A Reuters report in September stated that “Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies,” as the African nation grapples with soaring inflation due to weakness in its official currency.
That’s a use case cryptocurrency adopters in developed nations can also understand.
Furthermore, the West African nation ranks second on Chainalysis’ 2023 grassroots Global Crypto Adoption Index.
Meanwhile, Bitcoin price is soaring to all time high prices in Nigeria, as well as the United States and other inflation stricken nations.
Blockchain cryptocurrencies could be one key to unleashing Nigeria’s full economic potential. Nigeria is the largest economy in Africa today. As its population grows, Nigeria is on track to be the fifth largest economy on earth by 2075.