Bitcoin cannot stop amazing me

[Die_empty]

Currently, many Nigerians are hedging against collapsing local currency the naira by accumulating cryptocurrencies, particular stablecoins and bitcoins. According to recent data,many Nigerians traded over $5 million worth of Bitcoin on the popular P2P trading website Paxful, and LocalBitcoins saw a 258% increase from last week’s data. Despite the fact that banks are forbidden by the central bank from aiding cryptocurrency transactions, many Nigerians nonetheless exchange the digital currency in the peer-to-peer market.

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value? Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Bitcoin would not stop amazing me.

[Upgrade00]

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value?

The trick is to zoom out on the charts.
The naira as with many other fiat currencies have been getting devalued, due to inflation, while Bitcoin has been progressively appreciating in value, making it more of a hedge within a mid to long-term time range.
Of course, there would be intermittent price drops due to the speculative value, but the value always recovers. This is not the same with NGN and many other fiat currencies.

Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment?

The government and banks are against decentralization, so definitely they would be against Bitcoin.
Powerful nations, corporations and individuals can be wrong as well, or they are protecting their interests.
There are also countries, corporations and individuals who are enthusiastic about bitcoin.

You should however, not let others think for you, do you own research.

There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Baseless speculations.
P.S, we don trust here, we verify.

[Die_empty]

There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Baseless speculations.
P.S, we don trust here, we verify.

The deputy governor of Bank of England, Sir Jon Cunliffe, said to BBC, “Their price can vary quite considerably and [bitcoins] could theoretically or practically drop to zero."  Also, John Paulson, president and portfolio manager of U.S. investment firm Paulson & Co said to Bloomberg in an interview “Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies."
https://www.outlookindia.com/website/story/business-news-bitcoins-would-be-worthless-says-bank-of-england/405318
Baseless speculations by these powerful anti-Bitcoin forces have not been able to deter people from investing.

[jackg]

Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

I think all of these are just an individual pushing a narrative on others that just accept it, think it'll be good for media coverage of their company or just have fear of the technology. I don't know if it's the same with a lot of people but particularly older generations get annoyed at younger people using phones until they realise how well connected it's made people and have had to embrace it themselves - crypto might end up in the same category as that.

[Lucius]

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value?

In the long term, Bitcoin will regain its value in relation to fiat currencies, which will continue to have less and less purchasing power because it is something that cannot be prevented, and currently inflation only accelerates the whole process. If you look at the short term, let's remember that just a few months ago 1 BTC was worth less than $18 000, and today it is worth $24 000, which could have resulted in significant profits for some investors.

Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Bitcoin would not stop amazing me.

I assume that in a country like Nigeria, the average person does not live even close to the standard that exists in most developed countries, and accordingly, the average person blames the government, politicians and banks for that. In such an environment, people are more inclined to look for an alternative, and it is more than obvious that they have found it in Bitcoin. Moreover, bans in such cases are even more counterproductive because the more you prevent people from doing something, the more resistance they show, especially if they understand that they want to take away their right to free choice.

The deputy governor of Bank of England, Sir Jon Cunliffe, said to BBC, “Their price can vary quite considerably and [bitcoins] could theoretically or practically drop to zero."

This is the well-known position of the Bank of England, but also of many other central banks around the world, especially in Europe. People who listen to such characters and believe them are nothing more than ordinary centralist followers who walk through life blindfolded.

[Agbe]

I am still waiting for the day I will use bitcoin to buy goods and services in my locality. If Nigerian Government refuse to adopt bitcoin and  with the way I am seeing the massive inflow of users of bitcoin in the country, very soon the users will use it to render the services of selling goods with bitcoin and accepting goods with bitcoin but for now everyone is changing the bitcoin to the fiat currency for the exchanging of goods and services.

And why people are still tripping in to bitcoin even in the midst of the bear market because Nigeria currency is worthless to the dollar. And as it is now. The inflation in the country is very much high that the Fiat currency can not buy a reason thing to anyone. A shirt that was sold $3 in years back now is about $15 to 20 dollar. No reasonable youth will see such thing and stick to the Fiat currency to suffer.

[Upgrade00]

Baseless speculations by these powerful anti-Bitcoin forces have not been able to deter people from investing.

Cause they are baseless speculations.
You should not be listening to banks or financial cooperations about a decentralized technology, when they are promoters of a centralized system.

As I said, do your own research.

[yazher]

Inflation is effective in some parts of the world now and some currencies are getting a massive decline in recent months which doesn't have any guarantee of recovery in their economy won't recover. You see the other countries one after another falling and the start is what we are seeing right now with Sri Lanka and I believe Nigeria is no way better than them because of their huge problem of corruption. This is why people are making some decisions that will gonna amaze us because you cannot blame them while they are just safetying their money through bitcoins because not only they can secure their assets, but they also have a high chance to multiply it when the bitcoins price will rise again.

[CryptoHeadlineNews]

This is just the beginning my friend, so you just have to be ready for more amazement anytime soon, because this was just a warm up, because Bitcoin has come to stay and not going anywhere, so the earlier you stop doubting it, learn about it and understand it, the better for you
But however, at times I wonder what would have been the fate of those living in countries where Bitcoin is banned, such as "Nigeria" without the help of the peer2peer system which has given most individuals the privilege to still access Bitcoin despite been banned by authorities & central bank from processing bitcoin related transactions.. And funny enough, Nigeria (a banned country) happens to be the country with the highest Bitcoin transaction.
But however, here are my view on these statements below

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value?

It is very simple, because thou Bitcoin fell by 70% in the past few days, it still has the tendency to go another 100% to 1000% in the future compared to Fiat currency whose value is stagnant

Why would people choose to invest in a currency that has been banned by the powerful central banks?

