POV; How would Bitcoin respond to recession in Nigeria 🧠

[Agbamoni]

Who else remembered the 2020 recession and Naira inflation? The casue and what triggered it..? Nigeria’s GDP fell by –6.10% within 6 months before regaining positive growth of +0.11%, marking the end of recession.

Did you noticed as of that time, the Bitcoin trading volume in Nigeria grew significantly, see proof below;


Source to read full detail and chart

Was this a test to Bitcoin's behavior during period of recession? Yes.

In recession period, people that ones gain interest in traditional banks and traditional stock will have no option than to go into Bitcoin. Also the cost of sending money to our loved ones in the diaspora through traditional financial institutions will be high. Bitcoin will be faster way to make quick transaction. Again, people will be motivated to shift their investment into Bitcoin.

In summary, recession in Nigeria will push for more adoption. Let me hear what you guys think, am I missing something?

[Felicity_Tide]

Who else remembered the 2020 recession and Naira inflation? The casue and what triggered it..? Nigeria’s GDP fell by –6.10% within 6 months before regaining positive growth of +0.11%, marking the end of recession.

I honestly didn't and haven't still noticed that we were once in an era of recession, and eventually came out of it. Things hasn't even changed much, except for the fact that things are getting way worse. I sometimes doubt the figures that the government and the media present to us. Though, 2020 was a terrible year for most countries in general as far as global economy is concerned. But a lot of third world countries suffered more.

In summary, recession in Nigeria will push for more adoption. Let me hear what you guys think, am I missing something?

Of course, it should, considering the fact that Bitcoin's adoption rate has improved, and it's still improving. It doesn't even have to be in recession times,  because the state that we're in currently doesn't seem temporary. Things keep getting worse, so we should of course expect to see more transitions. Mind you, it has nothing to do with solving the economic crisis. But as far economical decline is concerned, Bitcoin's adoption should definitely increase.

[Moreno233]

In summary, recession in Nigeria will push for more adoption. Let me hear what you guys think, am I missing something?

Nigeria entered recession since the time of Mohammadu Buhari as president and since then we have not practically gotten out of recession apart from those reports of political booming economy by APC which we all know are lies. I think Bitcoin have been the best alternative for Nigerians since our currency started dying as a result of the recession and later devaluation. The only option we have now is to buy more Bitcoin and hold to be protected from the recession and inflation that is ravaging our economy.

[BIT-BENDER]

In summary, recession in Nigeria will push for more adoption. Let me hear what you guys think, am I missing something?

Nigeria entered recession since the time of Mohammadu Buhari as president and since then we have not practically gotten out of recession apart from those reports of political booming economy by APC which we all know are lies. I think Bitcoin have been the best alternative for Nigerians since our currency started dying as a result of the recession and later devaluation. The only option we have now is to buy more Bitcoin and hold to be protected from the recession and inflation that is ravaging our economy.

You are right mate Nigeria has been in recession for a very long time and it's been a while the Naira had any stability I think Nigerian has responded positively towards Bitcoin as a way out of the recession.
But what I understand now is that it is not only the poor or average that has began to adopt Bitcoin I strongly believe the very rich and even the corrupt politicians who put the Naira in a recession area also saving up in Bitcoin.

[Agbe]

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You are right mate Nigeria has been in recession for a very long time and it's been a while the Naira had any stability I think Nigerian has responded positively towards Bitcoin as a way out of the recession.
But what I understand now is that it is not only the poor or average that has began to adopt Bitcoin I strongly believe the very rich and even the corrupt politicians who put the Naira in a recession area also saving up in Bitcoin.

That's true with the Nigerian economy undergoing recession and charactarized by high inflation rate in the past four to five years now. Bitcoin is a good source of help which has made Nigerian to cushen the effects of the recession and inflation, Bitcoin has really become one source of hope to Nigerians because you can see people from different class who believes in the power of Bitcoin to change their economic situations around key into Bitcoin by way of investing.

[Agbamoni]

Nigeria entered recession since the time of Mohammadu Buhari as president and since then we have not practically gotten out of recession apart from those reports of political booming economy by APC which we all know are lies. I think Bitcoin have been the best alternative for Nigerians since our currency started dying as a result of the recession and later devaluation. The only option we have now is to buy more Bitcoin and hold to be protected from the recession and inflation that is ravaging our economy.

If I admit to your definition of recession we can all agree that Nigeria has always been in recession. But we need to know the difference between inflation and recession. Currently Nigeria is affected by inflation, it has always been like that every year. However, as for recession, No!, we are not in a recession.

From the recent yearly GDP data, we have escaped recession by 4.23% increase year-on-year. From 2023-2025.

[SatoPrincess]

I think the market movement in that time had more to do with Covid than anything else. The whole world was in a pandemic, bitcoin price crashed to 5k or less. People were indoors mostly, and spent more time on the internet. It’s no surprise that many learnt about bitcoin in that time period and invested what they could. But to answer your question, I will say yes because when the economy is down the average Nigerian mind intuitively goes to how to hedge against the inflation and stay afloat.

[fredericktaylor]

I think the market movement in that time had more to do with Covid than anything else. The whole world was in a pandemic, bitcoin price crashed to 5k or less. People were indoors mostly, and spent more time on the internet. It’s no surprise that many learnt about bitcoin in that time period and invested what they could. But to answer your question, I will say yes because when the economy is down the average Nigerian mind intuitively goes to how to hedge against the inflation and stay afloat.

It is true that the price of Bitcoin was affected during Covid. At that time, when the common man had to spend most of his time indoors, people were more dependent on the internet because the only way to spend time was the internet, spending time was the main purpose. At that time, many people came to know about Bitcoin and many bought Bitcoin thinking about the future, this is true. During Covid, the overall economic situation was in recession, then the common man started thinking that they should invest their money somewhere so that they could escape inflation, many people bought Bitcoin thinking about this at that time. However, those who bought Bitcoin at that time and held on to it thinking about the future are successful today.

[Cryptohygenic]

In summary, recession in Nigeria will push for more adoption. Let me hear what you guys think, am I missing something?

Make e no be say na only Nigeria this kind protocol of diverting stable currency way dey devalued over recession shaa but every other countries way crypto dey friendly and the citizens too get high knowledges about bitcoin unto say e get inflation edges.
And as a matter of fact, bitcoin is not just a currency for payments but also with the potential to store values again inflation which is promising to be an asset.

[Donneski]

I agree that economic pressure pushes more people toward Bitcoin but I also think it’s a double-edged sword. If a truth, Bitcoin helps preserve value and makes remittance easier but hope we're aware that during recessions, people also have less disposable income to invest? What we might see is increased interest in Bitcoin rather than mass buying. However, it's important to note that economic happenings like recession boosts awareness and long-term, that’s just as valuable.

[Achalugo BTC]

This is the exact reason Bitcoin is often addressed as a safe haven.

In times that the traditional financial system and the economy of a country is failing, of course people, businessmen, politicians, investors and many other would definitely sort for ways to protect their assets from inflation, a lot of people at point where dumping the naira for Bitcoin and other assets that would likely protect their assets from diminishing overnight.
Not just in Nigeria, this is equally happening in the global economy too.