Crypto adoption in Nigeria keeps chugging along

Crypto adoption in Nigeria keeps chugging along

Sometime in June 2019, just before the Covid year, I registered on Buycoins and acquired my first crypto asset. The crypto revolution was seemingly taking off and I didn’t want to be left out. But with all the alarming cryptocurrency devaluations going on and stiff regulations against digital assets, the excitement isn’t as high anymore.

Bitcoin has dropped from highs of over $68,000 in November 2021 to just above $20,000 in June 2022. This takes it back to early 2021 levels of just under $30,000. Meanwhile, the total crypto industry market cap has eased to under $1 trillion for the first time since Jan 2021.

Despite these ups and downs, I have no doubts that crypto, and maybe Web3 – an idea for a new iteration of the World Wide Web-based on blockchain technology – are the future in Africa. This is because the astronomical growth cryptocurrency has witnessed on the continent is driven by fast, cheap, and stress-free cross-border transfers and remittances, which – according to…

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