In a significant move for the continent’s digital finance landscape, Africa Bitcoin Corporation (ABC) has appointed renowned economist and author Saifedean Ammous as its Bitcoin Strategic Advisor. In an exclusive conversation with YourLuxury Africa, CEO Warren Wheatley explained how this appointment supports the company’s mission to leverage Bitcoin for economic empowerment across Africa.
YLA: Mobile money is already widely used in Africa. How will Bitcoin, which can be complex and volatile, help individuals more than their existing mobile money services?
Warren: That is an excellent starting point. Mobile money has been revolutionary — around 40 per cent of adults in Sub-Saharan Africa now use it. This shows people are comfortable with phone-based finance. Bitcoin builds on that foundation by adding a critical new dimension: direct ownership of a hard asset.
Mobile money facilitates the easy movement of value, but that value remains in a local currency susceptible to rapid devaluation. Bitcoin, in contrast, is akin to digital gold combined with the convenience of mobile money. As Dr Ammous explains: “Bitcoin effectively combines gold’s salability across time with fiat’s salability across space in one … package.”
Simply put, it is money you can save because it holds value in long-term and send anywhere, because it is internet-native.
Critically, Bitcoin requires no bank account, only a phone. New tools make using it as simple as texting. For instance, projects like Machankura in Kenya use SMS menus, requiring no internet, to let users on basic feature phones send and receive Bitcoin. This interface is familiar to any mobile money user. A farmer can use a simple code to save in Bitcoin or transfer it. The key difference is that those savings are held in a currency no government or telecom company can devalue or freeze — and they can be used globally. Users don’t need to understand the underlying technology any more than they need to understand GSM networks to make a call.
YLA: You position Bitcoin as a protection against inflation, but its price is famously volatile. How can it be a reliable “anchor” for savings or a small business?
Warren: We acknowledge that concern. Bitcoin’s price can be volatile over short periods. However, one must consider the alternative realities many face. A local currency may seem stable week to week, but it can lose significant value annually through inflation or sudden devaluation. For example, Ghana’s cedi and Sierra Leone’s leone each lost nearly half their value against the US dollar in a recent year. Saving in such a currency is a guaranteed loss of purchasing power.
Bitcoin is different. Its supply cannot be inflated, so its long-term trajectory has been one of appreciation as adoption grows. While it fluctuates, over a four- or five-year horizon, the upward trend is clear. It has been the best-performing asset of the past decade. This long-term growth potential is what provides the anchor.
Dr Ammous explains that sound money like Bitcoin encourages a “low time preference” — thinking in terms of years, not days. Saving steadily in Bitcoin is historically akin to saving in gold: there are short-term swings, but it protects against the constant erosion of inflation. Furthermore, Bitcoin’s volatility has trended downward as its market matures. Crucially, unlike a local currency that only depreciates, Bitcoin’s volatility includes substantial upside.
As Dr Ammous notes “I believe Bitcoin will increase the level of savings people have and bring down the cost of capital over time.”
For a business or individual needing access, Bitcoin is highly liquid and can be converted any day, combining accessibility with long-term appreciation.
YLA: Your press release mentions job creation and community uplift. Can you give a clear, simple example of how using Bitcoin will directly create a job in the next year?
Warren: Certainly. Our model is about converting Bitcoin’s financial properties into tangible business growth. Consider a family-run manufacturing firm in Kenya that makes agricultural tools. They have orders but cannot secure an affordable bank loan for new equipment. Through ABC’s Bitcoin-collateralised financing, we provide that growth capital at a reasonable rate.
With a new machine, that firm can double production. In the next year, they will hire additional employees — machinists, drivers, and sales representatives. That is a direct line from a Bitcoin-backed loan to job creation. Those employees then have income to spend locally, creating a ripple effect. We measure this as “Human Yield”. For roughly every 1 BTC of capital we deploy, about five jobs are supported in the local economy. To date, we have deployed hundreds of millions of rand into 45 African SMEs, supporting about 1 600 jobs.
YLA: For most Africans, using Bitcoin isn’t straightforward. What is the simplest way for a market trader or farmer to benefit in their daily life?
Warren: The simplest way is to start small and use familiar channels. A trader with a basic smartphone can download a trusted mobile wallet app as easily as installing WhatsApp. These apps allow you to convert a small amount of local currency — perhaps from your mobile money balance — into Bitcoin. You do not need to buy a whole Bitcoin; you can start with USD 5 worth. Think of it as a new form of savings account on your phone. A farmer could put a portion of earnings from a harvest into Bitcoin as a hedge against rising costs for fuel or fertiliser.
Spending Bitcoin is also becoming practical. Thanks to the Bitcoin Lightning Network, transactions are instant and nearly free. One of South Africa’s largest grocery chains, Pick n Pay, now accepts Bitcoin payments nationwide via Lightning — it is faster than swiping a card. For those without smartphones, SMS-based solutions like Machankura mimic the mobile money experience entirely, allowing transactions with just text inputs.
YLA: What one piece of advice would you give an African finance minister regarding Bitcoin — a threat, an opportunity, or something else?
Warren: I would advise them to view Bitcoin as a strategic opportunity. It is best understood as a new form of financial infrastructure — a digital rail or a reserve asset — that can strengthen an economy if engaged wisely.
A central bank could prudently hold a small allocation of Bitcoin in its reserves, just as it holds gold or dollars, to hedge against currency shocks. This is not about replacing the national currency but adding a resilient, global asset to back it. Bitcoin can protect national wealth from external shocks because it is not tied to any single country’s policy.
Furthermore, Bitcoin can help lower the cost of capital. In a hard money environment, savings increase and interest rates fall, spurring investment. By leveraging Bitcoin, we at ABC access global capital and channel it into local SME loans at competitive rates, creating jobs. A forward-thinking government could facilitate this model.
Rather than fearing it, see Bitcoin as a tool for financial inclusion. It can bring the unbanked into a secure, rules-based monetary network. Countries that provide clear regulations are seeing investment and talent flow in. My advice is to see Bitcoin as an opportunity to build financial resilience, empower your citizens, and position your nation at the forefront of a new financial paradigm. Handled correctly, it is an ally in the pursuit of stability and inclusive growth.
