This essay is inspired by a Facebook post I saw from a friend, who shared a touching story about how her mother had carefully stored a sweater belonging to her brother for 30 years, only to gift it to his son decades later.
This act of preserving something so simple over the years spoke volumes about the resourcefulness and foresight that Nigerian mothers are known for.
Nigerian mothers have a remarkable ability to hold onto items, whether sentimental or practical, and keep them safe for future generations. This behavior isn’t just about keeping things; it’s about ensuring the security and longevity of what matters most—family, memories, and, most importantly, wealth.
Nigerian mothers have long been skilled at holding and storing valuable possessions to safeguard their family’s future. Whether it’s a piece of gold, property, or a cherished family heirloom, they understand the importance of preserving wealth, especially in the face of economic uncertainty.
This deep- understanding of financial preservation is why the idea of Bitcoin, which shares the same quality of holding and appreciation over time, offers a perfect fit for Nigerian mothers today.
As the world moves further into the digital age, Bitcoin has become a modern alternative to traditional savings methods. Just like how Nigerian mothers have kept items for future generations, Bitcoin offers them an opportunity to protect and grow their wealth in the face of inflation and economic volatility.
This essay will explore in simple terms, how Bitcoin can serve as a new tool for Nigerian mothers, providing them with a secure way to preserve wealth for the future.
What is Bitcoin and Why Should Nigerian Mothers Care?
Bitcoin is a type of digital money. Unlike the Naira or other currencies, it isn’t printed by a government or controlled by a bank. Instead, Bitcoin exists only online, stored in a secure system called blockchain.
Think of it like gold, but digital—you can’t touch it, but it’s valuable because there’s a limited amount of it (only 21 million Bitcoins will ever exist).
Nigerian mothers, who are already good at saving money in gold or property, can understand Bitcoin as another way to store value. Just like gold keeps its worth when inflation makes the Naira lose value, Bitcoin can do the same—sometimes even better.
Women’s Participation in Cryptocurrency
Globally, women are becoming increasingly involved in cryptocurrency. According to a 2022 study by Gemini, women make up 42% of first-time cryptocurrency investors.
In Africa, a report by KuCoin shows that women account for about 35% of cryptocurrency traders. This trend is even stronger in Nigeria, which leads Africa in Bitcoin trading volumes.
These numbers are significant because, traditionally, women have been underrepresented in the financial sector.
By entering the cryptocurrency space, women, including Nigerian mothers, are breaking barriers and gaining financial independence.
Why Women’s Participation Matters
Including more women in cryptocurrency isn’t just about numbers—it’s about creating a more inclusive financial system.
In many parts of the world, including Nigeria, women often face challenges accessing formal financial services due to cultural, social, or infrastructural barriers.
Cryptocurrency can help overcome these challenges by providing:
1. Financial Inclusion: With Bitcoin, women don’t need to rely on banks or financial intermediaries. They can save, invest, and transfer money directly using a smartphone.
2. Economic Empowerment: Women who control their finances can make independent decisions for their families. For Nigerian mothers, this means being able to secure their children’s education or invest in small businesses.
3. Closing the Wealth Gap: Women’s participation in Bitcoin can help close the wealth gap by giving them access to a fast-growing digital economy.
The participation of Nigerian mothers in Bitcoin isn’t just beneficial for their families—it’s crucial for building a more inclusive economy.
The Problem of Inflation in Nigeria
Inflation happens when money loses its value, and things become more expensive. For example, in 2009, the Naira’s value started dropping.
While inflation was about 12.5% in 2009, it kept getting worse over the years, rising to 34.6% in 2024. This means that the same amount of money buys fewer things now than it did before.
For families relying on cash savings, inflation can destroy their wealth. Gold has always been a good solution because it doesn’t lose value like cash.
But Bitcoin, which started in 2009, has proven to be an even better option for fighting inflation. For instance, while the Naira has kept losing value, Bitcoin’s price has grown from almost zero to over $103,000 in 2024.
Why Bitcoin is Better Than Gold
Gold has been a trusted way to save money for centuries, and many Nigerian mothers already invest in it.
However, Bitcoin, often called “digital gold,” offers unique advantages:
1. Fixed Supply: Gold can still be mined, which adds to its supply over time. But Bitcoin has a fixed amount—only 21 million Bitcoins will ever exist. This scarcity makes it more valuable over time.
2. Easy to Carry: Gold is heavy and hard to move around, but Bitcoin can be stored on a mobile phone or computer. It’s easy to take with you wherever you go.
3. Affordable to Start: You don’t need a lot of money to start investing in Bitcoin. You can buy small amounts, even as little as a few thousand Naira.
4. Safe from Theft: Gold can be stolen, but Bitcoin is protected by strong digital security. As long as you keep your access information (called private keys) safe, no one can take your Bitcoin.
5. Transparent and Easy to Verify: Bitcoin’s transactions are recorded on a public system (the blockchain) that anyone can check. This ensures that it can’t be faked or duplicated.
For mothers who are already comfortable investing in gold, Bitcoin offers all the benefits of gold and more.
Addressing Concerns About Bitcoin
Many people hesitate to invest in Bitcoin because they don’t fully understand it.
Here are some common fears and how Nigerian mothers can overcome them:
1. Is Bitcoin Too Risky?
Bitcoin’s price goes up and down a lot in the short term, which can scare people. But history shows that its value has steadily increased over time. It’s best to think of Bitcoin as a long-term savings plan, not a quick way to make money.
2. I Don’t Understand How It Works
Bitcoin can seem complicated at first, but with simple education, anyone can learn the basics. Think of it as digital money you store in a secure app (called a wallet) instead of a purse or bank account.
3. What if Bitcoin Loses All Its Value?
Bitcoin has been around since 2009 and has survived many ups and downs. Its value comes from the fact that people all over the world trust and use it. It’s also becoming more widely accepted, even by governments and big businesses.
4. I’m Not Sure How to Invest Safely
Start small. You don’t need to invest all your money in Bitcoin. Buying a little at a time, a method called dollar-cost averaging helps reduce risks and makes it easier to get started.
How Bitcoin Empowers Nigerian Mothers
Bitcoin isn’t just about saving money; it’s also about giving people more control over their finances.
With Bitcoin, Nigerian mothers don’t need to rely on banks or worry about losing everything due to inflation or government policies.
They can save money securely, send and receive payments easily, and even participate in a global digital economy.
For families living in rural areas without access to banks, Bitcoin is especially helpful. As long as you have a smartphone, you can use Bitcoin to save and transfer money safely.
Conclusion
Nigerian mothers are already experts at protecting their family’s wealth, and Bitcoin gives them a new tool to do this even better. It combines the reliability of traditional savings methods like gold with the benefits of modern technology, offering a way to fight inflation and build financial security.
Although Bitcoin can seem confusing or risky at first, understanding its basic features and starting with small investments can open new opportunities.
As custodians of household finances, Nigerian mothers can use Bitcoin to secure their family’s future in an ever-changing world. By blending traditional wisdom with the possibilities of digital finance, they can lead the way into a new era of financial empowerment.
