money owning and production is being decentralized to everyone now
Jonathan previews this on the aspect of space limiting effect of cryptocurrency.His company Play3ull in Australia has been able to employ people worldwide,in USA, Russia, etc. He believes that with the anonymity of the coins and the ability of the currency to work with no boarder limit, company’s are able to branch world wide and pay their employees without haste.He also believes now that cryptocurrency is in games its providing jobs and earning opportunities to many.Jonathan explains that its now possible to store all your winning rewards, skins and updates you own in a game, and you can sell them anytime you want.This skins are stored as NFTs and can end up earning you some good cash at the end.
“Cryptocurrency growth is inevitable, its going to grow among us just like the internet did” Jeremiah states. He took the conversation further with Reginald as he answered on how well prepared is the African environment in welcoming crypto blockchain technology. Reginald states that there has been a growth of up to 1200% as of the end of 2021.He observes Africa has grown because of the peer to peer trade. Another aspect is that people are adopting this technology because its solving the problem of payments. Company’s are now finding it easier to pay clients both nationally and world wide easily.”People are now sending money home to their families at a convenient and at very low charges.” He adds. There have been creative people also who have developed platforms where individuals can engage with one another. Vibra a company that Reginald works for is one of them.
This shows that the cryptocurrency industry is opening the creativity and entrepreneurship heads in Africa as well.”The best way of conquering the African crowd as a cryptocurrency platform, is being educative,offering good products as well as a great user experience.” says Jeremiah.
Reginald advises that when it comes to investing in cryptocurrency one needs to keep in mind what is called the dollar cost averaging. Which is a safer method of investing whereby instead of buying tokens uncontrollably one can focus on one coin, For example Bitcoin and assign a certain percentage of their cash to spend on it.
Jonathan, who despite to never being in Africa believes that the business environment especially when it comes to banking its being shaken. People now have the power to bank themselves and transact at their own fit. Transactions that normally take three days at the bank are taking 4 seconds through cryptocurrency.He believes that the reason why most governments are playing the adoption of cryptocurrencies is that they wont be able to make as much money they make with fiat currencies running in the system as they will make with cryptocurrency.He believes that CBDCs implementation is just a matter of time and if the governments want it can be done immediately.
In terms of knowledge spread and ensuring that the technological advancement of blockchain thrive in Africa , Reginald believes that, the governments should provide good environment that ensures such startups grow.He believes that cryptocurrency is giving its users a financial freedom that the fiat currency isn’t giving them. He believes that the masses are learning and soon the government which is for sure observing this growth,it needs to up its game and educate the masses on this.
Challenges facing investors in the industry in Africa and mostly the masses of Africa who are hearing and want to join this crypto religion, Adams take the main one as lack of information. He points out that, he personally has lost a lot before realizing that he was being scammed. there are so many people who are claiming to take you to the world of success of crypto currency and end up running with your cash. Lack of the right information, appropriate networks to use or the right platform to join is a major issue.he believes people need to be educated and popularized about the importance of cryptocurrency and which platforms are the best for buying, selling and investing your cryptocurrency.He holds crypto walks and talks within Nairobi to just educate people about cryptocurrency. Lack of regulation is also another factor that is scaring away large investors,He adds.
“The government needs to promote crypto startups in Africa .” Reginald states.Despite many governments seeing it as way of carrying out money laundry, it is a great opportunity to attract investors and promote economic growth. Jonathan chips in and agrees on this as he brushes away the idea of government claiming that crypto will be used for money laundering. He believes that this technology is here and its here for good. Its destined to grow and if the government isn’t supporting you from your mother country , its always an option to find somewhere were they are allowing crypto start up grow.
“Its a fact that cryptocurrency is here and growing at an exponential pace.Its about time the African population take their time and understand money today and maybe tomorrow they will be able to understand politics and politicians too.”Adams closed the session with a high no