Locals prefer satoshis to dollars, says Africa Bitcoin chair Stafford Masie

Bitcoin Functions as Everyday Money in Parts of Africa, Not Just a Store of Value

Stafford Masie, executive chairman of Africa Bitcoin Corporation, stated that Bitcoin is used as everyday money in certain African regions, contrasting with its perception in developed markets primarily as a store of value. He noted that in some African economies, merchants prefer accepting satoshis over dollars.

Masie highlighted the significant difference in inflation rates between Western countries and parts of Africa, where daily currency debasement can be as high as 4% to 5%, compared to annual rates of 4% to 5% in the West.

Youthful Demographics and Technology Adoption

Masie drew parallels between the rapid adoption of Bitcoin and the continent's swift embrace of mobile technology, suggesting that younger populations are bypassing traditional financial systems. He described a transition from unstable fiat currencies and significant debasement to digital assets.

With over a quarter of Africa's population under 20, Masie emphasized that younger generations are readily adopting emerging technologies like artificial intelligence and are enthusiastic about Bitcoin. He views Bitcoin not just as a store of value but as "pristine capital" upon which individuals and businesses can build.

In Africa, we know the age before 2008 and the age after 2008. After the Bitcoin white paper and before the Bitcoin white paper. Our lives changed, because suddenly we had something that couldn’t be debased. It was immutable, decentralized, can’t be confiscated. That to an African is life or death.

Masie, a former technology executive in South Africa, believes Bitcoin's immutability, decentralization, and resistance to confiscation are life-altering for Africans.

Crypto Adoption Trends in Africa

Data from Chainalysis supports Masie's observations on crypto adoption in Africa. Between July 2024 and June 2025, Sub-Saharan Africa received over $205 billion in onchain value, marking a 52% year-on-year increase and positioning it as the third-fastest growing crypto region globally. Monthly volume reached nearly $25 billion in March 2025, significantly influenced by activity in Nigeria following currency devaluation.

The region stands out as a retail-driven crypto market, with transfers under $10,000 constituting over 8% of the total value sent, compared to about 6% globally. Nigeria and South Africa have also shown notable institutional engagement, with stablecoin transfers indicating cross-border trade between Africa, the Middle East, and Asia.

Vera Songwe, former UN Under-Secretary-General, noted in January that stablecoins are increasingly recognized as an efficient tool for remittances and settlements in Africa. With remittances surpassing aid in many African economies and traditional transfer costs around $6 per $100, stablecoins offer a vital payment rail and store of value in markets facing currency pressures, especially given high inflation and a large unbanked population.