Bitcoin price speculation (BTC/NGN), and USD.

[Charles-Tim]

It's true  though. but it can only be favourable to Bitcoin adopters. I think this is another way of massive Bitcoin adoption. This will serve as a warning to the government to remove the ban placed on Bitcoin and use it as a legal tender just like El Salvador.

Nigerian government did not ban bitcoin. CBN banned bitcoin and other cryptocurrencies.

But the funny truth here is that, having your fund on Bitcoin or usdt can only maintain the value of your money against the falling Fiat. But doesn't mean you have made profit, except Bitcoin rises. Because as fiat falls against dollar so price of commodity increases to meet the current status of your money in usdt. for example the goods you bought at #1040 yesterday today would be bought at #1142. So the only difference is that you have save yourself a lost of 1142-1040=102naira

Yes, that is correct.

Bitcoin is undervalued and its price will still rise. Also if the price neither rise nor fall, you may not gain but your money do not depreciate in value like naira.

Fiat refers to naira, dollar and the currencies that the governments of each countries are making from nothing and manipulating it.

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[CryptoHeadlineNews]

It's true  though. but it can only be favourable to Bitcoin adopters. I think this is another way of massive Bitcoin adoption. This will serve as a warning to the government to remove the ban placed on Bitcoin and use it as a legal tender just like El Salvador.

Yes, I agree with you say with the depreciation of our Naira currency, it can create a massive adoption to people who don't want their money to lose value, but I don't think will be of any warning to our government.

Having your fund on Bitcoin or usdt can only maintain the value of your money against the falling Fiat. But doesn't mean you have made profit, except Bitcoin rises. Because as fiat falls against dollar so price of commodity increases to meet the current status of your money in usdt. for example the goods you bought at #1040 yesterday today would be bought at #1142. So the only difference is that you have save yourself a lost of 1142-1040=102naira

Yes, it's true on what you said that as the value of our Naira falls against dollar, so do the price of commodity increases to meet the current status of our money, but at least you stand at better advantage to someone whose fund just kept in fiat.

For example, imagine someone whose salary has been #100,000 month for the past 5years, and a forum member who has been on a signature campaign for same past 5 years and earning $50 consistently, because you will notice that while the salary of a civil servant remains constant from year's to year's, the value for the money for people earning in dollars increases as the value of dollars keeps increasing. (i.e imagine you were earning $100 while the value was #700/$1, that is #70,000) and now that the value has increased to #1140/$1, that will be #114,000). Which is an added advantage, making it possible for you to be able to cope with an increase in the price of commodities in the market.

[Bitcoinpoly]

It's true  though. but it can only be favourable to Bitcoin adopters. I think this is another way of massive Bitcoin adoption. This will serve as a warning to the government to remove the ban placed on Bitcoin and use it as a legal tender just like El Salvador.

Yes, I agree with you say with the depreciation of our Naira currency, it can create a massive adoption to people who don't want their money to lose value, but I don't think will be of any warning to our government.

Having your fund on Bitcoin or usdt can only maintain the value of your money against the falling Fiat. But doesn't mean you have made profit, except Bitcoin rises. Because as fiat falls against dollar so price of commodity increases to meet the current status of your money in usdt. for example the goods you bought at #1040 yesterday today would be bought at #1142. So the only difference is that you have save yourself a lost of 1142-1040=102naira

Yes, it's true on what you said that as the value of our Naira falls against dollar, so do the price of commodity increases to meet the current status of our money, but at least you stand at better advantage to someone whose fund just kept in fiat.

For example, imagine someone whose salary has been #100,000 month for the past 5years, and a forum member who has been on a signature campaign for same past 5 years and earning $50 consistently, because you will notice that while the salary of a civil servant remains constant from year's to year's, the value for the money for people earning in dollars increases as the value of dollars keeps increasing. (i.e imagine you were earning $100 while the value was #700/$1, that is #70,000) and now that the value has increased to #1140/$1, that will be #114,000). Which is an added advantage, making it possible for you to be able to cope with an increase in the price of commodities in the market.

