Nigeria Lost 47% of Its Dollar Millionaires. Would Bitcoin have helped?

[Exitoral]

I came across this news and it stated how we lost almost half of our dollar millionaires in 10 years. Many people are too focused in creating wealth which is not bad. But are forgetting the underlying principles of preserving and protecting that wealth. Wealth is not all about making more money but safeguarding what you already have to get more. So where does Bitcoin fit in all this. In as much as we still kept 4th place in Africa, there's still a need to tackle the problem before it gets out of hand.

People may already have in mind how to preserve their wealth through very common method which are real estate, stocks, local businesses and so on. Which is good practice. But wealth diversification is necessary to preserve wealth and Bitcoin is one of them and cannot be left out.

If all those dollar millionaires did all that wealth preservation and still lost. That means a good number of them never invested in Bitcoin. That's because between 2015 and 2025 Bitcoin made a massive increase of more than 27,000%. That's gold mine there. They didn't know about Bitcoin and what it would have done for them. Bitcoin wouldn't have just preserve their wealth, but it will made their wealth increase at a rate of 27,000% in just a decade. Which Nigeria lost within that period.

This shows that wealth can disappear and investing in critical asset like Bitcoin can make a significant positive difference in wealth preservation and increase. Maybe they didn't know or they did and didn't pay much attention to it.

Let's paint a scenario. What if you were in their shoes. A millionaire in dollars as at 2015. Would have Bitcoin be part of your investment portfolio? And if yes, what percentage of your wealth would you have allocated to it and if no, why?

[Charles-Tim]

The problem is that if you are into a business, you may not have much of your money in bitcoin. Know that someone's asset is not only about the money the person is having in his bank account, the worth of his business will be part of the estimate. Also that they need to have naira and other fiat in bank just to make the business running. It is not easy as you think, but as they are building their businesses, they can also build their bitcoin accumulation.

[fredericktaylor]

By investing with discipline, confidence, and long-term holding of Bitcoin with a long-term plan, an investor can protect valuable money from inflation in the future and hope to profit from Bitcoin in the long term.

Investing all your money in one place increases the risk, making the risk of losing money relatively high. Therefore, it is very important for a person to diversify their investments, so that even if one or two investments do not succeed, the rest of them are likely to succeed.

Investing means risk, so taking risks is essential to achieving great success. There are risks in investing in Bitcoin, but if we adopt the right strategy, buy Bitcoin with discipline and hold it patiently for a long time, and do not get disappointed quickly by the volatility of the market, we can confidently use every opportunity correctly and patiently wait for the price of Bitcoin to increase, as a result, we can expect to make long-term profits from Bitcoin in the future. Bitcoin is very volatile and fluctuates rapidly, so it is never possible to be confirm that we will make money quickly through investment.

[Cryptoprincess101]

As of 2015, not many Nigerians were into bitcoin so it is unrealistic to think that any millionaire would have chosen to invest in bitcoin at that time. Besides, business men needs money all the time to run their businesses which means that if they had invested in bitcoin, they may not have hold it till today. They would have sold it long time ago and use that money to invest in their businesses.
      Some of the business men I know do borrow money from banks to finance their businesses, so don't think that because they are millionaires that they will always have discretionary income all the time.

[Chinesebaby]

This shows that wealth can disappear and investing in critical asset like Bitcoin can make a significant positive difference in wealth preservation and increase. Maybe they didn't know or they did and didn't pay much attention to it.

Let's paint a scenario. What if you were in their shoes. A millionaire in dollars as at 2015. Would have Bitcoin be part of your investment portfolio? And if yes, what percentage of your wealth would you have allocated to it and if no, why?

It's that from 2015 to 2026 Bitcoin have skyrocketed up to 27,000% in profits, but it's also very possible that none of these Nigerian dollar millionaires never knew about Bitcoin by that time, because to be honestly speaking, Bitcoin only started to become popular in Nigeria in 2019, 2020 and 2021 majorly as a trusted asset people could confident put their money in it and be sure of its safety here in Nigeria. However, let's not also forget that the inflation which affected our currency is another factor that might have also contributed this this, because you definitely can't compare in 2015 when a single dollar was worth around #180 Naira to today that that same single dollar is now worth #1380 per $1. Because all these are also factors to consider, rather than just putting all blame on failure to investing in Bitcoin, because it's no doubt, Bitcoin is the best asset to invest in for long term investment profit potentials

[Tonimez]

Let's paint a scenario. What if you were in their shoes. A millionaire in dollars as at 2015. Would have Bitcoin be part of your investment portfolio? And if yes, what percentage of your wealth would you have allocated to it and if no, why?

I will say that most people who missed investing in bitcoin in the early stages of the 2010 to 2015 must have done that out of fear of the unknown and due to the fear of getting scammed. Many people did not believe I'm bitcoin in the early days even those millionaires in dollars who were taking various risks never wanted to try bitcoin since they never understood it. The breakthrough that would have happened in bitcoin if they had invested in it could have been tremendous. Several reasons could have made them miss the opportunity especially about not wanting to lose their money. Now, inflation has caught up with everyone and proved that bitcoin was a better asset than Real estate so far. This will be a lesson for everyone to learn from because we will still wake up one day to see bitcoin at $1 million and we will still wonder why people refused to invest now that bitcoin is cheaper.

[TrialBitcoin]

As of 2015, not many Nigerians were into bitcoin so it is unrealistic to think that any millionaire would have chosen to invest in bitcoin at that time. Besides, business men needs money all the time to run their businesses which means that if they had invested in bitcoin, they may not have hold it till today. They would have sold it long time ago and use that money to invest in their businesses.
      Some of the business men I know do borrow money from banks to finance their businesses, so don't think that because they are millionaires that they will always have discretionary income all the time.

I agree with this. Looking at today’s Bitcoin price and assuming everyone who had money in 2015 would have held until now ignores how businesses actually operate. Most business owners need liquidity to restock, expand, pay workers and handle emergencies. Even if some had bought Bitcoin early, many would have sold during previous bull markets to fund their businesses or other investments. Wealth doesn’t automatically mean having unlimited discretionary income.

[Mr_Brilliant$]

Most of the wealthy folks won't have know Bitcoin will make that return. But what they could have done is take a risk to actually see what will happen. Like dedicating a percentage of their wealth to it. I am not saying at that time, you can know whether it will make such return.. But risk is part of life and we shall embrace it. Mainly looking at it, preserving wealth carry some kind of risk. But the main thing is to risk your appetite..