Not a single Nigerian traded cryptocurrency and ever looked back. “It’s a big opportunity,” stated Mr. Fadugba Gbe. He is one of the first few cryptocurrency investors in Nigeria who have successfully made whopping assets from today’s most profitable digital currency.
Starting with a small capital of $200 to making a fortune of $200,000 sums up Fadugba Gbe’s complete crypto journey in words. Today, Nigeria tops the list for having a mind-blowing record of the highest trading volume with generating more than $400 M worth of transactions. The sudden rise of interest and use of cryptocurrency in Nigeria after following the UK and Russia has certainly taken the crypto market by storm.
Regardless of the fact that trading cryptocurrency is illegal in most of the parts of Africa including Nigeria, still it has let numerous investors put their existing assets at the stake to earn from this volatile digital currency and expect sky-rocketing returns from it.
Daily thousands of traders step into this lucrative crazy crypto world and give other individual reasons to consider Cryptocurrency and attain excellent financial stability not only for current times but also for the upcoming future.
Read Also: Things You Need to Know Before Trading Cryptocurrency in Nigeria
Michael Ugwu also highlights the need for cryptocurrency by saying that ‘I’d made Naira but lost US dollars, that’s when I realized we’re hustling backward’. With that said, there have been numerous incidents that persuaded us to accept that Nigeria is undoubtedly considered a crypto leader.
- Nigeria was already facing many difficulties to transfer, send, or store their national currency Naira that brought much economic instability to the country. In the light of the above statement, Nigerians rolled their eyes to look for more effective solutions to run errands and involve in a number of hassle for money transactions from one place to another.
- Naira-the national currency of Africa observed a huge fall in its value by 24% last year and 10% this year on the orders of the Central bank of Africa. This pitfall indicated the long financial crises in Nigeria that will certainly be accompanied by many men reaching towards cryptocurrency for help.
- Nigeria has long been known as an underdeveloped country for poverty and other economical downsides. In this chaos, not only it lacked a proper, effective banking system but was also strained by the heavy charges that they were restricted. Right away, cryptocurrencies are free from banks, third party, or any middle-men interference. The Central Bank of Nigeria released a notice to ban all the local Nigerian banks from sending or receiving cryptocurrency transactions calling it illegal.
- Owning cryptocurrency also helped Nigerians to get a direct way of exchanging international currency into the local Naira. They used cryptocurrency as a helpful investment tool and made maximum profits out of it through investing on different platforms. Bitcoin-the first largest profitable cryptocurrency also broke records on hitting one trillion market capitalization as per the bitcoin optimizer. In Case you’re wondering how Bitcoin optimizer work, make sure you check out their website as it is one of the best bitcoin trading platforms.
- The well-recognized and globally approved blockchain technology transformed the way both small and large-scale business owners used to manage their payments, day-day transactions, and assets in Nigeria. It also allowed local, overseas, and cross-border payments to anyone living around the clock.
- The tight security and transparency of cryptocurrency also played a great role in making Nigeria the crypto leader in a very short span. Nigerians always had the risk of hacking due to their technology advanced people but cryptocurrency was a great relief for them as it makes managing digital identities a lot more safe, effective, and easy to recover in emergencies.
Conclusion:
We can’t deny the rising power of cryptocurrency globally especially when it comes to developing countries of Africa like Nigeria. The cryptocurrency is driving the economic growth of Nigeria by storm as it has even been recognized as the future currency of Nigeria.
However, few rules and restrictions of the Nigerian government and especially SAARS proved to be the barrier to trade this volatile asset but Nigerians are finding ways to solve this issue and ensure a smooth and successful crypto journey in the upcoming years.
