Snoop Dogg selling a million NFTs on Telegram in 30 minutes. Twelve million dollars changing hands! That's a headline grabber, no doubt. It’s had folks buzzing about NFTs being resurrected from the grave. Let’s not be caught up in the excitement wave, particularly in Africa. On the contrary, let’s put the brakes on that, clear our heads and consider what comes next in a larger context. Snoop's success is a cultural moment, showing the power of celebrity and the growing crypto curiosity among younger Africans, glued to their Telegram. But is it really a place to build lasting wealth on? I'm not so sure.
NFTs: Fool's Gold or Real Opportunity?
Let's be real. NFTs, particularly in the context of Africa, are a big risk for the average individual. We’re looking at highly volatile assets, a lot of which is fueled by speculation and hype. Access to accurate, unbiased information is hard to come by, and honestly, a lot of those are simply scammy get-rich-quick schemes just biding their time until they collapse. Remember the rug pulls? I do. And I know many of you think the same thing.
Yes, Snoop’s NFT drop is an indicator that utility-driven NFTs are where the space is heading, that future is far from clear.
- Volatility High
- Information Asymmetry
- Scam Potential Real
Now, I don’t mean to paint NFTs with a broad brush. They can be fun, they can be collectible, they can even have educational benefits in the long run. As a mainstay investment strategy — like if you want to use stocks to create lasting wealth for you and your family, in particular? It’s kind of like wagering your entire farm on a single horse in a horse race. The odds are stacked against you.
Bitcoin: The Rock Amidst the Waves
Bitcoin. Forget the fleeting trends and celebrity endorsements. Bitcoin’s security is the foundation of the crypto revolution. It is the digital gold that through trials by fire has been battle-tested, time and again proving its resilience.
Think about it. In countries where the local currency is on an accelerated devaluation path, Bitcoin becomes the saving grace. It enables consumers and enterprises to avoid legacy financial systems, which tend to be slow, costly, and out of reach for millions. It's financial empowerment in its purest form.
- Security: Bitcoin's blockchain is the most secure and decentralized network in the world. Good luck hacking it.
- Scarcity: Only 21 million Bitcoins will ever exist. That's built-in scarcity, a hedge against inflation and currency devaluation – problems many African nations face daily.
- Longevity: Bitcoin has been around for over a decade, weathering countless storms and emerging stronger each time. NFTs? Most will be forgotten next year.
- Utility: Bitcoin is increasingly being used for cross-border payments, remittances, and as a store of value, especially in countries with unstable economies.
I'm seeing it firsthand. Main Street entrepreneurs accepting Bitcoin to transact with new foreign customers, avoiding ridiculous bank fees. Families carrying the cost of sending remittances back home, dodging the predatory exchange rate. People for whom Bitcoin is a savings account, shielding their labor from the ever-creeping claws of inflation.
Bitcoin: Africa's Path to True Wealth?
I’m thinking of one woman I know in Nairobi who began accepting Bitcoin for her crafts enterprise. In the process, she doubled her profits and gained a worldwide audience without the banking headaches that interpolate artists’ work to this day. Lagos businessman Jose pays his Chinese suppliers in Bitcoin. This genius move eliminates the expensive, slow and totally unreliable bank wires. These are exciting stories, exciting people, creating exciting new wealth with Bitcoin.
Snoop's NFT drop might have been a flash in the pan, but the quiet revolution of Bitcoin adoption is steadily transforming lives across Africa. It’s time to move on from speculative hype, and instead focus on sustainable solutions. Let’s be smart, support our local blockchain communities, and push for a policy environment where Bitcoin can flourish, grow and innovate.
To build a future where Africans aren’t simply following crypto trends. Instead, let’s turn them into the crypto millionaires! The foundation is there. Build with Bitcoin.
It's time to build a future where Africans are not just consumers of crypto trends, but creators of crypto wealth. The foundation is there. Build with Bitcoin.
