Africa Can Bypass Fiat Currencies, Says Tim Draper
Tim Draper believes Africa can bypass traditional currencies and move straight to Bitcoin, citing the continent's young population and fast adoption of mobile money. He made this comment ahead of the Africa Blockchain Festival in Nairobi from October 15-17.
Draper thinks that by skipping fiat currency, Africa can leapfrog the rest of the world and become a leader in digital finance. The billionaire venture capitalist notes that Africans are already using Bitcoin for payments and to connect with the global economy.
Africa's unique situation may help newer technologies spread faster than they would elsewhere. The continent built much of its digital finance on mobile phones rather than bank branches, allowing millions to send and receive money without a conventional bank account.