Despite some recent market optimism, Nigerians are still anxious about the economy as the virus continues to create uncertainty about the nation’s economic future. 

Today in Nigeria, holding cash is viewed as high risk, low reward. COVID-19 has revealed many Nigerians do not have emergency funds, and a savings culture has yet to truly develop domestically. 

Fortunately, Nigeria’s top cryptocurrency exchange, Yellow Card believes Bitcoin is the solution. In the US, the foremost cryptocurrency remains primarily a speculative investment. However, nations like Nigeria have the perfect use-case for Bitcoin and are primed to fulfil its vision of a financial revolution. Industry experts believe Bitcoin could be the perfect solution for Nigeria as the cryptocurrency’s “stacking sats” culture encourages people to hold and accumulate their Bitcoin. 

“For too long the people of Africa have suffered high bank fees, economic anxiety, and an inability to develop their own personal savings,” says Yellow Card CEO Chris Maurice. 

As economic superpowers like the United States and Britain fall behind in the cryptocurrency race, nations that have been left behind in economic growth seek to take the lead. Estimates claim that nearly half of Nigerians under 30 have used cryptocurrency at least once, making it a key location for adoption and spread. 

Many Nigerians have already started to create Bitcoin wallets. Indeed, young people across the country have started cryptocurrency trading to provide additional or primary income for themselves and their families while even more are eager to learn how to trade Bitcoin. Only time will tell to what extent Nigerians will take hold of this opportunity and move forward into the next phase of the world’s economy: cryptocurrency. 

Yellow Card’s Chris Maurice hopes to do just that, saying that “with low fees, tens of thousands of in-person vendors, and an easy-to-use web app, Yellow Card is here to spread its vision of financial freedom for all.” 

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