Meet the Man Promoting Bitcoin in Ethiopia

By Mintesinot Nigussie
Published on 12/22/25

A few weeks ago, as Bitcoin’s price began to fall and crypto investors around the world started to panic, one person in Addis Ababa remained calm. While others were selling, he continued posting positive updates about crypto and encouraging people not to give in to fear on his social media stories.

That man is Yesukal Haileyesus Kassa, who goes by Kal Kassa, a strong believer in Bitcoin and an outspoken advocate for its future in Ethiopia. Bitcoin was not on his radar when he returned home at 22, after spending more than two decades in California. Holding a degree in political science and international relations from Chapman University, he first spent six years at a British consulting and auditing firm in Addis Ababa before founding his own marketing company in 2019, serving clients such as Coca-Cola and the World Bank.

Then came the Covid‑19 pandemic, followed by civil unrest. The internet went down, roads were closed, and life as he knew it in Ethiopia shifted overnight. The world he had returned to had changed, and so had the way business, and ideas, needed to move.

“I spent a lot of time thinking about my next move. I went back to the US, dove deep into Bitcoin, reading, researching, talking to people, and then came back to Ethiopia ready to get started,” he told FSX Business.

When he came back to Ethiopia this time, Kal became the face of the country’s bitcoin scene. He launched Bitcoinbirr, a platform to learn about crypto, and helped kick off a boom in bitcoin mining, which now counts more than 25 active miners in the country.

“I want Ethiopians to really understand Bitcoin, even if there’s no clear legal framework yet,” he said. “It’s dominating the global digital economy. Knowing how it works isn’t just about avoiding scams, it’s about being able to benefit from it.”

Bitcoinbirr has been operating for five years, attracting an average of 1,600 students annually and hosting more than 10 major lectures each year. Beyond classes, the platform organises lively events that bring together bitcoin miners, local and international investors, media, and government officials, including representatives from Information Network Security Administration (INSA), the Ethiopian Investment Commission, Ethiopian Electric Power Company, and the Ministry of Revenue. Kal says these gatherings do double duty: they help investors decide whether to enter the Ethiopian market and give miners, authorities, and the media a chance to learn, and learn from each other.

According to Kal, Ethiopia is now among the top ten countries in global Bitcoin mining and is on track to reach the top five soon. The country’s appeal comes largely from its cheap electricity, currently priced at 4 cents per kilowatt-hour (KWH), though authorities warn it could rise to 6 cents in the next two years. Even at this rate, it is a premium compared with 1 cent per KWH for households and 2 cents per KWH for manufacturers. By international standards, however, miners often pay between 15 and 20 cents per KWH, making Ethiopia an attractive destination for the industry.

For regular people, however, the door to Bitcoin in Ethiopia is firmly closed. The rules are strict, and anyone caught trading risks serious trouble. For those trying to get involved, it’s a confusing and risky space, with little clarity on what’s actually allowed.

With the global economy moving faster every day, being a bystander carries its own risks, analysts warn. They note that Ethiopia cannot afford to remain outside this fast-moving digital landscape before the cost of exclusion becomes irreversible. Kal believes that Bitcoin’s decentralized nature offers unique opportunities, even in such a challenging environment.

“The biggest advantage of Bitcoin is sovereignty,” Kal said. “It’s about true self-reliance. There is no owner, no central control, it’s completely open source and decentralized.” He pointed out that the balance of global economic power is shifting. While the United States has long held dominance, movements such as BRICS’ push toward de-dollarisation indicate a changing balance of economic power. He added that, amid the ongoing shifts in the global economy, Ethiopia could benefit from an alternative form of money with finite supply, similar to gold, rather than relying solely on the dollar. Bitcoin, he said, provides such an opportunity, with its scarcity being a key factor in its value.

Globally, crypto markets remain vibrant. Total market capitalisation is near  3 trillion US dollars, with Bitcoin retaining a dominant share and increasingly seen as a store of value, or “digital gold,” as institutional adoption grows. Meanwhile, stablecoins are emerging as a fast-growing segment, with total supply around 250–300 billion US dollars in 2025. USDT settlement volumes alone reached an annualised rate of about 156 billion US dollars in payments in 2025.

