I started out thinking it was too simplistic to bring to Tekedia and didn't really have much to say.
Then I realized I had too much artwork to include, which would be a problem for a "Direct to LinkedIn" post, and it probably worked better, so I decided to do it here.
I've seen some pretty weird results in the crypto adoption leagues recently, some that omit Nigeria altogether, and some that don't rank it at least in the top 5, which is weird.
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European Busyness Review places Nigeria just behind Kenya, and 6e overall.
A few put Dubai at the top, which I suspect was influenced by local ministries. Dubai of course has some industries, and then there are Blockchain-related events (whose markets are those industries), but the wider region, i.e. the Saudi Peninsula, has a negligible local market (if any), which means that its businesses are entirely dependent on global trade.
In another post also from CoinGecko, “Crypto Interest in Africa Still Nascent” by Lim Yu Qian just two weeks ago…
“Nigeria has by far the highest level of interest in crypto in Africa, in 2023 so far. It accounts for 66.8% of the continent's crypto stake year-to-date (YTD), almost 8 times that of the second most interested African country.
As for those with Dubai in mind, I don't quite see the average camel herder in the desolate sand dunes of the United Arab Emirates sitting on a laptop doing cryptanalysis.
When it comes to blockchain-related businesses based in Dubai, some of them have left different parts of the world, seeing their home country as an unfavorable base for doing business.
Indeed, several Nigerian entrepreneurs have made this decision.
It is likely that as the entire blockchain space, especially cryptocurrencies, comes under government policy scrutiny, especially with the dramatic global impact of its own agendas, businesses will be drawn home.
Other than a small minority among a few urban centers, there doesn't seem to be a chance of mass adoption among ordinary citizens of the Saudi Peninsula anytime soon.
I don't see any obvious synergies between camel herding and crypto trading. The area is also very culture-centric and locals are wary of the habits of foreigners.
For traditional old world brands, like Mercedes Benz or Coca-Cola, it doesn't matter who makes it, these brands sell themselves.
However, innovative ideas will be more easily accepted by non-professionals if they are initiated and championed by a native.
If even some companies go home, investors are more likely to engage with those that operate under the regulatory control of structures they understand. This may entice more to return home, and once this happens, there is no market in Dubai for Crypto events.
Ease of doing business rankings have a huge influence, and Dubai is strong on these types of indicators.
Nigeria's #1 spot in CoinGecko's global stats is as follows:
“The research examines Google Trends global data on English language search terms frequently used by those interested in cryptocurrency, namely 'Cryptocurrency', 'Invest in Crypto', 'Buy Crypto', 'Bitcoin', 'Ethereum' and 'Solana'. These terms were then combined to give each country a 'total search score' to determine which countries have been most interested in cryptocurrency since the April 2022 stock market crash.”
Take away food :
- Is your urgency to do crypto/blockchain business pushing you to migrate to a place that will allow it more efficiently, or are you determined to become an economic migrant or some other type of migrant, and you are just curious about their profile in an area of interest? If it's the latter, then thinking about crypto/blockchain should be low on your priority list!
- The research methodology should align with what you want to do. For example, if you like to attend a lot of events, you need research articles that rank places based on frequency and proximity to events. A methodology that gives points for how many people make an extra $1,000 a year from token speculation, without giving up their day job, won't help you.
- Ranking articles that offer no methodology, or unsubstantiated Twitter commentary by pseudo gurus with millions of followers, are unreliable.
- Many articles, SM personalities, podcasters, etc., have sponsors, and they aren't always transparent about it. Unless the content is “editorial”, it is not impartial.
- Never act on a barrage of hyped media, because chances are there is only one primary search source, and the media environment echoes it with the paraphrase. Validate, validate, validate.
Note: 9ja Cosmos has never paid for advertising and all content mentioning us in the public space so far has been 'editorial' in nature, organic and completely 'authentic'.
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All reference sites consulted on 07/23/2023
coincko.com/research/publications/crypto-interest-africa
creativezone.ae/the-rise-of-dubai-as-the-worlds-leading-crypto-hub/
bloomberg.com/news/articles/2021-08-29/dubai-poised-to-benefit-from-cryptocurrency-growth-bittrex-says#xj4y7vzkg
europeanbusinessreview.com/top-20-countries-with-cryptocurrency-adoption/
mpost.io/top-10-crypto-countries-by-adoption-in-2023-reviewed/
coingecko.com/research/publications/top-15-countries-most-curious-about-cryptocurrency