Why you should invest in Bitcoin even if your income is low.
Recently, it was reported that Nigeria’s Total Debt Stock (Foreign & Domestic), as at June 2020 stood at N31.01 trillion ($85.9 billion)- 8.31% increase when compared with N28.63 trillion ($79.3 billion) recorded in March 2020. This was disclosed in the Nigeria public debt report, recently released by the Debt Management Office (DMO).
The breakdown shows that total external debt stood at N11.36 trillion ($31.47 billion), accounting for 36.65% of the total debt stock, while domestic debt represented 63.35% of the total debt. Domestic debts stood at N19.65 trillion ($54.42 billion) as at June 2020.
Foreign debt grew by 13.8%, compared to $27.7 billion (N9.9 trillion) recorded as at the first quarter of the year.
Nigeria’s public debt grew by $22.09 billion in the last 5 years, indicating an increase of 34.6%.
You don’t need to be a professor of economics to know these figures of debt are troubling, the country’s debt rate keeps increasing, fuel subsidy removed, yet the situation is growing worse.
You see, to survive in this country you need to live on a currency that is not government-controlled, the mess that has been made of the country’s currency is there for all to see, the Naira keeps nosediving against the dollar, this handwriting on the wall spells doom already especially for low-income earners in the country!
You need a change of currency!
Bitcoin has been around for long and while many are doubting its technology, it keeps making those that embrace it rich. Bitcoin is not a currency controlled by the government, so it is not subjected to governmental policies or politics, it is not subjected to imposed inflation from the government and best of all, it is not stagnant, see it like a currency that keeps enriching the owner. To live only on naira presently is to subject one’s self to the effects of the huge debt of the country, the unstable policies around the currency and the instability of the currency.
Even if you are earning low, you need to invest in bitcoin, Bitcoin is not just an investment for the rich, it is primarily a currency to make you rich! So, investing in bitcoin is breaking free from the shackles of naira and launching into financial freedom.
See why you need to invest in bitcoin
Bitcoin’s overwhelming success – as currency and investment – has attracted both conventional and institutional investors alike. Bitcoin provides you with the following advantages over conventional investing as an investment tool.
It’s liquidity. Bitcoin is potentially one of the most liquid financial assets due to the worldwide establishment of trading sites, exchanges and online brokerages. You can easily exchange bitcoin for cash or gold assets instantly with extremely low fees. The high liquidity associated with bitcoin allows it a major investment vessel if you’re looking for short-term gains. Digital currencies can also be a long-term investment due to their high market demand.
Lower probability of inflation. Unlike world currencies—which are governed by their governments—Bitcoin is exempt from inflation. The blockchain system is infinite and there’s no need to worry about your crypts losing their value. Bitcoin and cryptocurrency trading is relatively young—new coins are becoming popular every day. This novelty brings unforeseeable price and volatility swings, which could generate opportunities for huge profits.
Minimal trading. Stock trading requires that you possess a certificate or license. You must also go through a broker to exchange the shares of a company. But bitcoin trading is minimal: just buy or sell bitcoin from exchanges and put it in your pocket. Bitcoin transfers are also instant—unlike the settlement of stock exchange orders that may take days or weeks.
Bitcoin has a huge first-mover advantage, not just because it’s the first crypt as we know it, but because it was the first one with a gold-like store of value properties. As such, it enjoys immense network effects (not unlike those experienced by social networks such as Facebook and Twitter) due to its vibrant community of users, developers, miners, exchanges, custodians, etc.
Nothing illustrates this better than the fact that Bitcoin is an open-source project that everyone in the world can clone or fork at any time. And yet, despite being forked several times over the years, it remains the dominant crypto (value store or otherwise) both in terms of market capitalization and liquidity.