With this current issue in the country I think the best thing to do is just to put your money in digital currency. Talking about profit too there are some exchanges that offers gives you up to 7% APR for your savings. That can also be an added advantage instead of saving in banks where the FIAT will eventually drop.

[Hatchy]

Well I know say most of una go don see the lastest btc price update today, as Bitcoin don touch 35,000k and dey within l the 34,498k-33,700k price range.

 This one na better joy for many of us here as na the highest wey we don see since the past 14-15months now. My question now be say weather dis bull movement go waka try pass 35k? Or e fit still drop?. I Sha know say we fit dey expect to see more rise for market any time soon 40k no far again.

[Charles-Tim]

Naira has continued to fall, it has recently increased to ₦1250. The last time I saw it which was yesterday, it was around ₦1170, but now above ₦1250.

Not only that, we all know that bitcoin continue to increase. On the parallel market, bitcoin today is almost ₦44 million. I remember that we recorded ₦22 million when we started this thread few months ago.

The recent increase in bitcoin aside the naira devaluation has been because of the bitcoin spot ETF that many bitcoin investors are optimistic about and buying bitcoin.

I saw it on the news few days ago that more than 76% long term investors are not selling.

I saw it today on the news that the exchange outflow has increased as bitcoin price surged recently. This is indicating bullrun as investors are not selling but holding bitcoin on wallets as they moved it from exchanges.

[sokani]

Well I know say most of una go don see the lastest btc price update today, as Bitcoin don touch 35,000k and dey within l the 34,498k-33,700k price range.

 This one na better joy for many of us here as na the highest wey we don see since the past 14-15months now. My question now be say weather dis bull movement go waka try pass 35k? Or e fit still drop?. I Sha know say we fit dey expect to see more rise for market any time soon 40k no far again.

E dey sweet my belle as Bitcoin price don push further to the 35k and I know say the crypto community too dey very happy concerning the price surge. But I know no if Bitcoin go really climb further to 40k, but even if e go up, I dey sure say e go come down, maybe to 32k - 34k because we never enter the bull season. Wetin dey cause the price surge na the news say Blackrock dey about to trade their spot Bitcoin (IBTC) as dem just list am for Depository Trust and Clearing Corporation (DTCC), dey wait for SEC approval. Bitcoin halving and Spot Bitcoin trading na the reasons wey people dey feel say Bitcoin price go fit reach $150 - 200k during the bull season.

[Richbased]

This one na better joy for many of us here as na the highest wey we don see since the past 14-15months now. My question now be say weather dis bull movement go waka try pass 35k? Or e fit still drop?. I Sha know say we fit dey expect to see more rise for market any time soon 40k no far again.

E dey sweet my belle as Bitcoin price don push further to the 35k and I know say the crypto community too dey very happy concerning the price surge. But I know no if Bitcoin go really climb further to 40k, but even if e go up, I dey sure say e go come down, maybe to 32k - 34k because we never enter the bull season. Wetin dey cause the price surge na the news say Blackrock dey about to trade their spot Bitcoin (IBTC) as dem just list am for Depository Trust and Clearing Corporation (DTCC), dey wait for SEC approval. Bitcoin halving and Spot Bitcoin trading na the reasons wey people dey feel say Bitcoin price go fit reach $150 - 200k during the bull season.

Well it is really a good and sad news at same time because the increase in price of bitcoin is also gonna affect other coins and moreover for us in Nigeria you know what it gonna mean, our naira will still depreciate and the prices of goods, commodities and services will still skyrocket so the more you earn the more you spend as well, well it's a good news for those of us that stored bitcoins in our wallets

[Charles-Tim]

Well it is really a good and sad news at same time because the increase in price of bitcoin is also gonna affect other coins and moreover for us in Nigeria you know what it gonna mean, our naira will still depreciate and the prices of goods, commodities and services will still skyrocket so the more you earn the more you spend as well, well it's a good news for those of us that stored bitcoins in our wallets

I understood what you meant by the more you earn in naira the more you spend, but the depreciation of naira price has nothing to do with the price and value of bitcoin and altcoins that are increasing. Nigerian government are incompetent enough to let Nigeria have good economy that would be enough to make naira not depreciate the way it. For those that have money in bitcoin already, they are not affected but benefitted.

