Here are some interesting news from the African Bitcoin space:


1. Google Trends Data Reveals Searches for ‘Banking Crisis’ ‘Bank Runs’ Skyrocket

Google Trends data reveals a significant increase in public interest in the U.S. banking crisis, with searches skyrocketing. The surge in public interest is attributed to the collapse of three banks: Silvergate Bank, Signature Bank, and Silicon Valley Bank. People are asking Google various related questions, such as “What happens to my money if banks collapse?,” “What are the negative effects of a banking crisis?,” and “Which US. banks have collapsed?” Google Trends Data Reveals Searches for ‘Banking Crisis,’ ‘Bank Runs,’ Skyrocket. Google Trends data on March 19, 2023, 30-day statistics, worldwide for the search term “bank failure.” Read more.

2. After Presidential Rebuke, Nigeria’s Central Bank Says Demonetized Naira Banknotes Still Legal Tender

The legal-tender-confusion saga currently ongoing in Nigeria is an example of the kind of madness one will never have to worry about with Bitcoin. The Central Bank of Nigeria has said the recently demonetized  banknotes will remain legal tender until December 31, 2023, following a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari. The CBN initially did not issue a statement directing banks and the public to accept the old notes, leading to speculation that the central bank would not abide by the court’s decision for old banknotes to remain legal tender until December 2023. However, the Nigerian presidency tweeted that the president had not instructed the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties. Read more.

3. South African Rand Plunges to New 2023 Low Versus the US Dollar

The exchange rate of the South African rand against the U.S. dollar recently plunged to a new 2023 low of 18.636 units for every dollar, making it one of the worst-performing African currencies in 2023. This is due to South Africa’s power shortages and the country’s recent grey-listing by the Financial Action Task Force (FATF). President Cyril Ramaphosa has appointed the country’s first minister of electricity, Kgosientsho Ramokgopa, to help facilitate the coordination of entities working towards finding a solution. Read more.
                                                                                                              

4. Bitcoin Up By Over 30% in 7 Days Amid Increased Pressure on the Banking System

Bitcoin value has risen by over 30%, as of this writing, due to increasing pressure on the fractional reserve banking system brought on by rising interest rates. This has come after several banks, such as Silvergate Bank, Silicon Valley Bank, Signature Bank, First Republic Bank, and Credit Suisse, have faced shutdowns and rescues, leading to a banking contagion into the crypto space. Additionally, Binance has converted over $1 billion of U.S. dollar stablecoins to Bitcoin, Ether, and other cryptos, supporting the narrative that as banks fail, more people want to opt out and buy bitcoin. Despite the market turbulence, Bitcoin continues to prove as a way to opt out of systemic global bank risks. Read report.