Business in Tech

Americans And Africans Are Buying BitCoin Than Ever And Here’s Why

After Donald Trump’s victory, a lot happened as was expected but an unexpected one was from the financial markets. The Dow Jones Industrial Average, Nasdaq and S&P have all closed at record highs signaling that markets may not be scared of a President Donald Trump’s policy after all.

But as ordinary citizens are getting more concerned about the future of their country seeing as Donald Trump actually lost the popular vote by a wide margin, Bitcoin prices are actually on the rise.

At election night, the price of bitcoin was hovering around $737 after rising from a low of $709 when polls in the Eastern US began to close, according to the CoinDesk USD Bitcoin Price IndexCNY markets are up 2.4%, reaching ¥4,959.11 at press time. This is according to CoinDesk which tracked the prices on election night.

coindesk

Americans are not alone in this, Africans are getting more aware of BitCoin and have started investing in the digital currency. Many top African economies like Nigeria are going through a recession that has affected the way they do business with their counterparts across the world and the strong dollar has done little to help.

The word BitCoin itself is generating a lot of interests on the streets of Nigeria lately. Just last week I was told that a group of people who share an interest came together to start investing in BitCoin and that got me asking, why?

The obvious reason is the recession which has forced many to other rather unconventional means of income including network marketing.