In 2016, $100 was 20,000 Naira and that 20,000 Naira would get you 0.42 Bitcoin. In 2020, $100 is 40,000 Naira and 50,000 Naira in some market and that 50,000 Naira would get you 0.0035 Bitcoin, Meaning even if your Nigerian Naira salary has been increased by 100% between 2016 and now, you are still earning $100 or less, it also means you are making money backwards It also means you are losing money every year by saving in our local currency.
This also means that if youโve saved 1 million Naira in the bank in 2016, half of the 1 million Naira has been stolen by inflation already, your 1 million Naira is now worth 500k globally.
The day you understand what I typed above, thatโs the day youโll stop saving in the bank. In 2020 (just last year ) 1 Bitcoin was 4 million Naira, Today 1 Bitcoin is 17 million Naira, This means the number of things (e.g Bitcoin) your Naira can buy keeps reducing every day This is just similar to someone legally stealing from your account and you are ok with it.
Things can only change when our government focus on
- Security
- Innovation
- Give breathing space to Blockchain and crypto etc
when /if our government starts accepting bitcoin, as El Salvador did, the development in Nigeria will 100X within a short period of time.
