What I think about buying and keeping USDT/BUSD due to our recent bad economy.

[odunybiz]

Due to the presence Nigeria economy, we are really battling with a bad and unstable economy. USDT or BUSD price keep fluctuating with our unstable economy. I think one could take the advantage of this to make some money. With this, keeping USDT or BUSD can be another way to make money in the crypto space. Not up to two months now, I remember I sold my USDT around #780. Today it's now been trade around #940. Imagine, one has bought 1000 USDT or BUSD at #780 and selling now at #940. Let's calculate the profit

At #780, 1000 USDT or BUSD gives #780,000
At #940, 1000 USDT or BUSD gives #940,000

Profit= #940,000- #780,000 = #160,000

That means #160,000 will be made as profit in less than 2 months. This may look small but remember you can't lose all your money when compare to shitcoin risk. Although this doesn't come often but I think one can take the opportunity anytime the value goes down to a reasonable level.

CONCLUSION: No one pray for our economy to continue this way but I don't see things being corrected easily as our government is been run on dialy basis. Now in Nigeria, buying USDT or BUSD to keep is far better than buying a shitcoin. Although it may not give much profit like those shitcoin but it can save you from shitcoin scam. No matter the case may be, you hardly can lose all your money with buying and keeping USDT or BUSD but you can easily lose more than thousands of dollars on shitcoin if good research is not made on the project you invested in.

***Remember this isn't a full financial advice.***

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[crwth]

I am having quite a hard time understanding what you are trying to say. I thought it was USDT and BUSD pairs, but it's with your fiat.

Do you mean NGN? You are pairing it with USDT-NGN and BUSD-NGN

I think you should clear it out in the post because USDT/BUSD means USDT-BUSD to traders and the fluctuations are not that big there.

I saw this and it gives you nearly the price that you are talking about which is ~780
https://www.coinbase.com/converter/busd/ngn

It's best to keep and hold to what you think won't affect your economy since you are thinking about that. I think that's pretty bold and smart to do.

[Davidvictorson]

It's best to keep and hold to what you think won't affect your economy since you are thinking about that. I think that's pretty bold and smart to do.

Simple and straight advice. Hold bitcoin or USDT, or save your naira in a dollar account. Any person who don't so any of these things will watch as their wealth in monetary terms diminish. This is the time for Nigerians to be both smart savers and smart spenders. 

[DaNNy001]

It's best to keep and hold to what you think won't affect your economy since you are thinking about that. I think that's pretty bold and smart to do.

Simple and straight advice. Hold bitcoin or USDT, or save your naira in a dollar account. Any person who don't so any of these things will watch as their wealth in monetary terms diminish. This is the time for Nigerians to be both smart savers and smart spenders. 

Exactly my broda, now is just the perfect time to actually save and hold your money either in Bitcoin or usdt as all of dey see the serious rate at which the dollar dey gain over the naira. I have been shocked since when I discover that 1 usdt is equivalent to almost 950naira, I mean just imagine the big increase and it's believe that this rise will continue so saving your money in naira is almost like spending your money spiritually because you cant know the exact figure since depreciation is what the naira is best known for

[Dr.Bitcoin_Strange]

Already, there are some big-time investors that have kept a huge amount in fiat, and I think it's a smart move because the NGN is losing value against USD, people can just buy USD, but the question is, what would they be doing with the USD? Rather than buying USD, the person can just keep accumulating their Bitcoin on a DCA. People who can buy your idea @OP are Nigerian investors who have a lot of money.

For example, someone can have $100k, and after buying a bitcoin worth $40k, they can just decide to hold the USD instead of exchanging it for NGN, as its value will drip. But for someone who just has $10, they should just invest it in BTC because the value of Bitcoin will also grow and they might buy it at a high price with their small capital.

[Smartvirus]

Watin you Dey talk OP na the FX market and it’s already a very big business in our today society. The difference be say, you Dey reference in crypto but of course, USDT and BUSD are stable coins way Dey pegged with dollar so yeah, nothing change much but the issue here be say, there is supposedly a physical dollar equivalent for every USDT and experience in the crypto space don tell us say, this na just scope way the project put to make people get some kind comfort about our investments.

Now, you gats understand say, the project fit dump or jakpa so, na risk kwa and true true, the rate at which naira Dey fall and dollar Dey rise no be small thing o, na watin person way sabi fit take advantage of but, if you ask those people way Dey run the dollar market, them go still tell you day, make you no hodl for long. Use the same approach, USDT no be bitcoin.

