Why This Is The Wrong Time To Buy Crypto.
On the 5th of February, the Central Bank of Nigeria sent out a circular banning the buying and selling of cryptocurrency.
I’m supposed to tell you all the reasons why you shouldn’t buy crypto or why you should sell if you have any, but I won’t.
Instead, I’ll tell you where crypto is at, and then the ultimate decision lies with you.
Here we go.
1. Cryptocurrency is gaining so much acceptance around the world right now.
Aside from Elon Musk, the richest man in the world, constantly tweeting in support of it, many people and institutions are in love with crypto right now.
2 days ago, the largest payment network in the world, Visa, with over 40M merchants on their platform partnered with Anchorage to enable customers to buy and trade crypto more easily.
Coinbase is also offering cards to their customers.
This means customers can spend directly from their Coinbase accounts without needing to move funds to and from their bank accounts.
Coinbase cards will also available in a virtual card format. Meaning you don’t even need to have a physical card.
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2. The cryptocurrency market in Nigeria is so massive right now.
Someone reported that the value of BTC/NGN trades on Binance today was worth N13.4bn. That’s more than the volume of trade on the Nigerian Stock Exchange at N5.6bn. Binance is just one exchange platform.
Plus, Nigeria has the second-highest peer to peer crypto transaction volume in the whole world. In a way, whatever happens in the Nigeria cryptocurrency market will likely affect the wider crypto world.
And with the recent ban, market psychology and basic laws of demand and supply predict many people will panic and sell. Which means prices will likely drop. Which means you can buy more crypto at cheaper prices.
Plus, whether you like it or not, this present government won’t be here forever.
Looking at crypto’s rise over the years, how do you tell your children in future about how you chickened out because they government banned crypto?
Imagine selling your Bitcoin and then maybe it hits $50,000 or $100,000+.
So, if you can manage to, hold on to your crypto like your pastor advises you to hold on to Jesus.
On the other hand, if history is anything to go by, then cryptos are about to have a spectacular rise.
Because any time the government or a governing body places a ban on something or calls something taboo, people end up getting more of said thing. Think about drugs, porn, alcohol, weed, sex etc.
On one hand, it’s human curiosity.
On the other hand, just like Eve in the Garden of Eden, we are all drawn to things we shouldn’t be drawn to.
But don’t forget this isn’t financial advice. It’s just my opinion 😁