The flagship Crypto, popularly referred to as Bitcoin has already printed gains of more than 800% in the last one year. Data from Google trends reveals that Nigerians have shown more interest in Bitcoin than any other nation on earth.
Though the recent crackdown by Nigeria’s apex bank on Crypto was met with outrage from many young Nigerians, data retrieved from Usefultulips reveals that in the past 30 days Nigerians led Africa with about $36 million worth of Bitcoin transactions, processed on two major P2P exchanges, including Paxful and Local Bitcoins, posting an uptick of 7% despite the ban.
Buying and selling remain the most popular method through which Nigerians earn a living from the crypto market; and recently during this bull market, some sophisticated investors have made money getting into IDO/IEO.
Recent data suggests that the percentage of Ethereum Addresses in Profit stands at a whopping 95% despite being at its one month low, hinting at how profitable the crypto has been for a significant number of traders.
— glassnode alerts (@glassnodealerts) March 27, 2021
Offering tutor services
Several new projects coming into the space put out initial offerings on exchanges or decentralized platforms and this gave people opportunities to get in early on some of these projects.
The recently concluded Initial Exchange Offering at FTX exchange, a leading crypto exchange, revealed oxygen protocol began trading with a price of $0.15 and soared as high as $4 within a period of 10 days, thereby, printing over 3500% in returns.
Over the past months, the price of crypto has increased tremendously leading tons of people to rush into the market without a proper understanding of what the market is about. These sets of new traders in search of crypto education are easy targets for those who offer educational contents in the crypto space and that represents a way for these skilled crypto aficionados to make money.
Educators are also profiting from the surge in open interests in Crypto assets because they sell out lots of contents to the new audience in the markets. There are also good returns in showcasing such skills via providing assistance to some of these crypto projects.
The crypto industry is growing and the “cryptoverse” has witnessed a recent rise in new projects meaning that there are now more opportunities in the industry.
Cryptocurrency and blockchain enthusiasts now have the opportunity to earn crypto without having to risks their capital in trading. Other skills currently in high demand in the “cryptoverse” are marketing, Crypto coding, influencers and Crypto content writing.
Bottom line: It is advisable for you to stick with the skills that you’re comfortable with and if trading isn’t one of them, you will need to be extra careful while the current bullish run is still in play.
Nigerians increasingly using Bitcoin since CBN’s Crypto ban
A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset.
It’s been roughly three months since the Central bank restricted Nigeria’s financial institutions from dealing with anything crypto-related, yet recent data suggests its citizens have increasingly found other alternatives to access the world’s flagship crypto.
Data retrieved from Usefultulips (a Bitcoin analytic data provider) shows that the usage of Bitcoin’s peer to peer trading in Nigeria surged by 27% since the CBN directive took effect about 85 days ago, as Nigerians moved about $103 million worth of Bitcoins on just Paxful and LocalBitcoins channels alone.
Bitcoin recorded gains and its suitability in hedging against inflation, coupled with access to other crypto assets that offer more viable options, seem not to have weakened despite the recent N5/$ rebate scheme introduced by the Central Bank of Nigeria to encourage Nigerians in the diaspora to use official channels to remit their funds instead of doing so through Cryptocurrencies.
The world’s most popular crypto has rallied by almost 500% since its latest bull run began at the start of Q4 2020, hitting record highs of almost $65,000 this month before pulling back to $55,000 at the time of drafting this report amid strong institutional purchases sighted in emerged markets.
Some market analysts argue that Nigeria’s apex bank’s hold on the country’s financial system has further complicated transactional processes in Africa’s largest economy because Bitcoin still relies heavily on fiat currencies despite being virtual, from pricing its value to how its ownership is being ascertained. In spite of this, the growing interest in Bitcoin has not weakened.
Adding credence to Nigeria’s grip on Bitcoin includes data collated from Google trends, printing that Africa’s largest crypto market, emerged as the first amongst other countries by a long-distance over its interest in Bitcoin with a perfect score of 100%.
Nigeria’s relatively young educated population coupled with its growing internet adoption and smartphone penetration has facilitated Bitcoin to thrive exponentially amid rising inflation that has eroded the savings of many Nigerians.
The borderless feature of Bitcoin also makes payment effortless for Nigerians in addition to offering outrageously low transaction fees.
To give context, many Nigerian banks charge 1–2.5%. For a $1 million offshore transfer, bank charges may go up to $10,000, but with the flagship crypto, transfer of such amount would not exceed $300, even at peak periods.
Consequently, a significant number of Nigerians already pay a premium for accessing the crypto market, as data from Binance, the world’s largest crypto exchange by volume, at the time of writing, posted a rate of N607 to 1 USDT with Nigerian banking channels close to the global crypto ecosystem.
A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset. They are thus ready to pay a premium to hold on to Crypto irrespective of the Central Bank’s ban.
Paypal’s Venmo now permits cryptocurrency trading
Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app
Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.
Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.
As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.
Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.
Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
What they are saying
Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Sovereign Trust Insurance Plc notifies stakeholders of 26th Annual General Meeting.
- Dangote Cement Plc to hold AGM on May 26th
- Linkage Assurance Plc proposes N500million as final dividend for 2020, and a bonus issue on its existing shares.
- VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.
- GT Bank records a 9% dip in profit to N45.55 billion in Q1 2021.