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.
These figures from Nigeria reflect the reality of many other African countries. Ghana recently introduced a new daily minimum wage of 9.68 cedis (about $2.20) up from 8.80 cedis.. In Kenya, the minimum wage was raised recently from Kshs 10,955 to Kshs 12,926 (about $125).
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…