Nigeria is now the number one country in the world for owning cryptocurrency, according to a recent survey by ConsenSys
This report shows that countries like Nigeria and South African are helping the world understand and use digital money.
Out of 100 people, 75 Nigerians said they own some type of cryptocurrency. This is higher than South Africa, where 68 people out of 100 own crypto, and the Philippines, with 54 people.
Why Nigerians Choose Crypto
In Nigeria, prices for everything..food, clothes, and even rent—keep going up every day.Yesterday’s price of rice may not be the same today, and this makes life very hard. People say our naira is losing its dignity because it doesn’t have as much value anymore. For example, a young man might go to the market with ₦5,000 and buy only a few items, but if he had that money in dollars, it would buy more things.
This is why many Nigerians are saving their money in cryptocurrency. They use apps like Binance or Trust Wallet to store their money in dollars (USD) so that their hard-earned cash doesn’t lose value. Imagine a tailor who spends all day sewing clothes and then gets paid in naira. If he doesn’t convert that money into crypto, the same amount might not buy him what he needs next week because prices keep changing.
People also use crypto wallets to send money to family and friends, especially Nigerians living abroad. It’s faster, cheaper, and easier than using banks, which often charge high fees.
Why Crypto is Popular in Nigeria
For me, another reason crypto is growing in Nigeria is that it’s very hard to regulate or tax.
This makes it easier for people to invest and save money without worrying about extra charges. Many Nigerians now see crypto as a hidden treasure—a smart way to protect their money and grow their wealth.
The Challenges of Crypto in Nigeria
Even though many Nigerians love crypto, there are challenges. The government is worried because people are using digital money instead of naira.
As a matter of fact, Some leaders believed cryptocurrency inflow makes it harder to manage the country’s economy. But despite the challenges, Nigerians are not giving up.**
President Tinubu’s government is trying to balance things. They are regulating some crypto exchanges, but this has pushed some big companies to leave Nigeria. Still, Nigerians continue to invest in crypto because they see it as a way to protect their money.
Bitcoin Breaks Records
In the global market, Bitcoin has reached a record high of $107,000. Many investors believe this is because the U.S. might make crypto rules friendlier and more transparent. Since the last U.S. election, Bitcoin has grown by 155%.
This shows that digital money is becoming even more important around the world. In Nigeria, people see crypto as a way to beat inflation and stay ahead, even when the economy is tough.
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