[Doan9269]

Well it is really a good and sad news at same time because the increase in price of bitcoin is also gonna affect other coins and moreover for us in Nigeria you know what it gonna mean, our naira will still depreciate and the prices of goods, commodities and services will still skyrocket so the more you earn the more you spend as well, well it's a good news for those of us that stored bitcoins in our wallets

I understood what you meant by the more you earn in naira the more you spend, but the depreciation of naira price has nothing to do with the price and value of bitcoin and altcoins that are increasing. Nigerian government are incompetent enough to let Nigeria have good economy that would be enough to make naira not depreciate the way it. For those that have money in bitcoin already, they are not affected but benefitted.

For the benefits of those that earn in USD, they are a way forward because they will emerger this same increase on the value of their money when converted to naira, but considering those that does not have a means of earnings in USD and only depends on naira to exchange it for USD, they may suffer in buying imported items because of the inflation rate, those that are badly affected are the average Nigerians who does not make use of USD in buying and selling but only depends on naira as their earnings.

Every other commodities in the market will inflate in price while there's nothing increasing from what they are generating as salary or overhead income, if this prolonged then we may be scared of getting an increased poverty rate together with many forms of crime which the average youths may engage in other to make their survival through, government should look into this because the poor and average citizens are the ones bearing the cost to this.

[Coyster]

Naira has continued to fall, it has recently increased to ₦1250. The last time I saw it which was yesterday, it was around ₦1170, but now above ₦1250.

Yeah, and the thing is, there is no sign of slowing down in sight, we could prolly see $1/1500 naira before the end of this year, the Naira is depreciating so fast whilst the cost of living and prices of commodities continues to skyrocket. If the government doesn't do something about local production of goods and services as well as making better economic policies, in a few years the Naira might be amongst the world's top weakest currencies.

The recent increase in bitcoin aside the naira devaluation has been because of the bitcoin spot ETF that many bitcoin investors are optimistic about and buying bitcoin.

I notice say many people dey really expect something unprecedented as per the price of Bitcoin if spot ETF happen during the time wey halving go happen, even people wey i know don dey buy and hodl Bitcoin and once we enter next year, the number of people wey dey buy and hodl go also increase. I no know wetin go happen, but na to join the optimism, but make sure say you no go buy wetin you no fit afford to lose and also no borrow money or use money for other important things take go buy Bitcoin.

[Roseline492]

Naira has continued to fall, it has recently increased to ₦1250. The last time I saw it which was yesterday, it was around ₦1170, but now above ₦1250.

Looking at the rate at which the Naira is depreciating against dollars is something else oo, and with the way is seriously dropping there is a chance of dollars reaching 1500 naira very soon, although in as much as most people that invest on Bitcoin will be happy seeing the dollar rising against naira, there are also people who will be suffering because as dollars is rising against naira that's how the price of goods and commodities will also be increasing were as making things very difficult for people.

So what are the measures that most be put in place for the government to revive our dear naira.?

[Charles-Tim]

For the benefits of those that earn in USD, they are a way forward because they will emerger this same increase on the value of their money when converted to naira, but considering those that does not have a means of earnings in USD and only depends on naira to exchange it for USD, they may suffer in buying imported items because of the inflation rate, those that are badly affected are the average Nigerians who does not make use of USD in buying and selling but only depends on naira as their earnings.

