"You need money to make more money." This saying had always felt like just another cliché until recently, when Bitcoin (BTC) surged and appeared on track to reach $100,000. While I’ve been an avid shiller of BTC across social media platforms, my enthusiasm stems more from conviction than personal investment. The reason? I’m not financially buoyant enough to make significant investments. Yes, I’m not ashamed to admit that.
My journey into the world of cryptocurrency began by accident in 2017 through Hive, a blockchain-based platform. Since then, Hive has become my financial lifeline, and I’ve remained loyal to it. Despite powering down my investments a few times to address pressing life challenges, I’ve always found a way to rebuild, thanks to the supportive Hive community that never gave up on me. Their encouragement and solidarity have been instrumental in keeping me grounded.
Apart from writing on Hive to earn rewards, I’ve occasionally capitalized on airdrops to make extra income. Most of these earnings were reinvested into Hive, not Bitcoin. While I admire BTC and its potential, my deep attachment to Hive keeps me from actively investing in the former. To me, Bitcoin feels like a game for the wealthy—those who don’t have to worry about their next meal. Perhaps, deep down, my enthusiasm for Bitcoin is tied to the hope that if BTC succeeds, Hive will follow suit.
So, why am I reflecting on all this now? A recent analysis of the economic situation in Nigeria painted a sobering picture. The Naira, Nigeria’s currency, has been one of the worst-performing currencies globally in recent years. In 2020, the exchange rate hovered around 400 Naira to one US dollar. Today, just four years later, the exchange rate has surpassed 1,700 Naira to a dollar—a staggering devaluation of over 400%. This depreciation underscores the challenges of preserving wealth in such an unstable economic environment.
Now, let’s combine this reality with Bitcoin’s trajectory. Around mid-2020, when the Naira was trading at 400 per dollar, Bitcoin hit its lowest price of approximately $5,000. Suppose someone in Nigeria had one million Naira to spare during this time. At an exchange rate of 400 Naira to a dollar, their million Naira would have converted to:
1,000,000 Naira ÷ 400 = 2,500 USD.
At Bitcoin’s 2020 bottom price of $5,000, this $2,500 could have purchased:
2,500 ÷ 5,000 = 0.5 BTC.
Now, fast forward to today, when Bitcoin has surged to $95,000 (and climbing). That same 0.5 BTC is now worth:
95,000 ÷ 2 = 47,500 USD.
To translate this back into Naira using today’s exchange rate of 1,700 Naira to the dollar:
47,500 USD × 1,700 = 80,750,000 Naira.
In essence, an investment of one million Naira in Bitcoin in 2020 would now be worth over 80.75 million Naira. Let that sink in: a more than 80-fold increase in just four years. It’s difficult to name any other investment that could yield such extraordinary returns in the same period—especially one as relatively stable as Bitcoin compared to the volatile world of memecoins and speculative assets.
This hypothetical scenario highlights the missed opportunities for many individuals, myself included, who couldn’t afford to make that leap. The problem is not a lack of understanding or belief in Bitcoin’s potential but rather a lack of resources to take advantage of it. Bitcoin, for all its promise, requires capital to get started, and not everyone has the financial freedom to set aside money for such long-term investments.
It’s a sobering realization that the ability to build wealth often depends on having enough wealth to start with. For many in Nigeria and similar economies, the daily struggle to make ends meet leaves little room for speculative investments, no matter how promising. The saying "you need money to make more money" feels especially true in this context.
Despite this, I still hold immense respect for Bitcoin as a financial asset and a revolutionary technology. It has proven to be one of the best stores of value in a world where fiat currencies like the Naira continue to lose purchasing power at alarming rates. While I may not have been able to invest heavily in Bitcoin, my belief in its potential remains steadfast.
That said, I also acknowledge that it’s important to strike a balance. I’m not an advocate of starving today to secure tomorrow. Life is unpredictable, and prioritizing basic needs and well-being must come first. However, for those fortunate enough to have disposable income, ignoring Bitcoin's potential would seem unwise. Even small, consistent investments over time could yield significant returns in the long run.
The lesson here is not just about Bitcoin or any particular investment. It’s about the broader reality that wealth-building requires both knowledge and resources. For those of us navigating difficult financial situations, the path to economic stability might involve smaller, incremental steps rather than bold, high-risk moves. Platforms like Hive, with their supportive communities and earning opportunities, provide a viable alternative for individuals like me.
So, while I may not yet be a major player in the Bitcoin ecosystem, my journey in the crypto world has taught me valuable lessons about resilience, strategy, and the importance of making the most of what you have. Whether through Bitcoin, Hive, LEO, or other avenues, the pursuit of financial independence is an ongoing journey—one that requires determination, adaptability, and, yes, money to make more money.