Jack Dorsey’s tour in Africa that began in early November and concluded last week led to a planned future trip that would station him for almost half a year in the continent. Dorsey’s mission? Help lead Africa to a Bitcoin (BTC) future.
The Twitter CEO announced on Wednesday via his social media platform that his two-week trip has ended on a positive note as he plans to return in 2020. But he is unclear as to which country he will settle in as his temporary residence. Dorsey visited Ethiopia, Ghana, Nigeria and South Africa and has met with several entrepreneurs, developers and inventors, but the focal point heading into his return seems to be around Bitcoin.
Dorsey tweeted, “Sad to be leaving the continent…for now. Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020. Grateful I was able to experience a small part.”
The number of cryptocurrency and blockchain developers in Africa is burgeoning, and Dorsey even highlighted a particular invention that incorporates blockchain technology to voting.
“Inventors in #Ethiopia. Smart beehive, nutrient rich hydroplant system, blockchain voting, contractions monitoring system, recycled bags into shoe polish, and postpartum hemorrhaging detection,” he wrote.
For example, BitHub, a company that helps bring the development and adoption of blockchain to Africa by providing training and advisory, was founded by a Kenyan entrepreneur, John Karanja, in 2015.
“For young people it’s an opportunity for them to learn about cryptocurrencies, potentially helping them access global markets,” Karanja told CNN.
Also, the expansion projects of some of the biggest crypto companies and exchanges like Binance and Belfrics will contribute to further growth in crypto for the continent.
Not yet a currency
Despite being a big Bitcoin supporter, Dorsey thinks that BTC is “not functional as a currency.” The popular cryptocurrency’s volatility and sluggish transaction processing alone will make it difficult to establish itself as a reliable payment method, which is why Dorsey believes that more work is needed.
His other company, Square, has engineers in place to contribute to the development of Bitcoin and the entire crypto ecosystem.
“I think [bitcoin’s] the best bet because it’s been the most resilient, it’s around for 10 years, it has a great brand mand it’seen tested a bunch,” he told The Sunday Morning Herald. “As I look at all cryptocurrencies that could fill that role of being the native currency for the internet, [bitcoin is] a pretty high probability.”