Bitcoin ban has opposite effect in Nigeria

Bitcoin’s popularity in Nigeria has exploded – with one of the youngest populations in the world, coupled with a high unemployment rate, its popularity was almost inevitable. Many young Nigerians are attracted to cryptocurrencies as an alternative and quick way to make money. Jude Umeano tells us that he lives his life using only Bitcoin, and that the government ban on funding crypto-based businesses only made him find loopholes. In fact, the government ban was likely the catalyst that increased its popularity, says Idayat Hassan from the Centre of Democracy and Development in Abuja. But there are still common, old fashioned concerns that make crypto investing so popular – and that’s mainly because it’s seen as a more secure and valuable currency in the global markets, says Eke Urum, chief executive of Risevest, one of Nigeria’s many investment platforms, which is still seeing users grow, despite the government ban.

(Image: Bitcoin app in Lagos. Credit: Alexander Sanchez/ Getty images)