In Africa, the picture is mixed. Some nations have introduced forward-thinking frameworks to encourage innovation, while others remain cautious. Kenya, Nigeria, and South Africa lead the continent in cryptocurrency adoption. Bitcoin continues to play a key role, particularly as a recognised store of value in markets facing currency volatility. Yet in daily usage, stablecoins have overtaken Bitcoin in many parts of Sub‑Saharan Africa, now accounting for roughly 43 percent of total cryptocurrency transactions, more than double Bitcoin’s share.

Kal said USDT, a stablecoin pegged to the US dollar, has been quietly exploring Ethiopia for the past two years, holding talks with the government on potential investments and operations. He believes the initiative could make dollars more accessible, allowing people to send and receive payments directly through their phones. With fewer intermediaries involved, transaction fees would also be lower, offering a more efficient way to move money within the country.

“But we need to dig deeper, research properly, and make sure both citizens and regulators really understand what this can do,” he added. “Once that’s in place, we could operate outside the SWIFT network of banks, reducing dependency and avoiding the privacy compromises inherent in the global messaging system.”

Historically, countries have been cut off from SWIFT due to sanctions or political pressures, effectively isolating them from international financial transactions. This shows how risky it is to rely on a single system, and why any country looking for alternatives needs to think hard about protecting its financial independence and keeping cross-border transactions private.

By November 2025, Bitcoin saw one of its steepest monthly declines of the year, dropping roughly 30 percent from an October peak near 126,000 US dollars to trade between 80,000 and 90,000 US dollars. The broader crypto market was affected as well, with related assets and altcoins also softening in response to the Bitcoin slump.

Analysts say the slump was largely driven by forced liquidations and a broader shift toward risk‑averse behavior in speculative assets. Kal attributed the downturn to broader economic factors, including President Donald Trump’s 'big, beautiful bill' policies and the trade tensions with China, which he said have affected consumer behavior and spending.

“When spending rises, it affects investment. But it is seasonal,” he said. He added a concept he calls “volatility is vitality,” popularized by Bitcoin advocate Michael Saylor, which suggests that price swings in assets like Bitcoin aren’t flaws but essential for growth. Volatility creates opportunities, attracts long-term believers, and injects dynamic energy, vitality, into the market rather than leaving value stagnant.

With President Donald Trump recently promising 2,000 US dollars stimulus checks to low- and middle-income Americans funded through tariff revenue by mid-2026, Kal said Bitcoin stands to gain. He explained that large inflows of cash into the hands of consumers could increase demand for alternative assets.

Cryptocurrency mining operations in Ethiopia have been boosting government revenue, generating 220 million US dollars in sales for Ethiopian Electric Power (EEP) over the past year. Monthly revenue from the sector has ranged between 25 and 28 million US dollars, with data facilities now consuming roughly 27 percent of the country’s total 8,000 megawatts distributed electricity from 23 power plants.

While industry players advocate for opening up the market further, analysts warn that continued expansion could undermine electricity access for the broader population, more than half of whom still lack reliable power. Even the government appears to share these concerns, with EEP signalling plans for a gradual phase-out of cryptocurrency mining and recently revising its electricity pricing.

Experts warn that as the number of miners rises and their hash rate continues to grow, electricity consumption, already at 27 percent, will increase further, extending beyond the stranded power they currently rely on and potentially affecting broader energy availability. The sector also faces deep-rooted corruption, with reports of government officials misusing revenue generated from mining.

“The government needs to find a balance,” Kal said. He added that, rather than simply taking a share of their profits, EEP should consider charging miners three to four times the current monthly payment each month.

Kal noted that concerns over the sector’s economic impact, particularly in terms of job creation, may be overstated. While employment numbers remain modest, a single mining firm typically hires no more than 100 people, miners are contributing to knowledge transfer in areas such as computer, network, and electrical engineering.