Here why Nigerians are investing on Bitcoin and other Altcoins like Ethereum, Litecoin, Tron (TRX), Binance Coin, Tether, Cardano, Polkadot, XRP, Uniswap, THETA, Free coin and more. However, this is due to the low income earning jobs in Nigeria.
It is now time that the new generations of Nigerian youths have come to understand that saving your money on Nigerian banks is not profitable and these Nigerian banks gives you 9% per annum on fixed deposits accounts and it is very poor after these Nigerian banks has invested on the stock exchange markets and the foreign exchange markets (Forex).
Therefore, it is of good news that Nigeria is the global leader in Bitcoin trade. However, the giant of Africa, Nigeria is where the most amount of crypto trading takes place. Recent studies shows that out of the entire participants in its 2020 online crypto users survey, a wholesome 32% of them were Nigerians and this stands as the largest in the globe.
Nigeria is the third largest place for cryptocurrency trade in terms of volume. However, the reason why Nigerians are investing on Bitcoin and other altcoins wasn’t really about making money. It was about how to have a better banking experience. Nigerians look at it as saving your money in digital currency that can keep the value of the money.
Furthermore, The second reason why Nigerians are investing on Bitcoin and other Altcoins like Ethereum, Litecoin, Tron (TRX), Binance Coin, Tether, Cardano, Polkadot, XRP, Uniswap, THETA, Free coin is because cryptocurrency is unique because it has a feature of cryptocurrency trading or crypto trading which is buying and selling of cryptocurrency where the price of bitcoin and other altcoins goes up and down and you make gains either ways and it is very profitable business.
However, many more Nigerian investors may turn to the leading crypto and other altcoins as an hedge for their investments.
Furthermore, Bitcoin gains more momentum than Gold to the ends of the earth and has been revealed that Bitcoin (BTC), the digital gold, now has more acceptance, reputation and adoption than God’s money, Gold.
However, if you invest $1000 united states dollars which is equivalent to ₦380,500.00 Nigerian Naira (NGN) and you will make 10 times of that money in a year and it is a huge gain rather than saving your money in a Nigerian bank.