As cryptocurrencies continue to seek the legitimacy they’ve sought in the global financial realm for over a decade, the activity in countries like Nigeria is helping to bolster the market. It takes many different components to push the success and validity of any industry. 

Still, for an industry like cryptocurrency to emerge as a viable alternative for Nigerians looking to invest in alternate assets or use alternate means of payment online, there needs to be a broader public perception that it is a force for good. 

In the past, the media primarily drove these types of opinions. So, despite Nigerians being the third-biggest global investors and traders of cryptocurrency, how has the media’s opinion shaped this movement, and could it be the catalyst that leads to mass adoption in a country with over 220 million inhabitants?

Real Use Cases Of Cryptocurrency

Cryptocurrencies like Bitcoin can be used for various online purposes, but casino gaming has recently gained the most traction on a global scale. Given that you only need to connect your cryptocurrency wallet and deposit and withdraw without any oversight from a third-party bank or a convoluted KYC process, it’s been able to level up convenience compared to providers who provide traditional table gaming platforms. 

Casino table games like roulette, blackjack, and even some niche games like dice and craps are all markets that cryptocurrency gambling providers have been venturing into and having success. These online table games mirror the classic-style casino offers customers would get via a traditional provider, just with the rather significant twist of not having to add any of their personal data or information from their credit cards. 

While these versions of online table games might not command the same market size as more traditional providers, they haven’t had anywhere near the same amount of time or exposure in the industry. Ten years from now, cryptocurrency casinos and playing online table games with Bitcoin could become one of the market-leading ways that people gamble online. 

Nigeria’s Global Standing In Crypto

Nigeria is the leading African country in crypto and continues to show a keen interest in it. Although it might not have the global standing in crypto like the US or Australia, it’s quickly turned into the hub of the African continent. 

Unfortunately, the situation with the Naira has meant that the currency is at its lowest value on the world stage—and it’s in situations like this that the benefits of decentralized currencies can show their deflationary worth. 

Studies have shown that around 30% of Nigerians between 18 and 45 are invested in cryptocurrencies, but some analysts believe this number could be closer to 45%. Although Naira is struggling in the current global economy, Nigeria is optimistic that it can still dig itself out of this sticky patch. 

The IMF, for instance, believes that Nigeria’s growth rate for the rest of 2024 is higher than the US and the UK, so although the currency might be going through some rough inflationary turbulence, overall, the picture isn’t looking as bad as the headlines may seem to suggest.

Tens of millions of Nigerians are tuning into the international crypto and blockchain scene and mirroring their assets and investments alongside other prominent crypto-friendly nations. As a result, Nigeria will likely play an integral role in the growth of blockchain technology and cryptocurrency in Africa over the next ten years. 

Is The Media As Influential As It Seems

Cryptocurrency and blockchain investments mirror the broader ethos that people now implement into their investment strategies and how they consume media. More companies and media outlets are growing into the digital realm, which has meant that more Nigerians, aside from specific types of news regarding local business, will get their financial news and updates from a plethora of sources, more often than not, based overseas.

Sites like YouTube and Twitter (X) have become open sources for this type of information. Nigerians get their information from those investors and streamers who have turned their platforms into brands. While crypto influencers are dotted worldwide, most are based in the US and provide a different type of financial news than what was previously available in Nigeria before the rise of digital platforms. 

Final Thoughts

As so many Nigerians trade and invest in cryptocurrency, the overall rhetoric is reasonably subdued. As with any new asset class, there’s a healthy balance of optimism from investors and skepticism from those who see it as an unknown entity, which is only natural. 

Overall, Nigerian media hasn’t taken the hard-line approach we have seen in other countries, which are entirely against the idea of any cryptocurrency projects or assets being legal in their country. While this can always be subject to change, it feels like there are now enough people within Nigeria who are aware of crypto and investing in it for it to continue benefitting from a broader, positive perception.