Digital transformation is not about technology at all, it’s about people “ Josh Bersin.
Since people are the inventors of Change, the challenge however remains in implementing the digital transformation, strengthening the coordination framework, aligning policies and sector regulations for the need for massive scaling-up for investment and dedication of resources.
As of 2021, TripleA estimated global crypto ownership rates at an average of 3.9%, with over 300 million crypto users worldwide. And over 18,000 businesses are already accepting cryptocurrency payments.
To give further context 300 million is still not enough, that figure is just 3.8% of the world’s population (7.9 billion) or 5.8% of the total people on earth between the ages of 15 to 65 (5.1 billion). The good news is that crossing those percentages in terms of global usage is a significant feat that moves Bitcoin and blockchain technology past the innovation stage and into the early adoption stage.
Bitcoin market capitalization reached US$1 trillion in February 2021, Bitcoin constituted 66% of the total market capitalization of cryptocurrencies in 2020 with top countries adopting this technology being India (100 million) USA (27 million) Nigeria (13 million) Vietnam (5.9 million) United Kingdom (3.3 million) respectively.
As of 7th.May.2020, Bitcoin market cap has dropped to $686B (41.5%) of the entire crypto market Cap. According to coinmarketcap.
Despite a surge in the use of blockchain technology and cryptocurrencies, in most African countries these are still unfamiliar. To bridge this knowledge gap, many blockchain enthusiasts in Africa have chosen to focus their efforts on educating their fellow countrymen on the basics of the blockchain. In Uganda, blockchain enthusiasts Daniel Mulondo and Killian Mugenyi have created a platform called NileOne aimed to educate the masses, but also raise awareness, build capacity and bridge the knowledge gap and reduce miss information. This is archived through the NileOne Academy, NileOne studios for content creation on visual and audio creations that complicates the academy. More so, NileOne lab for innovations and creation of blockchain based applications.
We are currently focusing on working with member states to identify, address barriers to harmonize laws, regulations and drive leadership for necessary reforms that ensure future investment in digital transformation more so on cryptocurrency and blockchain.
“I don’t blame policy makers for legalizing crypto currencies because one needs to understand what they are regulating on” Killian Mugenyi, Co-founder NileOne.
It’s for this reason that NileOne embarks on collaborations with regulators by extending support towards efforts that are aimed at helping establish regulatory clarity for crypto/blockchain in Uganda. Just recently we had some positive news where “The Akon City” project was allocated land to start building. This decision is encouraging and helps drive the NileOne quest to see increased adoption of crypto/blockchain.
“As the world evolves digitally, it’s Important for Africa to trend along, not to be left behind for history to repeat itself, this can be achieved with financial literacy among Africans and the entire globe, NileOne is helping people understand the value of money, more so money without a middle man. Imagine the world with trade, industrialization and wealth managed without middle men. A sustainable and long-term vision of building, growing and inclusive digital economy for all citizens can be achieved. Therefore, it’s vital to build a strong financial foundation for further generations. “Daniel Mulondo CEO NileOne
The COVID-19 pandemic crisis has undoubtedly had negative effects in all socioeconomic sectors. Africa, as the rest of the world, is experiencing the most unprecedented economic impacts since the Great Depression of the 1930s. Currently, it’s Global Inflation.
The concern is arising on bitcoin and cryptocurrency. Bitcoin is often touted as a hedge against inflation under the assumption that fiat money will eventually decrease in value due to central bank money printing. On the contrary, Bitcoin has a fixed supply of 21 million coins. The restricted upper limit gives Bitcoin an upper hand against inflation.
But, is Bitcoin inflation proof?
The COVID-19 pandemic saw many countries printing more money to provide stimulus requirements for their respective citizens, thereby driving the value of money down. McKinsey Global reported that governments worldwide had provided $10 trillion by June 2020 to allay the economic havoc brought about by the worldwide crisis.
As the value of fiat money went down, the value of assets with a limited supply like stocks, real estate, shares and Bitcoin went up. Despite mass unemployment and economic unrest globally, the prices of these assets went up Bitcoin traditional investors who saw the cryptocurrency’s potential as a hedge against inflation, driving a historic price run that saw the decentralized digital currency gain over 250%.
Therefore, High inflation rates for fiat money may lead to more investments in digital currencies to assuage fears over their fiat losing value over time. Cryptocurrencies like BTC and Ether provide a great alternative to investors who want to diversify their investment portfolios.
One of the keys to making an asset resistant to inflation is scarcity. Because Bitcoin has a limited supply. It remains scarce, thereby ensuring that its value will remain steady over time, which is the reason why it is dubbed “digital gold.”
If you purchased crypto because you believe in the transformative power of digital currency and blockchain technology, this could be the beginning of an exciting future. There’s no denying that the underlying technology of blockchain, which verifies crypto transactions, has the potential to change our daily financial transactions — and beyond.
While crypto continues to empower more individuals to take advantage of formerly unavailable financial opportunities, together with our strategic development partners, NileOne will continue to help drive the growth of crypto, and financial freedom through providing practical knowledge and services that are relevant in the 21st century