Why Nigerians Should Invest in Bitcoin in 2018.
Bitcoin hits its all-time high of $10,000 amidst fears and worries. People have compared it to the popular Ponzi scheme, MMM. Nigerians are generally skeptical to invest in bitcoin. Frankly speaking, so is the rest of the world. Considering the fact that only about 1% of the world are investing in cryptocurrency, a question comes to mind; is it safe to invest in cryptocurrency?
I don’t see the point in explaining what cryptocurrency is all over again, it’s just a waste of time. There are articles on this site that can help you understand it better. For you that know what it is, stick with me, I am trying to make a point here.
How It All Began…
Back in 2009, a guy bought two boxes of Pizza for 10,000 Bitcoins, and the crypto-coin rose steadily from then on. In Nigeria, we didn’t get that Cryptocoin rush until late 2015, when the country was knee deep in recession. The economic crisis made everyone pursue an alternate source of income. While some found solace in MMM, Ultimate cycler, PH to GH, and other Ponzi schemes, a few millennials took a risk of investing in cryptocurrency. We invested in Bitcoin.
A Few Years Later…
Fast-forward to 2017. Investors in Ponzi schemes lost a lot of money and Bitcoin is still thriving. In fact, more than thriving. The success of Bitcoin has paved way for other cryptocurrencies such as Ethereum, Electroneum, Litecoin, etc. Yet, Nigerian investors are still asking the same question; “Should I invest in Bitcoin?”
Why Are People Afraid?
Psychology states that as people grow older (into early 30’s), their tendencies to take risks reduces. This means that older people like to play it safe, stick with what they already know. It’s no wonder that majority of Bitcoin investors are millennials and younger generations. Consequently, those warning against investment in Bitcoin are older generations of “Financial analyst” that cannot wrap their grey heads around the fact that a currency exists in digital form.
Jamie Dimon, the Boss of JP Morgan said you have to be stupid to invest in Bitcoin. Mohammed Umar, a director at The Nigerian Deposit Insurance Corporation (NDIC) said: “there is no country in the world that allows its citizens to use digital currencies as money not issued by the Central Bank.”
Amidst all these warnings, the value of Bitcoin is still rising. So, to answer the question: why are people afraid, the answer is pretty straight-forward. People fear what they don’t understand.
At the end of it all
This is the era of decentralized cryptocurrency, nothing can be done about that. You can either invest in Bitcoin now or stand on the sideline as you watch the price grow. If you are still wondering if it’s gambling, maybe it is. As a Nigerian, you should have a stronger stomach for risk. If you don’t, too bad.
Here is a toast to those that do, guys that invest their hard-earned cash in different cryptocurrencies with the hope of making some money. They took their time to understand it. While some might take a look at them and call them idiots, I look at them and see visionaries and if it turns out that investment in Bitcoin was a wrong choice, after all, we’ll still raise our glass and drink to our next business venture. That’s who we are, a hustling generation.