The Nigerian labour ecosystem has had its share of “white-collar jobs.”

In the past, having a white-collar job stood as a thing of pride. Parents would send their children to school and hope that they would end up becoming a doctor or a lawyer. It was synonymous with being set for life and mostly associated with a more comfortable and stable lifestyle.

However, a few weeks ago, when a popular figure defined a white-collar job as the way out to financial freedom among the Nigerian youth populace, his words were met with various contentions. The term “white-collar” which was once perceived to be a thing of pride was met with contentions when mentioned in a conversation among young Nigerians.

What happened? What brought about the change?

In the past, people were comfortable having a white-collar job. In fact, they worked hard to get it. Almost all young Nigerians grew up with the perception of wanting to work in a professional, managerial, or administrative role. And as much as these jobs are still needed in the current economy, they do not seem to have the notion of giving people a comfortable and stable lifestyle like they used to. Advancement in technology has changed the employment landscape, the trend towards automation impacted certain jobs and even the economy itself, has become a contributing factor to the perception of Nigerians about white-collar jobs.

In a recent job market survey by professional resume writers, nearly half of the workers self-reported that they were concerned about losing their employment, with executives being the most worried (66%). According to Layoffs.fyi, nearly 198,000 workers have been laid off this year in the tech sector alone.

These reports are just a few of the many lapses in the white-collar job. How then can it be the way to financial freedom among the Nigerian youth populace? How can it be the key to a financially free life?

The institutors of our legacy financial system would by all means encourage the current system of white-collar jobs. It’s their method of keeping everyone in check. They want you to go to school and have a job that does not make you better off or increase your purchasing power. If all goes well, you will make just enough money to buy the things you already buy, but not enough to get ahead.

The concept of a "white-collar job" would have been relevant if our economy's purchasing power remained consistent with the era when this term was in vogue. However, in today's financial landscape, obstacles are prevalent at every turn. Even if you get a high-paying job, you will possibly remain in the same place you were a few years ago because your money is running along with the tides of high inflation and naira devaluation.

Within the traditional financial system, your welfare takes a backseat. Emphasis is placed on government money rather than your own. Our system is designed to enable the wealthiest and most influential people maintain their positions at the top. The government engage in sufficient measures to ensure that the masses remain content with spending and working just so the elites would continue to get richer and more powerful.

As an American comedian once said, “It’s a big club and you ain’t in it.”

Cryptocurrency- The New Game

In the United States, there’s a concept referred to as “The American Dream.” And over the years, many have built different definitions around it. However, what it means is this: it is an idea that anybody can achieve financial security and social mobility through hard work and smart decisions.

Do you know why it’s called the American Dream?

Because you have to be asleep to believe it.

It's more than just a dream; it's an aspiration. It's an inherent longing within a specific group of individuals to create a better life for themselves. To work hard and keep the fruits of their labour. To own the things that they create. To become what they envisaged.

Isn’t that what brings us to cryptocurrency? Isn’t that what blockchain technology proposes?

The idea of transforming a small investment into a substantial one. The idea of dedicating time, energy, and funds to a greater purpose, with the rewards coming back to us in the form of wealth or increased asset value. The idea of safeguarding our creations on an immutable ledger that ensures our independence. And the idea of having complete control over our financial resources.

None of these possibilities are provided by the traditional financial system or conventional white-collar jobs.

In the traditional financial system, success often depends on knowing the right people through a chain of connections. You have to know someone who knows someone. It involves navigating social and financial networks, establishing ties with those in higher positions, and dedicating decades of our lives to enrich someone else in the hope of satisfactory compensation and, if fortunate, a comfortable retirement.

It's not that the system is inherently rigged against us—or maybe it is. Still, there are many who have managed to progress despite the structural challenges, there are many who have managed to encounter opportunities within the system, there are many who have had a breakthrough into financial freedom within the complexity of the current financial landscape. Yet, the question is: how many?

The established system only rewards those who adhere to its rules. Stray from these rules, and you risk falling below the financial threshold, devoid of opportunities and a clear path forward. Cryptocurrency, however, operates on a different premise. It relies on a decentralized ledger without a central authority controlling the entire system. What it means is this: anybody can create a new game with new rules. Anybody.

But our financial leaders think this is a bad thing. They fear that we might prefer another game, with its own set of rules, over theirs. They fear that we might find the new game interesting and as a result, divert our time, skills, and finances into it.

Recently, a piece of news broke out on the internet. Tolu Williams, the CEO of VersusTrade, made a billion naira on Solana Network just by sticking to his own rules. Events like this underscore the fact that in the cryptocurrency world, you don't need to conform to anyone else's rules to outpace the financial system. You establish your own rules, adhere to them, and forge ahead on your terms.

It's not surprising that certain authorities label cryptocurrency as a scam, exploiting the unsuspecting, deceiving the overly ambitious, and circumventing capital controls. Examples supporting these claims are not hard to come by, given the capabilities of the technology that enable such actions.

At the same time, cryptocurrency emerges as a potential solution to meet the long-standing need for innovative methods of conducting business, ensuring the protection of individual rights, facilitating more equitable wealth distribution, and enabling novel avenues for raising capital. In essence, it presents an opportunity to address the existing gaps and challenges in traditional systems by offering a decentralized and technologically advanced alternative that has the potential to transform the landscape of commerce, financial inclusion, and socioeconomic dynamics.

That's exactly what cryptocurrencies is about and that is what it is set to do.

And yes; it's a whole new game.