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?
We have a reality on ground in nigeria and that is the fact that the sector that most wealthy people are shifting to is the real estate. the simple reason for that is because the average man finds it deficult to get a home for himself due to the lack of jobs but will easily stay in a rented apartment pending when he becomes financially strong enough to get a good accomodation for himself. that is not to say that we do not have a good number of people in the bitcoin sector, they are in their numbers with a lot of known names. but yet, the number is not enough to replace those that have already been invested in land.
In nigeria in particular, bitcoin is still in it early days for several reasons. As long as most of our top rich folks are not loud about bitcoin maybe for some personal reasons best known to them, it is going to take time before bitcoin will be known as an asset that is used by the larger part of the people in our country. we will certainly get their with time but everything is going to be tired down to how bitcoin continues to remain relevant in the future.
You're very correct. An average Nigerian upcoming hustler is focused on real estate and even when you don't seem to have much focus on it, friends and family will always bring it to your notice that you're making a financial mistake. Be it as it may, real estate has proven to be a good investment over time and for the fact that it is concrete and visible, many Nigerians don't look ready to deviate from that routine way of acquiring their assets.
However as the day goes by, we live in a very dynamic society where things has their time and fades away. If bitcoin continues with the way it is gaining acceptance everyday, I believe a day would come when bitcoin would become a household asset and could find its way into every single wallet. Nigerians are still easing off from the effects of Ponzi schemes and scammers who present fake opportunities daily. This is why there's a slow pace of bitcoin acceptance but soon one day, if bitcoin continues the way it is going, real estate might start loosing focus.
But I still guess that even the endpoint of every bitcoin investment would always be a real estate or something related.