The price of the top digital currency is well above the means of many, especially in Africa. A Bitcoin in Nigeria, for example, is now worth over N3 mln. This is a far reach in a country where half of its approximately 200 million people live on less than N800 (about $2) a day. UNDP puts 50.9% of Nigeria's population as multidimensionally poor. An additional 18.4% of the population is considered to be nearly so. Nigeria’s current minimum wage stands at N18,000 (about $60) monthly.
When compared to the UK where the minimum wage per hour is £6.50 (about $8.50), it is clear that not many Africans would be able to acquire an entire Bitcoin. The currency’s rising price may further discourage new people from jumping on its train. Yet, the urge to participate in the growing crypto ecosystem is increasing among many Africans.
Read More Here: https://cointelegraph.com/news/icos-opening-doors-to-blockchain-investment-in-africa
So true, a lot of people in Nigeria and Africa in general see the potential in cryptocurrency particularly bitcoin but can only watch helplessly as the ship cruises pass them.
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100% right. I see it all the time and the frustration that goes with it.
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