Can Bitcoin Replace Land and Gold as Store of Wealth in Nigeria?

[Kagaru]

In Nigeria, land, houses and gold have always been considered the measure of wealth. Our parents think that you are rich when you own some plots of land that are in your name or a building. Even those who have gold jewels are seen as sources of savings and this can be shared with your children. These are tangible, esteemed and acceptable assets.

That is swiftly changing however, as Bitcoin is now being regarded as a form of storing value in our generation. It costs less to acquire than buying a piece of land, it does not involve a lot of paperwork and red tape, it is not subject to encumbrances, and it can be transported across different borders without any hassle. As naira continues to lose its value, many youths also regard Bitcoin as a better hedge than even real estate.

Of course, there are also problems with Bitcoin. You can lose a lot of money in a very short period of time due to volatility. And unless you secure your wallet carefully and make arrangements for inheritance, your family may never recover those funds if anything happens to you. With land or gold at least, the family can claim it without needing to know any password.

My question to the house is this:
Do you believe that it is possible that Bitcoin could actually supplant land and gold as the chief store of wealth in Nigeria, or will it remain a modern adjunct to the old ways?
Would you personally prefer to hold most of your savings in BTC, rather than buy land?

[Orpichukwu]

Currently now in Nigeria we have people who have diversified their wealth into real estate, and there are still those who choose and trust gold over real estate. It's all a matter of who the investor is and what they believe will work for them and can be easy to control over the other. It's not a matter of which one will replace which, as long as the person is not saving in our local currency, which is gradually turning into a shitcoin.

If you ask me, I see our country as a place where a lot of youth have interest in many things, which means they are embracing investing in Bitcoin and also investing in other stores of value as long as their profit can be guaranteed in the future. Maybe over time, when Bitcoin policy can be made more clear in this country, only then can I say it stands out to replace other forms of investment.

[I_Anime]

Bitcoin won’t fully replace land and gold, when come to storing wealth. Beside both are quite different bitcoin is a digital asset, while land and gold are physical assets. Land has essential value because people can live on it and build on it even carry out agricultural activities on it , while bitcoin all about scarcity , trust and adoption and we all know that bitcoin will continue to gain those things listed as time goes.

IMO is best you invest on both you can use land as form of finance diversification (is best not to put all your egg in one basket ) and stuff while you keep accumulating, because as time goes both value will continue to grow .

[Hyphen(-)]

Your question of whether Bitcoin investment will surpass real estate and gold investment in Nigeria: the answer is no for now because most people that invest in real estate are rich people because you need to have a certain amount of money to buy land or a property, and our parents are used to it because it is a physical investment, while young Nigerians that understand crypto are investing into Bitcoin and other cryptocurrencies because they know the potential in Bitcoin, while our parents only believe in physical assets and not anything digital because they are not used to all these coins and things.

As far as the rich men in Nigeria are buying properties everyday, real estate and gold investment will lead crypto in Nigeria for now.

My fear in Real estate and gold investment
1. Fake land and property documents
2. Fake gold and other jewelries
3. Third party companies.

All these are what Bitcoin doesn’t need. I haven’t heard about fake Bitcoin before, which means that if you invested in Bitcoin and hold your coin in your personal wallet and you have the seed phrase in your custody, you will not bother about losing your money as long as you have your seed phrase.

For young guys like us, I think we should change our mentalities; we need to think vast and invest in Bitcoin so as to avoid such fake properties and land documents that will be something you will regret in the future.

[IceLincoln]

Currently in Nigeria there’s only a handful of people who are invested in bitcoin while Gold and Land is where the majority of the affluent are. Bitcoin is making big moves in the market and is headed for more value in price but I don’t think the goal is to replace other valuable investments like Gold and Land, each have their own importance.  Bitcoin might be a better store of value and have better returns but in our country and society today people still place more value on the tangible physical  investments more than the digital. So as a store of value it’ll take a long while before bitcoin can replace gold and land here.

There’s a reason for Diversification, and it’s very  important you have investments in different fields or classes. If you’re able, invest in all but if you’re not able to, bitcoin is considered the digital gold you can forego Gold and invest in bitcoin and Land. Land never depreciates unless there’s a serious natural disaster and we don’t or hardly have those in Nigeria and secondly you can use land to build whatever you would want to establish with your bitcoin or gold profits like school, malls, Housing estates etc… a lot of usefulness of land.

