Study: 10% Growth in Crypto Market Cap Reduces Value of African Firms by 0.76% – Featured Bitcoin News

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The cryptocurrency market has 'a considerable effect on Africa’s energy, financial, industrial, and consumer services sectors.' competitiveness cryptocurrency

A study undertaken by two assistant professors at American University in Cairo has suggested that an increase of 10% in the crypto market cap causes the market value of “African micro-entities” to drop by 0.76%.According to the findings of a study undertaken by Mina Sami and Wael Abdallah, each time the cryptocurrency market cap grows by 10%, there is a corresponding 0.76% drop in the market value of African micro-entities.

Although the authors — who are also assistant professors at AUC — have acknowledged the steps taken by countries to counter the growth of the cryptocurrency market, they argue, however, that such steps have in fact “failed to protect their domestic firms.” According to the authors, this failure calls for interventions by governments that “improve the financial market’s competitiveness in Africa.

 

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