Jack Dorsey has stated numerous times that he believes Bitcoin could one day achieve currency status. To achieve this, he has turned to Africa where he wants to create various use cases for the leading cryptocurrency in the world.
Jack Dorsey and Africa
During a recent trip to Africa at the end of 2019, he met various tech and finance entrepreneurs working in the continent in different nations. At the end of his trip, he claimed that the future of BTC was in Africa. He also announced that he planned to spend a great deal of 2020 in Africa.
Unlike many other entrepreneurs such as Zuckerberg and Jack Ma who have been to Africa, Dorsey does not intend to take from Africa; he plans to give back. Instead of meeting government officials, he chose to spend his time meeting with entrepreneurs to help him understand the entrepreneurial landscape of the continent. A great deal of that time was spent with entrepreneurs in the crypto space.
The Future of Payment is Square Crypto
Dorsey has been tight-lipped about his goal in the crypto space. However, one sign of his interest in the sector was the launch of Square Crypto in March 2019. Dorsey has described the company as an internet company that anyone can use without having to go through a bank.
Square Crypto is more focused on the retail side of things. It uses patented fiat to crypto real-time transactions. For instance, you can make payments in Bitcoin and receive the money in the Naira or Kenyan shilling in near real-time. Dorsey’s approach to Africa is to bypass the top-down approach and interact with the masses directly.
Why Africa is Right for New Technology
One reason why Africa is ripe for the introduction of new technology is that its payment systems are still underdeveloped. As a result, introducing a new system would not conflict with existing systems. Another reason is that 50 percent of Africa’s population will be made of young people aged below 24 years. In general, young people are more receptive to new technology.