But as naira value declined, there is persistent rise in the price of goods and services. Which means that those that are earning in naira will also have no option than to increase the price of the goods they are selling or the services they are rendering. Those that earn in dollar will first be happy, but the increase in the price of goods and services makes it like they do not make any profit. The people I always think that might be affected are people working under someone in a way the boss will not increase their salary in time. For buyers and sellers and people that are collecting wages, they increase the price of their goods and services asap.

[Doan9269]

For the benefits of those that earn in USD, they are a way forward because they will emerger this same increase on the value of their money when converted to naira, but considering those that does not have a means of earnings in USD and only depends on naira to exchange it for USD, they may suffer in buying imported items because of the inflation rate, those that are badly affected are the average Nigerians who does not make use of USD in buying and selling but only depends on naira as their earnings.

But as naira value declined, there is persistent rise in the price of goods and services. Which means that those that are earning in naira will also have no option than to increase the price of the goods they are selling or the services they are rendering. Those that earn in dollar will first be happy, but the increase in the price of goods and services makes it like they do not make any profit. The people I always think that might be affected are people working under someone in a way the boss will not increase their salary in time. For buyers and sellers and people that are collecting wages, they increase the price of their goods and services asap.

You're right, at the end, everyone remain affected either directly or indirectly, just that the in-depth of how we are all being affected differs from each other, that aside, still on this exchange rate, today am able to discover that naira isnfast going to dunghill if care is not taken and this time, am seing that $1 = #1,279 what exactly is happening, with the rate it's going, we are heading towards #1,500 per dollar if care is not taken before the end of the year, i wonder what the government are doing, instead of things getting better, they are rather going worst with he economy, are the people to be blamed or the government.

[CryptoHeadlineNews]

Well it is really a good and sad news at same time because the increase in price of bitcoin is also gonna affect other coins

Point of correction my friend, an increase in the price of Bitcoin is only going to affect other coins in the positive way, and not negative, as so will the price value of other coins increase when the price of Bitcoin increases.

and moreover for us in Nigeria you know what it gonna mean, our naira will still depreciate and the prices of goods, commodities and services will still skyrocket so the more you earn the more you spend as well,

No No No.. It seems you are contradicting two different scenarios, that is, "when the price of Bitcoin increases"
And "When the value of a fiat currency appreciates to dollar", of which what we are experiencing here in Niaja na the depreciation of our Naira currency to dollar, which initially was at #1000/$1 but as of today, it's now #1260/$1, and as such make the prices of goods increase too, unlike when the price of Bitcoin increases e.g from $27,000/1BTC to $30,000/1BTC, and yet the prices of goods is still the same.

[Coyster]

So what are the measures that most be put in place for the government to revive our dear naira.?

Na only our opinion we fit give on wetin dem suppose to do, but at the end of the day, na the federal goverment and the CBN get the power to implement the policies wey go change the situation of things in the country. Imo, i think we need to work on our local production, so that we go fit dey export goods and attract foreign investors too, see as our refineries no dey work, yet the government no dey do anything about am. Local production of goods go also create employment for a better economy.

[Charles-Tim]

i wonder what the government are doing, instead of things getting better, they are rather going worst with he economy, are the people to be blamed or the government.

I will blame the government because they are the leaders. The economy is affected with inflation and people are not having confidence in naira again as the value is depreciating all the time, but what was started by the government.

Imo, i think we need to work on our local production, so that we go fit dey export goods and attract foreign investors too, see as our refineries no dey work, yet the government no dey do anything about am. Local production of goods go also create employment for a better economy.

It is just like this country is cursed. There are a lot of things that our government are not concerned about. See the news I read recently that Nigerians have the lowest access to electricity in the world.

Nigeria has the lowest access to electricity globally,

It would be like the government are doing something about it, but what we would be noticed after few years again is the government low effort.

They do not care about many things, including refineries which are not working. Lack of electricity can result to low production and it can discourage business to be in Nigeria.

[Majestic-milf]

So what are the measures that most be put in place for the government to revive our dear naira.?

