Bitcoin versus Gold Debate in Africa
Insight & Analysis

Here is what Nigerians think about the ongoing Bitcoin versus Gold Debate

For a while now, there has been a raging debate between supporters of Gold and Bitcoin, two obviously dissimilar  investment assets. The question is this: which of the two is a better investment option? A few years ago, this question would have been absolutely unnecessary. But ever since Bitcoin’s value began to surge, there has been wide-spread interest. We all at Business Elites Africa are equally interested, which is why we decided to investigate the debate by talking to a few experts and regular investment enthusiasts. See what they said below.


Bitcoin Versus Gold: The Argument

When the question was posed to Certified Investment Trader and Financial Market Analyst Olumide Adesina, his response was swift — Bitcoin. He then proceeded to press home his argument, pointing out that the rate at which both assets have grown in the past year is too contrasting; Bitcoin’s value increased by an impressive 833% while Gold did just 8%. But that’s not all.

Bitcoins are Safer and easily Accessible

Olumide further argued that there are numerous and imminent security risks associated with Gold. Think about it, your chances of being attacked by armed robbers is higher when you are in possession of gold bars than it is if your virtual Bitcoins are safely stored in your digital wallets. But then again, if you are in Africa your chances of buying Gold reduces because there very few bullion providers servicing the continent.

“Bitcoin has gained over 833% in the past one year while Gold is up by just 6%. Also, owning gold assets physically exposes you to security risks while Bitcoin can be easily stored virtually and its cheaper and easier to move than Gold. Finally, there are few bullion providers servicing Africans ,while Bitcoin is accessible to all Africans,” Olumide Adesina said.

US-based Nigerian Financial Expert, Kalu Aja, lent credence to the argument above when he told Business Elites Africa that “the price of Bitcoin has far surpassed that of Gold in 2020 and 2021. The Chairman of the Federal Reserve System in America, Mr Jerome Powell has described Bitcoin as a ‘substitute for Gold’.”

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But some are still Clinging on to Gold…

Moving on, FOREX Trader and Investment Enthusiast, Inimfon Asifa, said she would choose Gold any day and anytime. Citing Robert Kiyosaki of Rich Dad Poor Dad alum, she described Gold as “God’s currency which will never depreciate nor crash”.

So, what do you think about the Gold versus Bitcoin debate? Which of them would you be willing to invest in? It’s all about which one works best for you as an investor. For instance, which of them can you afford right now? The price of Bitcoin is far higher than Gold’s price. According to BullionVault, Gold is currently trading at $1,738 as at the time of publishing this article. Meanwhile, Bitcoin’s current price is $56,614.87, according to Coindesk.

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