Cryptocurrency necessary for wealth creation in today’s global economy – Expert
By A United Kingdom-based Nigerian businessman and capital markets expert, Sam Onigbanjo has defended the adoption of cryptocurrency, describing it as a vital channel for wealth creation in global economy. Onigbanjo disclosed this during a zoom interview which held recently.
According to Onigbanjo, one of the easiest routes to enter the wealth creation space in 2021 is through the capital markets, and a good place to focus would be the $1.8 trillion space called cryptocurrencies.
“It is imperative that we take advantage of this new world order as we enter into the 4th Industrial Revolution. Nigeria is on the playing field, especially with our young population.
“Why Cryptocurrencies? The entire Nigerian budget for the year amounts to a total of $35.7 billion while one single day of trade on the cryptocurrency market is estimated at $181 billion.
“So in a single day (a 24-hour window), the Nigerian budget is traded over five times. This gives you an idea of creating wealth if you position yourself and your resources correctly,” he said.
Addressing the issue of the dark side of cryptocurrency, he stated that the focus should be on profitability.
“The role I am challenging you to take is not to be a cryptocurrency advocate but to trade the crypto market profitably while the opportunity lasts. I encourage Nigerians to participate in the global economy. Instead of paying out money to providers abroad, be in the position to attract money from foreign economies,” he said, adding that “This is an additional way for us as a nation to grow and provide the much-needed finance required to live and enjoy as families, businesses and a people. What you choose to do with the wealth you create and choose to invest in is a completely different conversation.”
He noted that the same opportunities people across America, the EU and the UK are hugely benefitting from and the results they are using to reinvest in real estate, new businesses and improving their lifestyle, are the ones we are shying away from.
He also highlighted three things that will aid anyone wanting to enter the cryptocurrency market.
“Trading is not like any other business or investment you might have ever seen; therefore, your mind frame’s conditioning has to renew to let go of fears, apprehensions, anxieties or self-doubts. In its place, you need to trust yourself and be disciplined.
“The cryptomarket is not gambling, you need to observe the fundamentals and news around diverse coins, and recognise thousands of coins that you can trade and make instant cash from, not just the popular Bitcoin.
“The patient trader is often a winning trader, the markets to trade cryptocurrencies are open 24 hours a day, 7 days a week and access to the markets are free.”
Onigbanjo believes that Nigerians should adopt a new mindset and opinion about cryptocurrencies.
He said: “Jump online, research the cryptomarkets, and rethink cryptocurrencies. Ask yourself who has $1.8 trillion and why is it invested in cryptocurrencies? Why has the market grown by over $200 billion in the last 12 months? Why are people discouraging you from entering a market that is very profitable?”