Bitcoin, the leading cryptocurrency, has seen its value balloon by more than 100% year-to-date, soaring to an all-time high of more than USD 60,000. Nigerians, many of whom are battling poverty...
Nigeria has earned itself the title of Africa's bitcoin
nation. An unstable Naira contributes to the popularity of the
cryptocurrency. But Nigeria's central bank remains
critical of bitcoin.
Bitcoin, the leading cryptocurrency, has seen its value balloon
by more than 100% year-to-date, soaring to an all-time high of more
than USD 60,000. Nigerians, many of whom are battling poverty, would be hard-pressed to
miss out on those gains. This is especially true considering that
the unemployment rate in the most populous African nation was 33.3%
as of last quarter, with more than 23 million Nigerians out of
work.
Enter bitcoin, which has been a safe-haven investment as well as
a faster and cheaper payment method for the growing segment of the
population that is catching on. In fact, Nigeria last year rose to the top of the
heap for bitcoin trading at USD 400 million in volume, surpassing
transactional volume in nearly every other jurisdiction - with the exception of
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
View source
