People usually invest in what they know and trust. most old persons in their late fifties upwards will prefer saving millions in the bank because of a petty interest and because it is what they have been used to.

Even with several cases of theft that are carried out by bank officials, you can't talk them out of making that decision because, at their prime, it is what they are used to. Bitcoin might have its issues, but most time it is usually a function of the negligence of the holder of the asset.

If this case is with bitcoin, the owner of the asset has complete control of it, and for any loss that has happened, it is usually 70% the negligence of the holder and the remaining 30% might just be factors that he can't handle.

When you relinquish the control of your asset to the bank, the bankers, and the bank itself will be hoping that they are able to steal from you so you don't get your asset back. 55 million naira stolen from just a single person? This shows how ineffective the banking system is.