[Donk1]

Yes, Bitcoin has shown great potential and will continue to show more. But let's not forget that land can also be a long term investment Whereby if you rent a piece of land or building from that building or land you rented you can easily get a steady income that you can actually use to invest in Bitcoin And also serve as an emergency fund for our investment in case we need money urgently. Furthermore, land appreciates with time the value of land can raise Or to put it simple the amount you bought land today given the next 10 to 6 years you can't sell it for the same price.
 The devaluation of our Nigeria Naira has significantly made Bitcoin a good option for us to make profit. But still as a matter of fact Bitcoin cannot completely take over land and gold instead they can both coexist. By Land and gold being stable sources of wealth and also backup funds, while Bitcoin as we know it acts as a modern, higher growth investment. That is why by having two different investments you will have a more sufficient strategy to secure your funds and make more profit.

[TokenTikas]

My question to the house is this:
Do you believe that it is possible that Bitcoin could actually supplant land and gold as the chief store of wealth in Nigeria, or will it remain a modern adjunct to the old ways?

My personal opinion is: I see bitcoin bringing a significant change in the concept of wealth, but again, I'm skeptical about whether it will become an alternative to land or gold in a society like my country, Nigeria which values real and material wealth. Instead, it can be a modern addition. It is almost as if you have land on one side and BTC in the digital world on the other. It is better to balance both sides. If someone were to ask this question standing in the present, I think this is the answer that will come.

Would you personally prefer to hold most of your savings in BTC, rather than buy land?

Again, to answer your second question, personally speaking, I would never favor avoiding land altogether and saving in BTC because land has a (tangible value) that you can touch, leave for your next generation, and use when necessary. BTC can certainly be profitable, but it comes with risks. It is wise to think of the two together - a little land and a little BTC- and have both so that wherever the future takes you, you will always be stable from where you are.

Overall, I think that generations are changing, but the true meaning of wealth is still security, inheritance, and future provision. No matter how you achieve that, that's the real issue.

[ruykeri]

If by replacing assets you mean using Bitcoin instead of land or gold, then that is not possible. Because they are two different things. Bitcoin is a digital asset and gold land is a physical asset. It is not possible to meet the needs of one with the other. But if you think about valuation, then currently I think the market value of Bitcoin is much higher than gold. Unlike  our Naira and also gold does not have a limitation, but due to the limitation of Bitcoin, Bitcoin has become more valuable than gold. Gold's 20-year return of investment has come to 664%, on the other hand, Bitcoin has come to 935% in just 5 years. It has really become much more valuable than gold.This is huge.



https://x.com/Cointelegraph/status/1951644242176049596?t=dLW-hoqbQNX9jwn1D9NVfQ&s=19

[Majestic-milf]

 I no go use the statement " e no fit happen" when e come to this your question you ask because you no fit conclude on anything for life yet but I doubt say for Naija, Bitcoin go become oga over land and Gold when it comes to being a store of wealth. Why I talk so?
The layman fit own a piece of land and go dey reason to acquire more because to am, that nah very better investment being that e dey accrue over the years and to am, nah something wey no go give am much stress to go dey bother about whether the market dey friendly or not as in the case of Bitcoin. No volatility rates to dey consider. Also, no be everybody fit invest in Bitcoin as no be all fit bear the risks and uncertainty involved so if there's anything I don notice from we naija people, no be everybody get the time to involve themselves in wetin go stress them.

[Marvelockg]

My question to the house is this:
Do you believe that it is possible that Bitcoin could actually supplant land and gold as the chief store of wealth in Nigeria, or will it remain a modern adjunct to the old ways?
Would you personally prefer to hold most of your savings in BTC, rather than buy land?

We have a reality on ground in nigeria and that is the fact that the sector that most wealthy people are shifting to is the real estate. the simple reason for that is because the average man finds it deficult to get a home for himself due to the lack of jobs but will easily stay in a rented apartment pending when he becomes financially strong enough to get a good accomodation for himself. that is not to say that we do not have a good number of people in the bitcoin sector, they are in their numbers with a lot of known names. but yet, the number is not enough to replace those that have already been invested in land.

In nigeria in particular, bitcoin is still in it early days for several reasons. As long as most of our top rich folks are not loud about bitcoin maybe for some personal reasons best known to them, it is going to take time before bitcoin will be known as an asset that is used by the larger part of the people in our country. we will certainly get their with time but everything is going to be tired down to how bitcoin continues to remain relevant in the future.

