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10 sats \ 3 replies \ @ssaurel 2 Mar 2023 \ on: The Naira Crisis Is Fueling Bitcoin Adoption In Nigeria bitcoin
Nigerians had already chosen Bitcoin long before the government tried to impose its eNaira.
The government is trying to impose its eNaira precisely to combat the choice made by Nigerians to use Bitcoin instead of the local currency.
The Nigerian government may continue to try to impose its eNaira by reducing access to cash, but the choice of the people is already made. The government will have no choice but to bow sooner or later to the people's choice to opt for Bitcoin.
Nigeria has higher bitcoin adoption than other African nations, but there is still a lot of stable coin use and plenty of shitcoin use. Just spend some time on youtube checking out Nigerian "Crypto" channels. The moonboys on there pushing pump and dumps would make the ones we're used to in the US blush. Scam city.
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I have a few friends in Nigeria and indeed, it's not just Bitcoin that is being used. In fact, the situation in Nigeria right now is this: everything but eNaira or Naira.
This obviously implies that Nigerians are also buying Shitcoins. As long as it is not a currency manipulated by their government, they prefer to put their money in it before it is too late.
But little by little they will come to Bitcoin exclusively.
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I agree with you completely. I don't have personal knowledge of this on the ground. I really liked Anita Posch's interview with Ray Youssef about what he's seeing with paxful in Nigeria.
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