Cryptocurrencies have become extremely popular and relevant, all over the world, in the last 12 months, with more and more people and businesses looking to enter this sector. Ownership of cryptocurrency tokens such as Bitcoin has become almost a status symbol, largely due to Bitcoin’s price has jumped from around $5,000 to over $55,000 in just 12 months. Other than the obvious increase in wealth that this has brought for early adopters and those who owned crypto before this rally began, it has also served to put a spotlight on the entire industry. More people are now interested in learning about cryptocurrencies and blockchain than ever before, while businesses are investing in research on these topics, to try and find ways to utilize these technologies to improve their own operations. Blockchain has a lot of potential in this regard, while cryptocurrencies may have served to bring digital currencies into mainstream economies all over the world. The popularity of cryptocurrencies has also brought celebrities and top businessmen to invest in crypto or just gain more knowledge about the subject. Many of them have also been putting their own money into the sector, and one such artist is the Nigerian hip hop artist Davido, who has revealed his intention to create a bitcoin trading platform.
Davido had put out a tweet a few weeks ago to this effect, which created a storm of publicity, especially in Nigeria, where cryptocurrencies are extremely popular, making the country one of the biggest crypto adopters in the world. With this tweet, he joined the list of world celebrities who support cryptocurrencies, with fellow African musician Akon already having set up his own cryptocurrency token, Akoin, which will be used at his planned city in Senegal.
Davido had already partnered with Bitsika, a Ghanaian crypto payment platform, back in October 2020, where he would promote Bitsika’s app to his social media followers as part of the agreement. With over 8 million followers on Twitter and Instagram, Davido has a considerable presence on social media, especially in African communities, and so his tweets and posts caused a large surge in traffic to Bitsika’s platform, showing his influence. Thus, many observers believe that his intention to launch a bitcoin trading platform will have a similar effect if it does see the light of day, with many people ready to begin using it from day one. Crypto influencers in Nigeria have a maximum of around 400,000-500,000 followers, which are dwarfed by Davido’s followers, and therefore his interest in the crypto space is a big step towards increasing engagement and popularity in the country. It is far more likely that someone on social media will hear about crypto
from a celebrity tweet or post, then one from a crypto influencer, and so support and investment by the likes of Davido, Akon, and others will play a big role in increasing visibility for different crypto projects, platforms, and apps.
Nigeria is already one of the largest cryptocurrency markets in the world, and even though the central bank is now clamping down on crypto trading and ownership, this does not seem to have dampened the demand for crypto in the country. Therefore, if Davido’s plans to create a bitcoin trading company do come to fruition, he can expect a lot of demand right from the start, due to the country’s obsession with cryptocurrencies, as well as his own social media following, which has already shown how he is having a big influence in terms of cryptocurrency trends on those social media sites.