Bitcoin use cases in African countries continue to expand with the latest one being its use as an alternative source of retirement income. On a continent plagued by high inflation and unstable currencies, bitcoin, which is decentralized and censorship-resistant, is seen â€œas a safer source to contribute to for retirement.â€
According to a local report, this shift towards bitcoin is more profound in countries like South Africa where traditional pension funds â€œhave historically had issues of fraud and instability.â€ The report, which relied on an analysis by a crypto startup, Yellow Card, explained:
Nevertheless, the report still notes that bitcoin is yet to be proven a reliable investment for a long-term horizon. Consequently, the report cautions long-term savers to consider all the possible scenarios and options when planning for retirement.
Meanwhile, the findings of the analysis by Yellow Card reaffirmed bitcoinâ€™s status as â€œa cheaper alternative for sales and remittance payments.â€ Similarly, the analysis also found that many users see â€œbitcoin as a viable investment and see trading as a way to build a supplementary income.â€
According to the analysis, it is such use cases that help to explain the â€œunprecedented surge in cryptocurrency purchase and usage on the African continent.â€
Do you agree that bitcoin has now become an alternative source of retirement income? Tell us what you think in the comments section below.
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