How does Nigerian government influences the value and standard of Bitcoin?

[SmartBM]

Hello guys,
I'm new to the Bitcoin Talk forum and had a few questions regarding Bitcoin's value and standard in Nigeria.
I've been wondering how the Nigerian government influences the standard and value of Bitcoin. I've heard that Bitcoin's value can vary across countries, and I'm curious to know more about the factors affecting its value in Nigeria.
Can anyone help me with an insight or point me to resources that discuss:
Nigerian government regulations on Bitcoin
Factors affecting Bitcoin's value in Nigeria
How Bitcoin's value is determined globally
I'd appreciate any information or perspectives on this topic.

[SatoPrincess]

Welcome to the forum. The factor affecting bitcoin price is the law of supply and demand. Bitcoin value is not influenced by Nigerian government. Also bitcoin value is same globally the price however will be in that country’s fiat currency.

[Karl_3000]

The value of bitcoin is not influenced by the government, but it is determined by the demand and supply. If more people buy it, the price will go up as the supply is capped at 21 million which makes it to be limited.

Also bitcoin value is same globally the price however will be in that country’s fiat currency.

The bitcoin price on exchanges are different but just that their differences is very small in a way they will be considered the same.

[SatoPrincess]

Also bitcoin value is same globally the price however will be in that country’s fiat currency.

The bitcoin price on exchanges are different but just that their differences is very small in a way they will be considered the same.

Yes you dey correct. Bitcoin prices for exchanges sometimes dey get small small difference depending on the liquidity on the exchange but OP been Dey ask about countries not exchanges and that na wetin I responded to.

[Slimzeee]

As rightly said by other, the value of Bitcoin is not directly influenced by the Nigerian government, that has alot to do with supply and demand of bitcoin .

However, what I can add is that, indirectly, due to the hardship caused by our leaders, many individuals especially the youth have turned to new means of improving their lives. You wouldn’t believe how many people got into Bitcoin out of a desire to diversify and escape hopelessness, and many of them are doing well today. This is one of the main reasons Bitcoin has such a high adoption rate in Nigeria.

The fall of the naira has also played a role in how our government has indirectly influenced Bitcoin adoption. After all, who would choose a currency that keeps losing value every month over one whose value rivals gold and has the potential to “take you to the moon”?