[Charles-Tim]

Although I have some stable coin like USDT and USDC, but this does not mean that they are safe. Remember that they are backed by United States dollars. Backed by something does not mean they can not be depegged. It is better to have domiciliary account which is safer, instead of having stable coins.

[CryptoHeadlineNews]

At #780, 1000 USDT or BUSD gives #780,000
At #940, 1000 USDT or BUSD gives #940,000

Profit= #940,000- #780,000 = #160,000

That means #160,000 will be made as profit in less than 2 months. This may look small but remember you can't lose all your money when compare to shitcoin risk. Although this doesn't come often but I think one can take the opportunity anytime the value goes down to a reasonable level.

I guess what you meant is that #160k have already been made and not "will be made", because by using the phrase "will be made" it looks like whoever invest $1000 when Naira is back at #780 will surely make #160k in less than 2 months, which is not so, as what we are facing now is cause as a result of change of government and economic instability in our country, which started after the removal of fuel subsidy by president "Bola Tinubu". So, however, USDT and BUSD remain the best place to keep your funds if you don't want it to lose value as time goes on.

[Agbe]

It's best to keep and hold to what you think won't affect your economy since you are thinking about that. I think that's pretty bold and smart to do.

Simple and straight advice. Hold bitcoin or USDT, or save your naira in a dollar account. Any person who don't so any of these things will watch as their wealth in monetary terms diminish. This is the time for Nigerians to be both smart savers and smart spenders.  

Exactly, you have said my mind. What is the need of investing in usdt when bitcoin is around. Op you would have used one which is USDT and not BUSD. You analysis is confusing. But we thank God for the profit. And you can't compare USDT to shitcoins. USDT is far better than shitcoins. But if that money was invested in bitcoin, you would have get more profit than the USDT profit. Well bitcoin investment has more risk than USDT. USDT is more stable than bitcoin

[Abu-Naim]

CONCLUSION: No one pray for our economy to continue this way but I don't see things being corrected easily as our government is been run on dialy basis. Now in Nigeria, buying USDT or BUSD to keep is far better than buying a shitcoin. Although it may not give much profit like those shitcoin but it can save you from shitcoin scam. No matter the case may be, you hardly can lose all your money with buying and keeping USDT or BUSD but you can easily lose more than thousands of dollars on shitcoin if good research is not made on the project you invested in.

***Remember this isn't a full financial advice.***

You think buying BUSD or USDT go be the solution? Because this Naira to Dollar value no they always they stable, and our government they try unified the value so if you buy USDT BUSD and the Nigerian government come succeed to give Naira value you will be at lost.

E go better if we invest in BTC direct so that if the price of BTC go up wella person go gain better money even if Dollar drop.

[Sim_card]

CONCLUSION: No one pray for our economy to continue this way but I don't see things being corrected easily as our government is been run on dialy basis. Now in Nigeria, buying USDT or BUSD to keep is far better than buying a shitcoin. Although it may not give much profit like those shitcoin but it can save you from shitcoin scam. No matter the case may be, you hardly can lose all your money with buying and keeping USDT or BUSD but you can easily lose more than thousands of dollars on shitcoin if good research is not made on the project you invested in.

***Remember this isn't a full financial advice.***

You think buying BUSD or USDT go be the solution? Because this Naira to Dollar value no they always they stable, and our government they try unified the value so if you buy USDT BUSD and the Nigerian government come succeed to give Naira value you will be at lost.

E go better if we invest in BTC direct so that if the price of BTC go up wella person go gain better money even if Dollar drop.

No be lie @Abu-Naim,but I no come think say this our government go fit do such thing because na mouth them just dey use talk am and I never see anything wey go unify Naira to stable for long. Saving in bitcoin is the best idea because of its volatile nature,but if you be person wey dey spend weekly,you fit convert your fund to USD keep for your domiciliary account and anytime we you won spend make you go withdraw from there and no just touch your bitcoin assets because of the volatile nature. We see how bitcoin price drop recently, if you go sell any fraction of your bitcoin, you don run at loss.

[Mate2237]

The bad economy can not give you an advantage to make money from USDT. And it is only the bear market of cryptocurrency can give the the opportunity to buy and sell it when the bull market spring up. And selling of #780 which is equivalent to 1000 USDT as that time of two months and you sold it today at the rate of #940 is possible if the market is rising every day.

Op your calculation is some help confusing. You said that, u sell your 780# as of then but that the same price now is 940# so where the #160,000 is coming from? If i am not mistaken, even the so called USDT is also categorize as shitcoin. So it is not better off. And the good one to buy is even BTC and not USDT.