Coin Edition -
- Russell Okung observes a preference for USD stablecoins over BTC in Africa.
- Austin Campbell affirmed stablecoins remain favorable for many in the crypto space.
- Campbell noted that while BTC serves as a store of value, stablecoins are favored for everyday transactions.
Prominent figures in the crypto space recently revealed a notable pattern within the African crypto market, suggesting a growing preference among Africans for U.S. dollar-backed stablecoins over Bitcoin (BTC).
Russell Okung, a professional athlete known for his advocacy of Bitcoin, initiated the conversation on X. Okung disclosed promoting the Lightning Network during his stay in Africa, wherein he encountered a sobering reality.
Per the disclosure, a larger number of people were inclined towards dealing with USDT rather than Bitcoin. Essentially, he observed that African crypto enthusiasts generally preferred USD, even if it was in “synthetic” forms.
During my time in Africa, while advocating for the Lightning Network, I faced a cold, hard realization. Despite my efforts, I found that more people were interested in dealing with USDT rather than Bitcoin.They desired USD, even if they were synthetic versions.— OKUNG