Young people all over Africa have for long, had to live with the woes of unemployment and underemployment. According to Africanews, Africa is facing the challenge of creating nearly 12 million additional jobs to manage unemployment. Also, as a result of the corona virus pandemic that led to loss of job for so many, many more people are out of jobs in Africa. The estimated number of unemployed youths on the continent is pegged at about 60%.
However, it is not in man’s nature to abandon himself to fate. People from around the world have been looking out for new ways to make a living, or businesses to run on the side, and African nations aren’t left out. Many young Africans have in fact, turned to cryptocurrency trading to beat the increasing unemployment.
African nations are mostly young, with a predominantly youthful and tech-savvy population, and having a median age of around 19. This dynamic and adaptive demographic is increasingly embracing cryptocurrency trading, (thanks to the many cheap and easy to use online trading platforms) as a means to grow their wealth at home without hoping on the employment situation in their nations to improve, which at the time, is rather really sluggish.
Basically, cryptocurrency trading involves speculating on future price movement within the market. It is all about buying and selling cryptocurrencies in a way that yields profit. A crypto-trader may profit from short-term changes in the market prices of cryptocurrencies. Of course, the goal is to buy when prices are low, and sell when they go up. Savvy investors stay vigilant in their market assessment in order to win.
Indeed, many young Africans today, testify to having a different financial story since they started cryptocurrency trading. According to Stephen Aluko, a Nigeria, speaking to coindesk.com, the money he made from trading cyptocurrency has made it possible for him to not only become financially independent and live debt-free, but to also invest in other businesses, and get married. All these he achieved barely three years after embracing cyptocurrency trading from his old state of underemployment.
Mr. Stephen didn’t fail to mention that these achievements aren’t unique to him alone as he has acquaintances in Nigeria who earn a living solely by trading cryptocurrencies. He doesn’t seem to feel deprived without a ‘decent job’ which he was searching for before he was introduced to cryptocurrency trading.
However, it is important to note that there is a downside to this trend. It is true that some people have lost money from crypocurrencies trading and speculation. Just like every business with a big chance of winning, there is a corresponding chance of failure. Some of the issues that crypto-traders may encounter may revolve around scalability, cybersecurity issues, price volatility, and regulations. It is left for the trader to decide if the risk is worth the take, while employing a strong trading technique.
Nonetheless, crytocurrencies are here to stay. With the massive opportunities therein, it will be a big loss for young people in Africa, especially those not gainfully employed, to sleep on this chance.