Nollywood star and social media influencer, Akan Nnani speaking to an audience of blockchain enthusiasts and key stakeholders at the Technext Coinference 2.0 held on Monday at Landmark Event Centre VI, Lagos, made a strong case for digital currencies, even as the crypto industry is wrecked by a series of bad months of decline in value.
Digital currencies have been falling for months raising questions about the viability of the entire blockchain space writ large.
Both current and prospective crypto investors have been seeking the answer to whether or not there is a blueprint to timing the crypto market which has become famous for consistent fluctuation of crypto valuation.
“There is no blueprint,” Akah Nnani said of determining when the market will fall or rise. “Just have a goal of how much you want to get back. When you get that, pull out,” he explained.
Akah Nnani added that now more than ever as the crypto is in decline is the time for prospective investors to make their move. But he cautions that they should not begin trading without having done extensive research on how the crypto market works.
“Right now, you have an amazing opportunity to get into the space,” Akah Nnani said. “When everywhere is red is the best time to invest. I’ll consider it fate and life-giving us another chance to have a wealth transfer,” he said of the fall of crypto.
But the decline of crypto has made many young investors, especially those without massive disposable incomes weary of the fate of their funds if they delve into the space. Akan said that there is still so much work to be done in the space but for the now his advice is for people who seek to go into the trading digital currency to approach it with only their disposable income, money that they can afford to lose, he said.
“To date, all the money that I have invested and all that I have put into it, I have never taken anything out,” Akah Nnani said.
But he added that people some people are willing to move into the space but do not have any disposable income. He said that they should consider the risk involved and note that all investments come with sometimes huge risks.
“People don’t have that option of investing with what they can lose. What they have is their all. But there is no chance of changing your financial trajectory without risk. I don’t think there is a clearer legal way of making money. People who can make it in the crypto space are people who have a spine,” he added.
Akah Nnani is also optimistic about the future of crypto to create opportunities for people who have been financially marginalised and excluded by traditional forms of investments.
“People need an alternative,” he said of traditional forms of investment. “There is a huge opportunity for people who have been unbankable to get into the space and begin to transact. Crypto is making money and creating wealth on your terms.”
But all of this Akah Nnani added will not be possible without the influence of the government in regulating the space and instituting policies that enhance cryptocurrency trading. Countries like Nigeria have taken the other route putting policies that stifle the progress of cryptocurrency.
Last year the Central Bank of Nigeria placed a ban on the use of cryptocurrency in the country.
“The truth is as crypto exchange tries to move forward, we belong to countries and governments that make policies that also restrict all of these things. Africa needs a chance at creating wealth on its own terms,” Akah Nnani said.
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