LocalBitcoins is adding between 200 – 300 users per month in Uganda showing the potential for the Ugandan market in future.
Uganda may not always be in the headlines when it comes to bitcoin adoption, however, the country has a lot of potential.
A look at bitcoin trading stats on LocalBitcoins reveals the extent of growth in the country and its potential in the near future.
Here is a quick breakdown of the latest 2021 bitcoin trading stats on LocalBitcoins in Uganda:
- Adding between 200 – 300 users per month
- Trading volume has consistently been between $50, 000 and $60, 000 per month
When the bitcoin price was $40,000, in Uganda most of the ads on localbitcoins were for UGSHS 160,000, which translates to roughly $45, 000.
Therefore, bitcoin was trading in Uganda at a $5, 000 premium.
Here are some reasons why Uganda is ready to take crypto by storm:
- The Ugandan Shilling has lost 50% of its value since 2008, and 30% since 2014, and people are looking for better way to save
- With more than 28 million mobile phone connections, it is easy to own crypto on digital wallets such as on localbitcoins
- Peer-to-peer BTC exchange platforms provide cross-border payment solutions which traders are using instead of echanging in dollars
- A large population of 44.27 million people with the average age is just 16.7 years old
- In 2020 and 2021, young people have exploited crypto’s up and down spikes to trade for profit
- Demand for bitcoin has been consistent despite the downtrend in bitcoin price in May and June 2021