There's a lot wey the govt go fit do for our naira but the question nah Dem go do am? I don't see any reason why the naira will be depreciating against the dollar and all the president can say is "he understands the pain the country is going through but all will be well" but nothing is being done to that effect, instead nah to dey borrow we still dey on. We get plenty natural resources wey dey useful for the GDP of the economy yet we choose to depend on only oil; and no be like say we dey see any change the oil dey bring because we go carry am give the whites, dem go com sell am give us back.
Imagine say we get a natural resources like lithium yet we dey suffer. If we begin they export all these coupled with our cash crops, the economy go balance and condition the naira go grow but no, we govt no go gree unto say them fit no dey use the naira.

Na only our opinion we fit give on wetin dem suppose to do, but at the end of the day, na the federal goverment and the CBN get the power to implement the policies wey go change the situation of things in the country. Imo, i think we need to work on our local production, so that we go fit dey export goods and attract foreign investors too, see as our refineries no dey work, yet the government no dey do anything about am. Local production of goods go also create employment for a better economy.

The question we need to ask ourselves nah are these our leaders growth oriented? Because them no go tell me say all these areas, them no fit touch on am. If I can remember vividly, China was once a 3rd world country until Deng Xiaoping (1904-1997) came and changed the economy by unleashing the creative and enterpreneurial potential of the Chinese. If we continue to put corruption for front, e no go tey, our #1000 no go fit buy food wey person go fit chop belleful.

[Out of mind]

We haven't seen the Bitcoin market so high in the past two years that we've seen in weeks. Where the value of Bitcoin reached the highest in 2023 touched $35000. It is good and happy for those who have invested for a long time, and they are waiting for the bull market ahead with the aim of profiting. As we are currently seeing positives from Bitcoin, we are motivated to see Bitcoin hit $40k by the end of the year.


BTC/USDT - BTC1 = $34531

The value of one bitcoin has increased greatly in Naira, where the amount of money previously compared to bitcoins is higher. The price of Naira has also gone up a lot with the increase in the price of bitcoin, when the price of bitcoin was low in the market, the price of Naira was also low, but now it is much higher.


BTC/NGN - BTC1 = ₦39,620,931

[Charles-Tim]

The value of one bitcoin has increased greatly in Naira, where the amount of money previously compared to bitcoins is higher. The price of Naira has also gone up a lot with the increase in the price of bitcoin, when the price of bitcoin was low in the market, the price of Naira was also low, but now it is much higher.

I was not tracking the price of bitcoin vs naira before until I created this thread, so I do not know if what I am about to post is correct or not. I saw it on Cointelegraph that bitcoin has gotten to all-time-high in some countries, and Nigerians is one of the three countries mentioned.

Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey

This may not be correct because the all-time-high I saw on Coinmarketcap was ₦51 million but bitcoin even in the black market has not gotten as high as that recently.

I noticed recently that naira that was ₦1310 to $1 as increased in price against dollar few days ago. $1 to naira today is around ₦1150. Bitcoin to naira is around ₦40 million in the parallel market.

[Doan9269]

It's not funny that many aren't talking about the current ongoing fall of USD over Naira, as at today, the excha rate for $1 is  #985 the whole show started as at Wednesday while Thursday loud it all when i discover Naira is exchanged at 1135 as at yesterday, now the USD is crashing and Naira is gaining strength and momentum towards rising back and fighting against the US dollars, what are we seeing to this, let discuss the probably expectations with this current happenings under the following highlights.

1. Will Naira maintain it resistance against dollars for long.

2. Is this a trick to render the market vulnerable in other to rise back beyond expectations in subsequent days.

3. Is the exchange rate feasible to to bafk to 1300 or beyond this year or Naira is raising a dorminance against USD for long.

4. Considering the festive period approaching, we know hiw things normal appears being expensive because of high demand, should we expect contrary or worst base on the excha rate.

5. Will there be deflation upon every market commodities and items already inflated at the cause of USD exchage rate to Naira when it was 1300