Billionaire venture capitalist Tim Draper says Africa could leapfrog traditional financial systems as the continent’s use of digital assets and technology grows.
Speaking with Africa Blockchain Festival founder Olubunmi Fabanwo ahead of the Africa Blockchain Festival 2026 in Nairobi, Draper said Africa’s growing use of digital assets, expanding technology ecosystem and young population could position the continent at the forefront of the next phase of global digital finance.
“I’m very excited about what Africa’s done. Africa’s been a big part of the Bitcoin economy,” Draper said. “A lot of those people were using Bitcoin to transact and be a part of the world economy.”
Draper said Africa’s mobile technology, young population and expanding digital infrastructure could allow it to move quickly as financial systems evolve.
“I think Africa can leapfrog the rest of the world by jumping from fiat currency to Bitcoin, and make all money in software before the rest of the world catches up,” he said.
His comments come as Kenya develops a regulatory framework for virtual assets.
The Virtual Asset Service Providers Act, 2025 came into effect in November 2025, providing a legal framework for the licensing and regulation of virtual asset service providers.
The Central Bank of Kenya and the Capital Markets Authority are responsible for regulating different categories of virtual asset businesses under the law.
The framework covers virtual asset wallets, payment processors, exchanges, brokers, investment advisers and certain virtual asset offerings.
Draper said policymakers should also consider applications of blockchain technology beyond cryptocurrency trading, including payments, business operations, financial reporting and record-keeping.
Fabanwo said there had been progress in engagement between African policymakers, investors and entrepreneurs on blockchain technology.
“The core of it is trust and freedom,” Fabanwo said. “We’ve seen a lot of progress over the last three to five years, especially with African policymakers.
“As young people, we’re bursting with energy, we want things to happen as quickly as possible, and we’re excited about the future.”
The Africa Blockchain Festival 2026 is scheduled to take place in Nairobi from October 15 to 17 under the theme “Capital, Code, and Continuity: Building Africa’s Permanent Digital Economy.”
Draper also spoke about his previous investments in Africa and said he remained interested in entrepreneurs building companies with international potential.
His investments in the continent have included Nigerian fintech company Paga and the African venture capital ecosystem through Savannah Fund.
“I’m very happy to continue to look and potentially invest in entrepreneurs who are doing extraordinary things, not just for Africa, but maybe from Africa to the rest of the world,” Draper said.
