Everywhere around the world, crypto trading has thrived even with governments and central banks being against it. With no regulation in place, crypto communities live in a legal grey area and have found ways around government bans. Nigeria is no exception from that rule. Even with the Central Bank being harsh on trading exchanges and introducing the E-Naira, Bitcoin trading and the blockchain is infiltrating different aspects of Nigerian life.
The gambling industry is already betting heavily on crypto. You can easily find a mobile Bitcoin casino these days with thousands of games you can carry around in your pocket. Music is another industry where Bitcoin and the blockchain may have the largest impact. Tokenized songs are already being released in Nigeria through independent labels. The revolution has already started and is well under way, and the government can do nothing about it.
Big Name Supporters
With a frail economy and unstable Naira, the Nigerian youth have turned to ways that could bring them stable income. Many play casino games with Bitcoin online including blackjack, poker, and slots. Others are invested in the Bitcoin trading game. Whatever it is, crypto trading is at an all-time high in the African country, and even the E-Naira can’t stop it.
Everyone’s trying to get into the action. Nigerian songwriter and music superstar Davido has recently pondered starting a Bitcoin trading company. His tweet received a lot of likes which isn’t a surprise considering his popularity and the popular of Bitcoin trading.
Nigerian multi-billionaire daughter and wealthy socialite DJ Cuppy also took to Twitter to announce her joining the crypto craze. She just started a crypto label and pleaded with fans to invest in her coin. Such big names supporting crypto trading in Nigeria has resulted in even bigger popularity of Bitcoin trading. Everyone’s looking to get into the market on time, investing in cryptos that could pay off big in the future.
According to estimates, around 30% of Nigeria’s population is using crypto in one way or another. The interest in crypto trading surged last fall, but economic factors played a large role too. Nigeria’s inflation rate is pushing 20%, and with USD tough to get in the African country, everyone’s betting heavy on Bitcoin. With the government’s fabric import ban, many businesses have turned their attention to Bitcoin too. The government acted very slow on the matter, and crypto trading is now a juggernaut that continues marching on.
Broken Promises
While Nigeria’s Central Bank hasn’t been publicly against crypto, it has done pretty dirty work in the background. The Central Bank’s deputy governor Adamu Lamtek recently said that CBN has never banned cryptocurrencies in the country, only prohibiting banking services for the same. However, the reality is pretty different. Many crypto exchanges have seen frozen accounts and their businesses shattered.
Of course, that was only a minor setback for traders and investors. Exchanges have found a way to work around the government restrictions, just like everywhere else in the world. Paxful, one of the biggest crypto exchange platforms, has seen an increase of over 30% in trading volume compared to last year. Nigeria is one of the largest crypto markets in Africa and the numbers will grow in the future. Millions of investors would rather invest in Bitcoin than Naira or other assets, and will do anything they can to bypass the government’s restrictions.
With big names from the music industry also supporting cryptos, the ball will keep rolling. We expect new musicians to join the list of supporters soon, and when that happens, Bitcoin trading will never stop.
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