Why Nigerians Buy Bitcoin (Nigerian Currency Purchasing Power)

08/16/2023 02:04 • AI & Tech Insights • 58 views

Why do Nigerians buy Bitcoin? Recently, Nigerians have been increasingly buying Bitcoin. With the popularity and adoption of cryptocurrencies, more and more African countries are investing in Bitcoin.

According to reports, due to issues such as the lack of banking services and rising inflation during the pandemic, many local investors in Nigeria have started considering purchasing BTC or other digital assets as a form of savings or speculative investment to mitigate risks. Additionally, similar phenomena have emerged in some emerging markets as well. Nigerian citizens have been buying cash worth thousands of dollars or even millions of Chinese yuan through their mobile phones to earn profits (which is not new for most ordinary families).

According to the “2018 Global Payments Report,” although the Central Bank of Nigeria has banned the use of credit cards for transfers and remittances, a considerable number of Nigerians are still choosing to incorporate Bitcoin into their daily consumption and hope to increase their income in life using these funds. Therefore, many Nigerian citizens purchase Bitcoin as a security for their personal property and to attain more financial freedom.

In fact, Nigerians have the widest use of wealth in the world: the population dividend is in perfect contrast to economic strength. They are one of the few groups that can directly enter the market from abroad. However, not everyone can enjoy the benefits brought by this financial technology. The reason why the price of Bitcoin has soared is because people are accustomed to investing money in it to make a profit and become truly wealthy.

So many people might think that if you want to turn Bitcoin into something like gold, you should use the same money to acquire something better than ever before, such as gold. If we take gold as an example again, if someone is willing to spend $1,000 to buy Bitcoin, then they can obtain the price of one Bitcoin, which is a return rate of $20 million.

Of course, if you want to hold Bitcoin for the long term, you need to deposit a little margin first so that your Bitcoin can remain stable and without losses. Otherwise, it will not be harmed. Furthermore, there is no need to worry about being attacked by hackers or other security vulnerabilities during this process, as long as there is a large customer willing to accept their transactions, it has enough time to compensate, even in extreme cases, it can make a small profit. (This article is from Cointelegraph)

Nigerian Currency Purchasing Power

According to reports, data released by the Central Bank of Nigeria (CBN) shows that the country’s currency purchasing power has increased by 260% to 475% in the past 7 days.

Previously, it was reported that since June 24, after the cryptocurrency trading platform Bittn launched its cryptocurrency exchange service, it received approximately $150 million in new capital inflows in less than two hours. This indicates that as more and more citizens turn to digital currency to avoid inflation, this situation may change. (Source: news.bitcoin)

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Why Nigerians Buy Bitcoin (Nigerian Currency Purchasing Power)

Nigerian Currency Purchasing Power

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