Nigeria, Africa’s largest economy and home to over 200 million people, has the highest interest in Bitcoin globally.
According to a recent report released by Google, Nigeria emerged the first amongst other countries around the world in Bitcoin searches on Google.
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- Furthermore, Delta State has the highest level of Bitcoin interests on a state level in Nigeria, followed by Ebonyi, Ekiti, Anambra, and Osun.
- Surprisingly Nigeria’s business capital, Lagos misses out of the top 5 as regards Bitcoin level of interest on Google.
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- At the time of writing this report, Bitcoin traded at $33,883.70 with a daily volume of $98 billion.
- Bitcoin is up 2.85% for the day.
- Bitcoin market value stood at $630 Billion.
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Unsurprisingly, a significant number of young Nigerians have started utilizing cryptos, in a bid to avoid the numerous challenges faced with the traditional money transfer services, such as high costs and slow speed, amongst others.
In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase – a crypto analytic firm, gave key insights on how some Nigerians use cryptocurrency for wealth preservation.
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“Nigerians use bitcoin not just as a store of value but also as an investment. Its accessibility enables anyone to send and receive bitcoin from any part of the world, unlike getting US dollars for international transactions.
“It is worthy to note that bitcoin is still a volatile asset. The upside of this is that one can make a significant amount of profit in a short time frame,” said Ojieh.
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Then, it becomes unsurprising to see leading crypto brands like Binance, FTX, Paxful, Crypto.com, printing their labels in Nigeria, as it is apparently one of the fastest-growing crypto markets in the ever-changing world.
Dear Olumide, looking at your profile as a member of the chartered financial analyst society, could you please tell me what l need to know about bitcoin investment and how to become an investor.
If you are a bew investor, Don’t trade Bitcoin. It is very volatile and not very transparent about the factors that influence the price cos of the whales. If u must, use proxy like buying paypal stock or Square, preferrably Pay pal. Bitcoin has no intrinsic value