Jack Dorsey, Twitter’s co-founder, and CEO, and the developer and CEO of Square incorporated aka the developer of Cash App seems to be in pursuit of something in Africa.
Last week, he disembarked in Nigeria and currently is in Ghana. Having been planned a month-long tour during which he will visit Ethiopia and South Africa as well, he still has not revealed the exact purpose of this visit.
He has been photographed with some local bitcoin entrepreneurs and a few ‘not so public’ Bitcoin meet-ups. As being a bitcoin advocate himself, this isn’t much of a shock but since this is his first trip to these countries, this pulls up a great deal of attention. Dorsey has been an active investor in, Lightning labs, which is functioning in building decentralized financial infrastructure in the coming time. His first trip and the fact that Nigeria, South Africa, and Ghana are in the top 5 countries having searched bitcoin the most this year, according to Google Trends. While bitcoin is trending in these African countries, it has yet to become translated into adoption. This has led to a guesstimate that, to set in stone the bedrock of Square and to plant seeds for bitcoin, he is here. During his talk in Ghana he said:
“I want to understand the challenges of starting a company here and figure out a way I can support. I want to live here for three to six months next year, full time, no traveling.”
He might be planning to free two birds with one key. Apart from the crypto-promoting reasons, Dorsey has also had plans to expand the twitter workforce in Africa. It is, however his crypto-related activities which have recently put him in the limelight.
The majority of Sub-Saharan Africa is unbanked according to the World Bank figures. Cash App can be a solution for these areas as there has been a colossal influx of mobile telecommunications. With these changes coming in the coming time, bitcoin adoption will definitely come next, also because there are no administrative roadblocks for cryptocurrencies in Sub-Saharan Africa like there have been in the west and many Asian countries. Dorsey’s early interest in the African market can help him grasp the profits that are likely in due while simultaneously, introducing African people to get into the formal economy.