News Roundup: The Year of African Crypto

Africa has warmed up to crypto in the last 4 years since Bitcoin hit $20,000. For many people, it’s both a necessity and a luxury. It’s how they beat inflation in the face of dying currencies and oppressive regimes. It has also become full-time work and a climbing rope out of poverty and some people think decentralised finance is the next step.

In other news, Ethereum is setting new records, a future Bitcoin millionaire needs your help, someone left a bible verse on the Bitcoin blockchain, and AC Milan is adopting crypto. Enjoy!

The DeFi-nition of Africa 💰

Africans have traded Bitcoin, Altcoins, and Stablecoins in the past. Now, they are turning towards DeFi in droves to explore the hidden opportunities there. Charles Hoskinson, the founder of Cardano ($ADA), believes that developing nations are in a better position to benefit from DeFi services than the rest of the world.

He also believes that Africa can have up to 100 million DeFi users. From peer-to-peer loans to peer-to-peer insurance, countries like Nigeria could see an explosion in DeFi use this year.

A New ATH for ETH 🚀

After fasting, prayers, and premium tears, Ethereum has finally blessed us with a new All-Time High. It’s almost like we should give a “thank you” speech because the journey with Ethereum has been HECTIC. The worst days in 2020 saw the second largest cryptocurrency at a low of $127 (₦60,000). But one year, a complete system change, and hundreds of decentralised apps later, and ETH has gone over $1,428. Now that we’re past that, the next milestone is hopefully $2000. 

A $268 million Nightmare 🌚

You know how everyone likes to fantasise about suddenly finding out that they have some Bitcoin stored away in an old hard drive? That’s what Stefan Thomas, a US-based programmer is facing. The good news is that he’s living out that fantasy after leaving 7,002 Bitcoins ($268 million) which he was gifted years ago in a hard drive. The bad news is that he can’t remember his password and has only two more password tries before he loses his Bitcoin forever. This is what you call a destiny hanger 😅.

666,666: Mark of the BTC ☦

Leaving hidden messages on a cryptocurrency’s blockchain is one of the most exciting parts of crypto culture. Even though it’s not common, it’s always significant. In the latest show of blockchain mastery, someone left a bible verse (Romans 12:21) which says “Do not be overcome by evil, but overcome evil with good.” It was left on block 666,666 of the Bitcoin blockchain and will be there permanently. How cool is that?!

Going Digital with AC Milan ⚽️

Football lovers, have you noticed a new trend among your favourite teams? They’ve been creating their own coins as a way to engage with fans during the pandemic. FC Barcelona, Athletico Madrid, and even PSG have done it. Now, AC Milan is hopping on the trend as well. Like the others, AC Milan will release its new coin, the $ACM on the Chiliz blockchain. You can get it on the socios.com app which has been downloaded over 450,000 times. 

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Quidax is an African founded cryptocurrency exchange that makes it easy for anyone to access DeFi and CeFi Our aim is to educate you about cryptocurrency. It should not be considered as financial advice. We recommend conducting your own research before deciding to buy, sell or hold any cryptocurrency.