Abc News has published a report detailing the rising popularity of bitcoin among the citizenry of the Ugandan capital city of Kampala. The report describes many Ugandan bitcoin adopters as professionals seeking a supplementary income, in addition to jobless millennials seeking a means to escape a life of minimal economic opportunity.
Ugandan Citizens Embrace Bitcoin
Stephen Kaboyo of Ugandan financial services firm Alpha Capital Partners, states that “it is not wise to dismiss cryptocurrencies at this stage.” Cryptocurrency investors must understand the risks before investing in “a hugely speculative asset,” Mr. Kaboyo added.
Moses Semulya, a doctor working at a hospital Kampala, describes bitcoin as offering several advantages to using local currency. “I used to want to buy medical equipment online but it was becoming hard,” Mr. Semulya said. “Transacting online is very expensive in Uganda with all the fees. Bitcoin is changing that, making things easier and faster.”
“Right now I would rather invest in bitcoin and watch this space rather than buying a plot of land,” Mr. Semulya added.
Local restaurant owner, Jennifer Birungi, also accepts bitcoin at her business. Mrs. Birungi states that he put it “on the menu” in order gain greater familiarity with virtual currencies…