Cryptocurrency data analysis firm, bitinfocharts, has estimated that there are as many as 100,000 Ugandans with over $1,000,000 worth of Bitcoin in their wallets.
The estimated number a few months ago was only 25,000. The newly minted millionaires can
thank the massive rise in Bitcoin’s market value for their success.
The past couple days, Bitcoin has hit a small bump in the road with what many are saying is a standard market correction.
Still, the multi-thousand dollar drop in price caused some less strategic investors to panic. This has created a large opening for new investors to get in on the incredibly valuable digital currency, and many in Uganda appear to be taking that opportunity.
Bitcoin operates on public ledger technology known as “Blockchain” and is a transparent and open-access alternative to traditional government-issued fiat currency. In the year 2021,Bitcoin has routinely hit new ATH (All-Time-Highs) over and over, causing a massive rush to get in on the phenomenon.
With a 70% price increase since the beginning of 2021, Bitcoin has been a source of economic comfort to many who are saving and trading the coin.
The recent price drop is what some Bitcoin enthusiasts refer to as a “sale”, creating a metaphor to explain the ability to buy into Bitcoin for a cheaper price than the expected future value. Indeed, massive corporate firm Square bought 3,318 Bitcoin in their newest effort to join the modern technological revolution.
Ugandans who wish to join in as well were excited when the up and coming cryptocurrency exchange Yellow Card expanded to Uganda with the stated
goal of bringing “financial freedom for all”.
Yellow Card, which was founded in 2016, was inspired when its founders Chris Maurice and Justin Puiroux were shocked at the amount a traditional US bank was charging Africans to send money across borders.
They teamed up with Munachi Ogueke to undertake the mission of bringing Bitcoin to Africa with the objective of “basic financial services for all” and have since taken Africa by storm operating in 13 countries and planning expansions to 5 more within the month.
Experts agree that Bitcoin is here to stay, and as the rush to own the digital currency continues, many are feeling left out.