In Nigeria, land, houses and gold have always been considered the measure of wealth. Our parents think that you are rich when you own some plots of land that are in your name or a building. Even those who have gold jewels are seen as sources of savings and this can be shared with your children. These are tangible, esteemed and acceptable assets.

That is swiftly changing however, as Bitcoin is now being regarded as a form of storing value in our generation. It costs less to acquire than buying a piece of land, it does not involve a lot of paperwork and red tape, it is not subject to encumbrances, and it can be transported across different borders without any hassle. As naira continues to lose its value, many youths also regard Bitcoin as a better hedge than even real estate.

Of course, there are also problems with Bitcoin. You can lose a lot of money in a very short period of time due to volatility. And unless you secure your wallet carefully and make arrangements for inheritance, your family may never recover those funds if anything happens to you. With land or gold at least, the family can claim it without needing to know any password.

My question to the house is this:
Do you believe that it is possible that Bitcoin could actually supplant land and gold as the chief store of wealth in Nigeria, or will it remain a modern adjunct to the old ways?
Would you personally prefer to hold most of your savings in BTC, rather than buy land?