Because this currency has the potential to be a better option for long term investment compared to Fiat currency investment

Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment?

Because it saw the tough times and yet still survive with mass adoption and pump in price

There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

This is Bitcoin and not Luna Terra that could be worthless anytime soon because it has got the massive community always ready to invest there funds

[BlackHatCoiner]

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value?

Nigerian naira isn't increasing by about 180% annually on average in the last 8 years. There's no hope that it'll recover. It's a hyperinflated currency that will worth even less tomorrow, and even less the day after that. Bitcoin gives a hope to escape this fraudulent, centralized system.

They don't "invest" into it, in the same way they don't invest when they're buying other currencies. It's just a trade. They switch from one currency to the other.

Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment?

Because people can think critically and simply look on a chart instead of taking the words of every corporation and government that doesn't want their good?

[Uang_kartal]

you're right, I'm also very fascinated by bitcoin. Nigerians give a true example when prices fall and many people are frustrated. But look, isn't this the time to add the right decimal places to fiat money? there was a time when the price went down which made some people panic. to make bitcoin grow it had to be by queuing in the market [exchange rate bubbles and making volume]
I hope other countries provide the same statistics. For me, the nominal from each country will bring fresh air to investors' confidence in exchanging fiat to crypto. There are 2 ways of looking at bearishness. I have taken this moment

[noorman0]

-snip-
How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value?

If it's because of the chaotic political situation, that could be a plausible excuse. Let's say Russia is currently under a lot of post-war sanctions, RUB suffers from the lowest inflation rate of up to 17%. In fact, a drop of 35% is a pretty severe inflation rate for a country's currency. Internal conflicts seem more dangerous to the country's economy.

On the other hand, cryptocurrencies especially bitcoin have proven to be a currency of freedom with high volatility. So the concern about inflation has been accepted and becomes a normal risk even when the value will be zero.

[ChiBitCTy]

I guess you’re listing out all sorts of headwinds that bitcoin faces, in particular where you are from, but pointing out the fact that bitcoin has continued to run strong despite all of these difficulties occurring.  Bitcoin has and drink does amaze me as well. Just when I think it’s facing too much pressure, something new happens that makes up for the negative.

[hd49728]

many Nigerians traded over $5 million worth of Bitcoin on the popular P2P trading website Paxful, and LocalBitcoins saw a 258% increase from last week’s data.

When government goes first with more restrictions, citizens will react by choosing decentralized platforms, peer-to-peer tradings.

Paxful, Localbitcoins are peer-to-peer trading and the growth of trading volume are impressive. I am very curious about peer-to-peer trading volume on Binance from Nigeria. I believe it is on growth too and maybe it is growing faster than on Paxful and LocalBitcoins.

Any growth figure for Binance P2P?

[mk4]

Besides what others have said, bitcoin is obviously not without risk. The point is that you don't need to go 100% into whatever currency (or whatever investment or asset in general). Just place a smart allocation to bitcoin, and probably go mostly with the USD instead of the Naira.

[Rruchi man]

Why would people choose to invest in a currency that has been banned by the powerful central banks?

The answer is simple and it can all be traced back to lack of trust. Lack of trust in the central Banks choice to make the best and a good investment option for you that is truly beneficial and not influenced by government opinion.

 Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment?

There is more access to information now and people know better than to trust and just take anything the media or an individual says without finding out for themselves. Everyone has an opinion about bitcoins, some say it's bad so people say it's a good investment, I say for yourself you do your research and give it a try for investment purpose so you could have your own testimony and decide for yourself if it's a bad investment or good investment, and this is what many people are doing currently in Nigeria, finding out if truly it is a bad investment option as they want to paint it to be, or if it is all a lie.

[Imran232]

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If Bitcoin is an amazing creation for the world, then obviously it will be ready to amaze us in every moment it exists for the world. I know what you are feeling right now, but I have had those feelings since 2017. But yeah, in this current situation when the whole world is facing an economic crisis, a country where people are making $5m worth of crypto p2p transactions is huge news. But it shows us the power of it. No matter how much time it takes from us, it can show us its wonder in every moment. I'm hoping for some good news.

[Moeda]

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value? Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Bitcoin would not stop amazing me.

Some countries prohibit Bitcoin transactions, others support it. A few banks ban cryptocurrencies, but most others support cryptocurrencies.
If we examine further, the local currency is worse than Bitcoin. Bitcoin is valid in almost all countries, while local currency is only valid in certain countries. Belief in Bitcoin is emerging all over the world, and trust is born naturally.
Trust in fiat currency is caused by the state forcing to use the currency, and prohibiting transactions using other currencies that are not authorized by the state. That trust will disappear naturally if there is inflation in a country.
If a country collapses, then the local currency will collapse. If a country collapses then Bitcoin will not collapse.
To tear down Bitcoin is just to tear down the world. Lol
And it's a dream that's still far away.

[The Cryptovator]

You are questioning and you are answering as well. The fact is people know to invest in Bitcoin is risky since it has been dumped hard. It's because of trust, investors trust in crypto and that's what pushes crypto. Bitcoin is backed by even a lot of institutional investors and millionaires. So they have been taking advantage of volatility. Mainly people invest in crypto to take advantage of the volatile, so that they can make some money. Crypto is future investments opportunities, you can't expect instant profits from crypto.

[jossiel]

There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Yeah, those are speculations and the same goes from those speculations that we've been reading about bitcoin reaching $100k or more for the next bull run.

Actually, this speculation has been going around not just for this year.

But if you've been here years ago, you're probably hearing this time and time again and it had never stopped that they keep telling that bitcoin is going to be zero or dead.