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Cryptocurrency

Why Nigeria is Africa’s biggest Crypto market

Cryptos are fast becoming more popular for payment transactions around the world and Nigeria has emerged Africa’s biggest market.

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Why Nigeria is Africa’s biggest Crypto market

Nigerians are fast adopting the world’s most popular crypto – Bitcoin, as their mainstream for payments and wealth preservation. Thus, setting the pace for other African countries – as it leads the whole African continent combined in the use of Bitcoin via transactions turnover.

Then, it becomes unsurprising to see leading crypto brands like Binance, Paxful, FTX, Crypto.com, printing their labels in Nigeria, as it is apparently one of the fastest-growing crypto markets in the ever-changing world.

READ: Coalition of African lawmakers seeks debt relief for African states

According to a new study seen by Nairametrics, Nigeria has seen the largest influx of activity in peer-to-peer lending in the month of October.

What you should know

Data obtained from usefultulips, a BTC analytic data provider showed Nigeria leads Africa’s peer to peer lending in the month of October 2020, as it posted monthly P2P volumes of between $32.5 million, followed by South Africa and Kenya posting about $9million and $7.4 million respectively.

READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses

What they are saying

Ekene Ojieh, Head Of Public Relations, Buffalo Chase, a fast-growing crypto analytic firm, attributed the upward trend in the adoption of cryptos – most especially Bitcoin, to Nigeria’s demographic structure.

“Nigeria ranks 8th position in the largest country with crypto adoption. The reasons for this fact are not far-fetched.

“The Nigerian youth has about 32% of the entire population of about 200 million people.

READ: COVID-19: IMF Chief predicts $345 billion financing gap in African countries 

“It’s easy for a young country like Nigeria to adopt the use of bitcoin because a large percentage of its population falls within the age range that is tech-savvy. Although, that’s not the only reason why many Nigerian youths adopt bitcoin.

“Nigerian youths prefer to secure their assets in bitcoin or stablecoins because naira like every other fiat currency is susceptible to inflation.

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“The borderless feature of bitcoin makes payment effortless and transaction fee outrageously low.

READ: CBN reveals framework for the N75 billion Youth Investment Fund

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“In the recent protest in Nigeria, we saw the sharp switch to bitcoin after the movement’s bank account was frozen making up to about 44% of the entire donation.

“Bitcoin gained an impressive 13.7% over week 43 – as per Glassnode. Bitcoin is currently traded at a $13,000 region. With the accessibility of bitcoin, we see more Nigerian youths adopting the use of bitcoin.”

READ: Rich Bitcoin investor moved $175 million worth of BTC for just $0.84

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It’s also critical to note that a significant number of Nigerian youths, amid #EndSARS protest that had triggered police reforms, got help from Bitcoin, on the principle that its payments were secured and had no central authority, which could breach payment. The funds were consequently used in aiding and providing medical and legal bills for some youths who had peacefully set out for such cause and got arrested in that period.

Another thing that surely stood out in the just concluded #EndSARS protest and got the rare limelight in the crypto-verse, is a Nigerian female rights group better known as the Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, used the power of crypto technology in disbursing funds for injured protesters, food, water, first aid supplies – that the co-founder of Twitter, Jack Dorsey had to lend his support.

READ: Togo, Niger, Benin remit N2.04 billion to Nigeria for power supply

READ: Tether opens up 300,000,000 USDT

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Dorsey tweeted, “Donate via Bitcoin to help #EndSARS,” while also retweeting a tweet by the Feminist Coalition informing Nigerians of how to support the fast-changing female right group.

 

Bottom line

Nigerian millennials are fast adapting to the most ever-changing financial asset in the modern era and leading brands are also taking advantage of such prevailing macro.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

2 Comments

2 Comments

  1. Ibrahim Timothy

    October 29, 2020 at 12:06 pm

    Thanks for the update but sir is FORSAGE legit or it’s also a scam

    • Emmy

      October 31, 2020 at 8:00 am

      FORSAGE is MLM be careful

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Cryptocurrency

Bitcoin is flying to Mars, surges past $54,000

Bitcoin is currently changing hands just about $54,195.56, representing a 7% surge on the day.

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Bitcoin suffers worst financial loss in minutes

The flagship crypto was all fired up at the second trading session of the week amid other assets like global equities hobbling to cheer progress on the passage of the long-awaited U.S Stimulus deal.

Bitcoin is currently changing hands just about $54,195.56 at press time, representing a 7% surge on the day.

Crypto pundits opined that the surge of a combination of endorsements from prominent personalities including Paul Tudor Jones, Larry Fink, Elon Musk, and several investment banks have increased the buying spree among medium-sized institutional firms and retail traders trying to have a grasp on the world’s most popular crypto asset.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal and Microstrategy.

MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.

An elite investment bank has laid credence to the Bitcoin fever presently catching investors’ urge on other crypto assets, like Cardano, Polkadot, Ethereum.

The global head of digital assets for Goldman’s global markets division said on a recent Goldman podcast program that his team has seen a “huge volume of institutional demand across [a] broad spectrum of different industry types,” for Crypto during bitcoin’s current bull run.

That being said, the Asians seem to have increased their stake in Bitcoin, as recent data suggest prices usually go north during the Asian trading sessions, in the past few days.

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Cryptocurrency

Football-based crypto on fire, surges by 75% in a day

Chiliz aims to give sports and esports fans the ability to crowd-manage their favourite teams, games, leagues, and events.

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Chiliz, a digital token designed by Socios for football engagement, is enjoying a record-buying spree as it gained about 75% for the day.

The football-based blockchain, originally created to allow football fans buy the sports tokens that let them support their teams, has also hit another landmark on the account that its market value is now hovering above $1.3 billion.

Chiliz, powering Socios.com, aims to give sports and esports fans the ability to crowd-manage their favourite teams, games, leagues, and events.

Football clubs are now using blockchain, to facilitate better experiences for their fans.

  • At the time of writing this report, the sport-based crypto traded at $0.233853 with a daily trading volume of $4 billion.
  • Chiliz is up 74.87% in the last 24 hours. It’s currently ranked the 65th most valuable crypto with a market value of $1.3 billion.
  • The fast-rising crypto can be traded on crypto exchange such as OKEx, HBTC, Binance, Huobi Global, and Xtheta Global.

Presently, Chiliz is also holding talks with the prestigious car race championship popularly known as Formula One, as the company tries to strengthen its grip on other sports.

Football is by far the most popular game worldwide. The last football World Cup tournament held in Russia in 2018, had over 3.5 billion individuals watching the matches. This shows that about half of the world’s population is keen on football.

Socios.com Fan Token partners include Juventus, AS Roma, Galatasaray, FC Barcelona, Atlético de Madrid, Paris Saint-Germain, CA Independiente, Apollon Limassol and esports organizations Team Heretics and OG.

Dozens of more clubs are set to launch Fan Tokens before the end of the year, with many leading IPs from sports and entertainment also primed to join the Socios.com roster in the near future.

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