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Cryptocurrencies in Nigeria, Africa

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Avatar for mizuo
Written by   23
1 month ago

It has become not so surprising that companies have started accepting cryptocurrencies in 2021. Tesla, PayPal, and many other companies will join this trend next few years. Accepting payments by Tesla was a big impact on cryptocurrencies since Tesla ranks as the eighth biggest company in the world with 708B USD. It means that the price of Bitcoin (BTC) will affect all the stakeholders of Tesla, and this is huge!

 

I have found one of the companies in Africa, which is joining the trend, accepting payments by cryptocurrencies. It is George Residence in Nigeria. George Residence is a luxury hotel that has very high prestige in the country. According to 1st News, the Chief Executive Officer, CEO of George Residence, Yanju George said‘‘We have allocated around 50% of our cash reserves to Bitcoin…We hope to increase that as time goes on,’’ he revealed. “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.”

 

The study of Statista shows that 32% of Nigerians said that they used or owned cryptocurrencies in 2020. And, it is the highest percentage in the world. They live in the future of cryptocurrencies. They have decided to invest some of their assets in cryptocurrencies due to the high inflation in the country, but importantly we have to realize that Nigerians are getting more and more familiar with cryptocurrencies anywhere in the world.

 

The 21st century is the century for Africa, and I have faith that they will grow with cryptocurrencies and blockchain technology.

 

The financial unicorn company, Xend Finance also located in Nigeria has started the Union members to use the DeFi platform in Binance Smart Contact.

 

I hope that they will become with cryptocurrencies and blockchain technologies, and also, I hope that it will help unbanked people. We will see how Nigeria becomes a leader of a cryptocurrency in Africa.

 

And, I believe that sooner or later, George Residence and Xend Finance will add Bitcoin Cash (BCH) to their cryptocurrency list. Well, they should! 😊

 

 

References

Tesla – Market Cap

https://companiesmarketcap.com/tesla/marketcap/

 

George Residence

https://georgeresidence.com/

 

1st News

https://1stnews.com/george-residence-becomes-first-hotel-to-accept-bitcoin-in-nigeria/

 

Statista

https://www.statista.com/topics/4495/cryptocurrencies/

 

Coinvest Africa

https://www.coinvest.africa/

 

Xend Finance

https://xend.finance/

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Avatar for mizuo
Written by   23
1 month ago
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