Most people here are familiar with how MMM operated back around 2015 until it crashed in December 2016. During that period, there were also other platforms or Ponzi schemes like Racksterly, Get-Help, Twinkas, and others that took a toll around the same time.
And let’s not forget, this was also the period when crypto (Bitcoin in particular) was just starting to gain ground in Nigeria. It was still new, people were beginning to buy into the idea, but with the collapse of those platforms, many started to associate Bitcoin with a more upgraded or well-organized Ponzi scheme.
The exposure to Bitcoin wasn’t widespread yet, so it was tough convincing people of its legitimacy, especially with emotions running high due to the losses they experienced from those schemes.
Do you think these platforms contributed to the slow adoption of Bitcoin and cryptocurrency in Nigeria? Or was the exposure to BTC just naturally growing at its own pace?
Well, I belv say MMM contribute to di slow adoption of bitcoin in Nigeria, though normally right from di early year of Bitcoin people tink say Bitcoin na scam, bcos e dey strange to people base on say naem be di cryptocurrency wey dey first create. I remember how people take rush MMM around dat 2015 bcos dem see say na get rich quick scheme and when MMM collapse I know how bad people been dey talk dat time about bitcoin, which I fit talk say e make plenty people comot dere mind fo Bitcoin.