[Tonimez]

My question to the house is this:
Do you believe that it is possible that Bitcoin could actually supplant land and gold as the chief store of wealth in Nigeria, or will it remain a modern adjunct to the old ways?
Would you personally prefer to hold most of your savings in BTC, rather than buy land?

We have a reality on ground in nigeria and that is the fact that the sector that most wealthy people are shifting to is the real estate. the simple reason for that is because the average man finds it deficult to get a home for himself due to the lack of jobs but will easily stay in a rented apartment pending when he becomes financially strong enough to get a good accomodation for himself. that is not to say that we do not have a good number of people in the bitcoin sector, they are in their numbers with a lot of known names. but yet, the number is not enough to replace those that have already been invested in land.

In nigeria in particular, bitcoin is still in it early days for several reasons. As long as most of our top rich folks are not loud about bitcoin maybe for some personal reasons best known to them, it is going to take time before bitcoin will be known as an asset that is used by the larger part of the people in our country. we will certainly get their with time but everything is going to be tired down to how bitcoin continues to remain relevant in the future.

You're very correct. An average Nigerian upcoming hustler is focused on real estate and even when you don't seem to have much focus on it, friends and family will always bring it to your notice that you're making a financial mistake. Be it as it may, real estate has proven to be a good investment over time and for the fact that it is concrete and visible, many Nigerians don't look ready to deviate from that routine way of acquiring their assets.

However as the day goes by, we live in a very dynamic society where things has their time and fades away. If bitcoin continues with the way it is gaining acceptance everyday, I believe a day would come when bitcoin would become a household asset and could find its way into every single wallet. Nigerians are still easing off from the effects of Ponzi schemes and scammers who present fake opportunities daily. This is why there's a slow pace of bitcoin acceptance but soon one day, if bitcoin continues the way it is going, real estate might start loosing focus.

But I still guess that even the endpoint of every bitcoin investment would always be a real estate or something related.

[Coin_info]

My question to the house is this:
Do you believe that it is possible that Bitcoin could actually supplant land and gold as the chief store of wealth in Nigeria, or will it remain a modern adjunct to the old ways?
Would you personally prefer to hold most of your savings in BTC, rather than buy land?

Even if you are able to accumulate a lot of bitcoins, you will be looking to invest some in real estate considering that there's a lot of available lands for purchase in Nigeria. For that particular reason that is the availability profitable land to purchase in Nigeria especially in developing areas that can hold significance in the future, land for the next couple of years particularly will remain a better store wealth in Nigeria. There are some factors that could make this change of course and that's include increased insecurity, crisis and natural disaster of course. If in your region where you occupy in Nigeria there happens to be an increased insecurity rate, or even crisis that can force relocation of people in that settlement, then Bitcoin becomes a better store of value for you. This applies to you who is a citizen of Nigeria living in an area that is prone to natural disasters like flooding etc Bitcoin is a better store of value for you.

[Kagaru]

Bitcoin won’t fully replace land and gold, when come to storing wealth. Beside both are quite different bitcoin is a digital asset, while land and gold are physical assets. Land has essential value because people can live on it and build on it even carry out agricultural activities on it , while bitcoin all about scarcity , trust and adoption and we all know that bitcoin will continue to gain those things listed as time goes.

IMO is best you invest on both you can use land as form of finance diversification (is best not to put all your egg in one basket ) and stuff while you keep accumulating, because as time goes both value will continue to grow .

I see and understand your point and in fact I should also agree with much of what you wrote. The value that land and gold possess has a form of utility and physical commodity that Bitcoin can never possess. Land also, more than just being a store of value, can produce repeat revenues in the form of rent, agriculture or development. Gold on the contrary has been relied on decades ago and it involved financial security up to date. Bitcoin shows the difference because it does not have a physical form but is powerful due to scarcity, decentralization, and the network effect. The adoption will continue to increase, making that trust increase as well and making it an even more formidable hedge against inflation or collapsing fiat regimes.

The wisest thing to do here is a process of diversification because it is not wise to commit everything in a single type of asset. A combination of digital and non-digital assets such as Bitcoin and land gives you liquidity and long-term stability. The silver lining is that Bitcoin is borderless and transportable where territories are fixed and as well attached to a given economy and therefore, they do not compete instead they serve as compliments.

This is why I think that the future investor will not simply invest in one of these but will diffuse across these forms of assets to have both security and growth.

