Despite recent moves by officials to clamp down on crypto, Bitcoin has never been more popular in Nigeria. But why is this? Local traders believe that interest in BTC across the nation, particularly with young people, is rising.
The figures suggest this is certainly the case. As of July 2021, more than $200 million in BTC had been traded peer-to-peer across Nigeria. That, even in comparison with trading in regions such as Ghana and Kenya, is an incredible milestone.
But what might the future hold for Bitcoin in Nigeria? Why is it such a big draw in the here and now?
Reasons for Crypto Skyrocketing
Much of the interest peaking in crypto across Nigeria could be related to fiat currency devaluation. Sources suggest that the Naira was devalued by almost a quarter in 2020. That alone, some propose, is a key reason why there has been a significant swing towards crypto region-wide.
Significant inflation issues and political matters have driven Nigerians towards crypto in recent times. However, the government has responded by curtailing BTC. This isn’t to say they are not interested in the power of crypto, however. As recently as July, they were considering a pilot to bring a government-controlled version to the masses.
How well this will go down in future remains to be seen. However, crypto is already very much a way of life for many Nigerians. For example, many are using Bitcoin to pay for online games – you can . Therefore, it’s safe to say that many citizens will be keen to keep their trading rolling, having seen the major benefits.
What is the Future for Nigeria and Bitcoin?
While there are moves to block crypto as it stands, the government’s decision to launch its own scheme is interesting. However, one of the biggest drivers for interest in Bitcoin is the fact that it is mainly anonymous. There is also a lack of red tape and bureaucracy. Meaning transactions are often faster and smoother.
Despite bans from official sources, . Many Nigerians are extending trading into China, for example. Beyond this, there are young businesses in the cities that are thriving thanks to crypto loans. It will be intriguing to see if blocks are removed as a result of the changing economy.
Nigeria is not the only nation to swing towards crypto in light of fiat concerns. Zimbabwe, too, is making similar moves. As it stands, and in light of significant global change over the past year, Nigeria is at the forefront of the digital economic revolution. They are ranked in the top ten, at least, of countries adopting crypto in recent times.
It may be some time before Nigeria follows in , where Bitcoin is readily accepted in storefronts. However, there are no reasons why, on mass, the continued thirst for crypto can’t tip the balance. The next three years will be ones to watch!
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