Davido, arguably one of the biggest music stars in Africa has hinted that he plans to launch a bitcoin trading company. This development could generate massive interest in bitcoin in one of the regions with the fastest-growing number of crypto users.
Davido Shows Interest In Bitcoin
Davido made this known today in a cryptic tweet to his 8.8 million followers on Twitter. As expected his tweet has already generated massive engagement on Twitter with over 20,000 likes and 3900 retweets in just three hours. Davido is regarded as one of the top artists in Nigeria and has shown key interest in bitcoin in recent months.
Last October, he signed an endorsement deal with crypto payment platform Bitsika, one of the fastest-growing crypto platforms in Africa. Since then Bitsaka has been able to expand and revealed that it processed nearly $40 million worth of transactions in 2020. The success of BitSika could have influenced the musician’s intention towards launching a Bitcoin company.
In addition, Nigeria is also the largest bitcoin market in Africa and one of the biggest in the world. The African nation has witnessed a spike in the demand for bitcoin in recent years as a hedge against its failing national currency naira. Davido’s sojourn into the crypto industry will be a huge one for the adoption of bitcoin in Africa. He is the most followed African artist on all social media platforms and his endorsement could trigger mainstream adoption across Africa.
Cryptocurrency Gaining Steam in the Music Industry
Cryptocurrencies have continued to make major inroads within the music industry with several global artists expressing interest in holding crypto-assets. Grammy award winner Akon is a major proponent of the adoption of cryptocurrencies.
The American music legend is currently building a smart city in Senegal that will be powered by a blockchain-based financial system with a token called Akoin. American rapper Soulja Boy is also a crypto lover and recently revealed that he wants to build a cryptocurrency.
Rock Star Kiss Singer also revealed that he owns Bitcoin, Ethereum, and Litecoin. This influx of music stars towards cryptocurrency holds the potential to catapult the digital currency industry into the mainstream.