Economics

Why The Citizens of Economically Weaker Countries Investing More in Cryptocurrency?

By Suny Ag | My Own | 7 May 2021


The name of cryptocurrencies is talk of the town in countries like India, Nigeria, and Pakistan. Almost everyone is eager to learn so busy discussing, learning, and investing in crypto in these countries. Are they dreaming big or seeing their future in Crypto? Will they succeed or fail to achieve their dreams?  

The most interesting thing about cryptocurrency, which is becoming popular as an investment, is that the countries not doing so well economically, including Nigeria and Pakistan and the latest addition India in this list, their citizens are looking at cryptocurrency as a way of investment.

Yes, now the Indians facing the effect of COVID-19 at its worst are taking an interest in cryptocurrency for their survival.

People in many countries including Nigeria, India, and Pakistan are more interested in cryptocurrency investment than in other traditional methods. Their level of confidence is growing even if their governments are trying to ban all cryptocurrencies in these countries.

Let’s understand the growing interest in Crypto and its connection in Nigeria, we should try to understand what is cryptocurrency and why people are so eager to invest in it. Cryptocurrency simply means money that is not visible, and one needs no bricks and mortar banks to deal with. This money is a digital currency, mined or minted with interesting, or should I say mysterious methods for most investors.

The original cryptocurrency was Bitcoin discovered in the year 2009 believed to be by Satoshi Nakamoto brought hope to many after it came into existence, not immediately though. However, this is a disputed topic as many believe that there is more to it and a time will come when the actual inventor will surface and tell us the truth. But Bitcoin is not the only Crypto, but several new players have come up and playing their roles.

However, since cryptocurrency came into existence in the year 2009, its popularity has increased by the day even if when the prices were down. And like many other countries, cryptocurrency is attracting Nigerians, Pakistanis, and many other developing countries. increased rapidly.

If someone has cryptocurrency, that means they have money, even if it’s not visible. But one can go for online shopping and open the allies for investment. They are also in an e-wallet, which is easily transferred to anyone with an electronic wallet.

Trust in cryptocurrency has increased rapidly in Nigeria, India, and Pakistan. If surveys conducted in these countries are any sign that shows that about 32-35% of Nigerians, 20% Pakistani and 12% Indians invest in cryptocurrency and still counting.

Surprisingly, the investors in these countries are more than in many developed countries where the use of crypto is open, financially advanced, or way ahead in population. Among the top 10 countries in the world, the use of crypto in third world countries including Pakistan, Nigeria, and India is increasing and these countries are only next to America and Russia. Let's wait and see where the cryptocurrencies lead to people from the third world!

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Suny Ag
Suny Ag

A marketing professional, writer, and photographer. Love traveling to distant places. I write with the same username and profile picture on other sites like Read.cash and Peakd, etc.


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I am not a writer so I write on various topics

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