[Grace333]

I do not think Bitcoin will ever really replace land and gold in Nigeria TBH, because those assets have their own kind of deep cultural and practical value.. Land especially is something people see, touch, and pass down through generations, and gold has always been tied to wealth preservation. What Bitcoin will do is offer a completely different digital lane and probably have way more liquid compared to land or gold..

So instead of replacing, I see it standing independently as another store of wealth option. Some people will still prefer land because it appreciates steadily and gives them something physical, others might stick to gold because it has been trusted for centuries, and then for Bitcoin, which combines scarcity with technology. Each has its own role, and yea a smart Nigerians will probably diversify across all three…

[Yablee0]

It all depends on the choice of the individual involved, some may prefer land and gold over bitcoin, while some will do the reverse, it all depends on what you want, but if you ask me I will prefer bitcoin investment over it all because bitcoin investment seems more easier and stress free on like others that will start under going some long process and some other papers or documental issues, however in recent time bitcoin has been topping its game in crypto space and attracting more investors leaving them with clear indication that bitcoin has come to stay, and from the look of things, bitcoin is gradually taking over the world.

[Doan9269]

When it comes to bitcoin investment and opportunities in relation to other assets of investment, gold and land are profitable and they are physical assets we may decide to choose for our investment alternatively, after considering bitcoin first, because it's more profitable and present the right investment patternz strategy, protocols and procedures that works under a decentralized network, diversification is also important, whereby bitcoin can have the highest percentage to our investment assets while other firms of asset like gold and landed property or real estate could be an added advantage through the diversifying procedures all for our own profitable investment, because these are all assets and not liabilities.

[Gozie51]

Would you personally prefer to hold most of your savings in BTC, rather than buy land?

Real estate and land business are still very lucrative, although bitcoin can give the fastest revenue in hours but land is physical and traditional. More people in Nigeria still trust assets in land than btc for now.

On an equal scale when the land is genuine and you don't lose your btc wallet identity or passphrase, you can lose more money in btc volatility in a day but land doesn't depreciate by just 24hours.

The factor of the status of btc in Nigeria is still in consideration. It is not legal yet but no rule is against anyone buying or selling genuine land.

So with these factors especially the volatility of bitcoin that can cause some loses as much as it can cause some profit. I prefer to hodl a genuine land

[Merit.s]

Currently, bitcoin is the fast growing asset in value and any youth that understands the potential of bitcoin should prioritize bitcoin over land. Gold has already been there since before our generation and I hardly see any of my friends who have invested in gold. They only buy it as jewelry to wear and show off with it.

Landed properties have little ROI compared to bitcoin and needs money for maintenance. I feel that's our fathers best form of investment . In this our generation, digital asset is invoke and the youths love to learn and try new innovation. We are in the digital era and I feel that as time passes on, youths will prefer to invest in bitcoin than gold because bitcoin gives you the opportunity to be in self custody of your funds. I will prefer to invest in bitcoin than landed property. In future, I will diversify into other form of assets.

[Dr.Bitcoin_Strange]

I understand that we are in a digital world now but ask yourself, is it still worth it to have both the landed properties, real estate investment and gold?  Yes it is worth it and no matter how good Bitcoin value gets to, you can not still overlook the importance and value of gold, land and house.

Bitcoin can not and does not have to replace land and gold but Bitcoin is another smart asset and a very great alternative of diversifying your capital.

As a financially smart person, you are at an advantage when you have different assets that you invested your money into and while gold and land investment might not offer a very flexible investment rate, Bitcoin gives you the best flexible rate. How do I mean? You can buy Bitcoin of $5 but can you buy land of $5? So, what am saying in essence is that, every of these asset are worth it to invest on. If you can afford all of them, then invest in them all but if you don't have much money to invest in all of them, go for the one that is more flexible at the moment.

[Odusko]

My question to the house is this:
Do you believe that it is possible that Bitcoin could actually supplant land and gold as the chief store of wealth in Nigeria, or will it remain a modern adjunct to the old ways?
Would you personally prefer to hold most of your savings in BTC, rather than buy land?

In terms of saving and investment, I say yes Bitcoin have taken over as the most preferred form of investment by Many people in this contemporary time, this is the reason you see some investors having to sell off lands and keep the money in Bitcoin, alot of things made Bitcoin to be most preferred than land and gold at this point and that is also the cross boarder usability and also free from all taxes.