Generations, Nigeria And Cryptocurrency
While cryptocurrency is just recently gaining fame lately as a result of it's soaring price and expanding market it has been in place for over 10years now. Unlike at the beginning when most coins were worthless and overlooked , the narrative has changed and people are beginning to see why they should never have looked down on it. Imagine buying Bitcoin when it was just a dollar and leaving it for years, one would be a millionaire by now because one Bitcoin cost about $38000 today. While most people believe that crypto is the GEn Z thing it really isn't, especially in countries that have adopted it earlier on and people who reside in countries like USA or Russia. A recent study by Piplsay found that 49% of millennials owned crypto compared to 38% of Gen Xers and 13% of Gen Z. If you don't know millennials are those currently within the age of 25-40, Gen Xers are within 41-56 and Gen Zs are within their ag 18-24.
Unlike most of us think in Nigeria, more millennials and Gen X are even into crypto than the Gen Zs, which shows that it's adoption isn't limited to a particular age bracket. This is because the millennials and Gen Xs have more purchasing power than the Gen Xs because of age and income. Coming down to our country it's obvious that the narrative is entirely different because the Gen Xs are the ones in the game. A good evidence is the discrimination it has suffered from the government which are mostly Gen Xers as well as from other Gen Zs and millennials because no one controls it. Last weekend I was having a conversation with my Gen X dad and he still believes it's a scam even with the explanation and many evidences I showed to him. Although I don't know if his discrimination came from ignorance or loyalty to the government when I tried to explain further he laughed it off.
Interestingly my dad works in a bank, which goes a long way to tell what other Gen Xers might be thinking as well. It is obvious that the Gen Zs are going to be torch bearers for the coming generation in crypto currency in Nigeria. Today the average person in Nigeria sees it as a scam including almost half of the Gen Zs which tells a lot. The reality of crypto currency in Nigeria today is a sad contrast to what it used to be before because many Nigerians were alert to the opportunities the crypto world had when it first started. Shifting to peer 2 per exchange, Nigerians are the third largest most active Bitcoin traders in the world and the highest in Africa. Now imagine if there was no ban in place, Nigerians would probably be at the top of the list today.
While the anonymity and decentralization of crytocurrency exposes it to fraudsters this doesn't make it trash. Banks have also been used for embezzlement, money laundering and all sorts but that doesn't mean we shut them down, we simply find it's best side and make the beat of it. It would be really great if the government takes it's time to understand and appreciate cryptocurrency because it holds so much potentials for it's economy as well as its citizens.