People, what is happening in the world of Bitcoin. Is it time for the Central Bank of Nigeria (CBN) to come out clearly on a roadmap? This thing can “eat” the naira. Yes, one wise man wrote that software would eat the world! I saw the volume of crypto transactions in Nigeria, and could not believe what is going on there. I think this has entered a new level in the nation. Why are Nigerians big on Bitcoin and its cousins? I put this position in 2017.
My position remains that we do not need Bitcoin but Nigeria needs a digital currency tied to the Naira that will enable the efficient functioning of the blockchain infrastructure which I expect to evolve in coming years in the nation. If the Central Bank blesses such a plan, we will experience a virtuoso innovation system in redesigning the architecture of some of our industrial sectors and make them more efficient even while being cost-efficient. As I noted in my entry on Blockchain Africa, blockchain has a promise for Africa. Nigeria just have to find a way to lead in that promise at least in West Africa where its impact is huge. As Goldman Sachs goes closer to Bitcoin and digital currency, we may be too slow that very soon, it becomes an entirely foreign imports to Nigeria.
Disclosure: Not really a big fan of coins; I have never bought any coin ever. But in this post, I must disclose that I took equities on a crypto exchange and crypto paytech last month (the double play strategy!). That is all for disclosure.
Now, let us have a conversation – why are Nigerians going big on Bitcoin and likes?
Yet, note this: The Block reports that volume of crypto trading fell to $126 billion in October from $170 billion in September. That is a significant number to capture despite the rise of the value of the asset.