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With savings of just under $80 and a salary of $50 a month, Promise Nwabueze, a social media manager in south-east Nigeria, decided to invest all he had into cryptocurrency. The gamble paid off. Within months, his savings had increased fivefold. They have continued to rise ever since.
“Presently my total net worth is $2,500 I’m sorry I’m being so excited, but it’s incredible,” he laughed, speaking by phone from Benin City, where he was teaching a class on crypto trading. “Now I am teaching so many people because the idea is to lift up [people] in Nigeria.”
Africa may have the world’s smallest crypto market, with just a 2 per cent share of global trade, according to a 2020 report by US blockchain research firm Chainalysis.