When I heard the News Nigeria is the second largest country with Bitcoin adoption, at first, I wonder with the high rate of unbanked and rural dwellers in the country with little or no access to mobile telephony.
On a second thought, I was happy Nigerians are embracing the financial freedom cryptocurrency affords them. Why won't Nigerians embrace cryptocurrency? A nation where minimum wage is less than $100 and over 70% of the populace lives below the poverty line by world bank estimates, crypto offers a getaway from government flip flop economic policies.
Keeping your fiat currency in Nigeria bank is headache as banks, instead of paying you interest on your deposits are looking for every available means to steal from you and the interest paid is way below the inflation rate in the country.
It isn't far fetched reasons Nigerians are preferring cryptocurrency over fiat currency. The exchange rate is another anomaly with black market rates higher than official rate by over 100 Naira.
The simple analysis is imagining putting $7000 in Bitcoin 10 months ago and keeping same amount in your bank account. Today, your $7000 is worth $40,000 and Nigeria banks will pay you interest rate of about 8% per annum. Crypto is now a safe haven for savvy Nigerians and I'm excited with the prospects Torum offers in reaching more people in my country Nigeria. I'm sure, they'll see Torum beyond the XTM it offers and embrace the quality education/information available on Torum.
I'm excited with the soon to be launch mobile app and Torum roadmap enabling mobile phones this first quarter without having to change to desktop mode.
Image source: https://pixabay.com/illustrations/bitcoin-blockchain-cryptocurrency-3374479/
