The first cryptocurrency, Bitcoin, was created in 2009. It, and other cryptocurrencies, started gaining popularity in Nigeria from 2014 and since then, a lot of people have become rich from buying and selling Bitcoin. I’ll share with you in this article why every broke Nigerian should buy crypto before the end of 2021.
It’s no news that in Nigeria, getting a job is either very difficult or impossible so many people have had to settle for menial jobs that do not pay well. Also, the ease of doing business in Nigeria is everything but easy because of government policies, electricity, etc. This is one of the many reasons a lot of people are flocking to Bitcoin.
If you are a young Nigerian who has struggled to make a living or you desire to raise your standard of living, then you should get into crypto.
I will share with you why you need to buy crypto before the end of the year in two ways. The first way will be with testimonials of people who have benefited and the second will be with facts of the benefits of cryptocurrency.
Tola Fadugbagbe wanted to have a better life so he moved from his small town to Lagos with dreams of brighter prospects.
What he experienced was totally different from what he expected. All he got were jobs that paid him minimum wage, just like what many other young Nigerians are going through right now.
In 2016, when a lot of Nigerians were getting turned on to cryptocurrency, he saw an online Bitcoin advert. It piqued his interest and that started his cryptocurrency journey.
He started doing intensive research about Bitcoin. He said he spent hours everyday reading articles and watching videos on YouTube about Bitcoin. He started putting money into Bitcoin and started with about 30k ($100) since it was all he could afford.
It turned out to be the decision that turned his life around.
Right now, he trades full time and teaches interested investors. He has more than $200,000 worth of crypto in his portfolio.
Gaius Chibueze, popularly known as “Bitcoin chief” is a normal Nigerian who came from humble beginnings. He did his tertiary education in a college of education. How did he become so rich? Bitcoin. He even has a book titled “How Bitcoin Changed My Life”
Chinenye just rounded up 500 level in her school. She had a carry over course and so is spending an extra year in school. She got introduced to cryptocurrency and she started doing airdrops. She did an airdrop for a coin called Samoyed coin in April, 2021 and she got 1million of the coins. In September, the value of a single Samoyed coin rose to $0.1 and she became an instant millionaire while still in school.
2 Good Reasons You Should Buy Crypto Before This Year Ends
1. Protection From Inflation:
The purchasing power of the Naira has depreciated due to inflation during the year. You cannot buy what you bought with ₦10,000 in 2019. This is the reason the price of things have gone up in the market. However, the U.S dollar is a strong and stable fiat currency.
You are protected from the upshot of inflation due to the fact that cryptocurrencies are pegged to the U.S dollar. So it’s like you are earning in dollars and getting as little as $100 is a reasonable amount of money.
2. Alleviation From Poverty:
As the musician Victor AD once said in his song “Shey suffer no dey taya you?” You shouldn’t be cajoled to start investing in cryptocurrency. Many Nigerians are battling poverty.
Bitcoin has increased in value by 56,955% from 2011 till date, and it will go higher than this in the near future. It has been a great alternate source of income for hundreds of thousands of Nigerians over the years. Even people who started investing in crypto two years ago have smiled to the bank numerous times.
Another reason why it is such a great stream of income is that you can have a job or a business and still earn from crypto. It is a profitable side hustle.
Cryptocurrency is still in its infancy and it will gain massive acceptance / utility in 20 years or more. I believe everyone should buy crypto, lock it up in a wallet, save the password somewhere you won’t forget and leave it for a few years to appreciate.
Crypto is one of the best investments you can make. If you buy a crypto coin now and hold it for a year, you would make tremendous profit. Bitcoin was around $7,000 in 2019 by 2020 it had risen to $29,000.
You should keep these two things in mind, however, when you are buying crypto:
1.Do not use funds that you cannot live without. Always buy with spare cash.
2.You should learn to be patient. Many people who bought Bitcoin and sold it off immediately regret it today. If you can buy a crypto coin and hold for a few years, you will have a very large return.
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My name is Emmanuel Ejiga. Content lead of OG Capital
I am a writer. Technical writer, song writer, and sometimes fictional writer.