Wiwo (OP)
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October 20, 2023, 07:11:13 PM |
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Is no longer news that the current Nigeria 🇳🇬 naira value against the United States dollar 💸 has skyrocketed to a record high of ₦1200, many of those who are not well grounded in Assets management and currency pricing due to a lack of global currency statistical knowledge or information in regards to currency volatilities.
this thread discussion should be focused on the statistical analysis of the current market situation and how best we can apply the DCA approach to stay at gains using the naira vs the USDT and thereafter USDT vs BTC.
Current market prices
BTC= $30k USDT =₦1200
Basic price analysis considering the currency's weaknesses against each other.
From the above market conditions, Bitcoin is the highest gainer in the market and at that, we use Bitcoin as the primary asset and use the bought price of 25k taking into account data of price as at 6 days cycle (1week).
Many within the country Nigeria may be blaming the current naira value against the US dollar on bad economy or governance, but then even the US dollar also is depreciating rapidly against other currencies such as bitcoin, so let's take off the mindset of internal economy and make only statistical analysis taking into account all data and components, that make up for the global exchange price movement and how the global currency pricing run as a chain.
Taking advantage now to DCA your bitcoin looks to be the best approach right now if you are a short-term bitcoin market speculator using Nigeria's naira as your primary currency,
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Charles-Tim
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October 20, 2023, 07:53:34 PM |
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I created similar thread which is about speculation on the price of bitcoin and naira, and on the thread we are relating it to United States dollar as well to get the better picture of what we are discussing. Although I created it for BTC/NGN. This thread: Bitcoin price speculation (BTC/NGN)I created the thread for people to understand how naira is highly depreciating, to the extent that when bitcoin decreased in dollar, it may not or may not that decreased in naira, and later appreciate and increased more. I think the two threads is kind of related and I may find it difficult to discuss on this thread as I would have discussed something similar on that thread, but let us see how it things turn out. Likely I will also be active on this thread if possible.
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Wiwo (OP)
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October 20, 2023, 09:30:51 PM |
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Edited out
Nice I have also commented on that thread you mentioned before, but the this thread is more of an approach than it is a speculation and also a substantial DCA analysis of the current currency market as it relates more on a global scale other than internal currency valuations. The thread mentioned is about BTC vs Naira, and is speculative in nature, which is somehow related to this thread but not the same in terms of statistics and forecasts.
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Dr.Bitcoin_Strange
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October 20, 2023, 10:23:56 PM |
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There was a thread I came across on the economic board relating to the depreciation of the naira. First, I never knew it had even gotten so bad, because the last time I checked, I think it was still around ₦950 or ₦980 to $1, but after I saw that thread, I went and checked and was shocked to see $1 - ₦1150, which today is about ₦1166 thereabout, not yet ₦1, 200 on binance. I think that DCA Bitcoin with naira is not wise. Let's take, for instance, someone who has about ₦20 million and wants to gradually invest it in Bitcoin. Maybe before he even invests up to 20% of that money in Bitcoin, the exchange rate might have even gone higher than what it is, say $1- ₦2000 by then. Well, by all means, I think keeping the dollar now is more preferable to the naira or buy Bitcoin once you get the naira.
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Franctoshi
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October 21, 2023, 03:04:26 AM Last edit: October 21, 2023, 03:11:41 PM by Franctoshi |
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There was a thread I came across on the economic board relating to the depreciation of the naira. First, I never knew it had even gotten so bad, because the last time I checked, I think it was still around ₦950 or ₦980 to $1, but after I saw that thread, I went and checked and was shocked to see $1 - ₦1150, which today is about ₦1166 thereabout, not yet ₦1, 200 on Binance. Due to the dramatic fall of the Naira, I now put the currency on a watchlist, the worst case is that even during the day you would be surprised after you check the price and go back a few hours later to check again, there is a significant price change, I was even shocked seeing price yesterday at $1/1168 and going back 1 hr later to see the price at $1/1220, per USD, insane right?. Is no longer news that the current Nigeria 🇳🇬 naira value against the United States dollar 💸 has skyrocketed to a record high of ₦1200, many of those who are not well grounded in Assets management and currency pricing due to a lack of global currency statistical knowledge or information in regards to currency volatilities.
The Naira is right now on a free fall as it keeps depreciating against the US dollar, if pull a chart of USD/NGN you would know why the naira is on steady bleeding, coupled with the fact that investors no longer have confidence in Nigeria (FUD) due to the present administration policies and its certificate saga and a lot of other things that also contributed to this.
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Wiwo (OP)
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October 22, 2023, 08:36:28 PM |
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The Naira is right now on a free fall as it keeps depreciating against the US dollar, if pull a chart of USD/NGN you would know why the naira is on steady bleeding, coupled with the fact that investors no longer have confidence in Nigeria (FUD) due to the present administration policies and its certificate saga and a lot of other things that also contributed to this.
But then also have we stop to ask ourselves what are the current global currency strength and how best we can handle the situation on a global scale, because it is not only the naira that is failing against other currencies, if you check the various currencies. Even the US dollars also lost or value to other stronger currencies like Bitcoin and gold in the last week so the global economic scale right now is in a state of shambles which is something that is not only peculiar to NiG naira alone but how best do we benefits of from this situation even though the internal inflation is going high daily.
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Charles-Tim
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October 22, 2023, 08:52:36 PM |
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I think that DCA Bitcoin with naira is not wise. Let's take, for instance, someone who has about ₦20 million and wants to gradually invest it in Bitcoin. Maybe before he even invests up to 20% of that money in Bitcoin, the exchange rate might have even gone higher than what it is, say $1- ₦2000 by then. Well, by all means, I think keeping the dollar now is more preferable to the naira or buy Bitcoin once you get the naira.
You can not DCA naira. It is called NCA. NCA means naira cost average. If you are not a trader that often convert bitcoin to stable coins and back to bitcoin frequently, and you are receiving your salary or your wage in naira, that is called NCA, because if you want to buy bitcoin, you are buying it with naira. As for now, I will still point to the fact that bitcoin is undervalued and buying it right now is better. If anyone is receiving naira as salary or wages, NCA would be better because it is not too late to join the train of next bull run.
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Wiwo (OP)
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October 24, 2023, 04:06:58 PM |
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As for now, I will still point to the fact that bitcoin is undervalued and buying it right now is better. If anyone is receiving naira as salary or wages, NCA would be better because it is not too late to join the train of the next bull run.
I agree with you on this, most especially those who receive huge amounts as salaries for the month and are looking for where to stock up the money, buying Bitcoin with the naira will become the best thing for them most especially Bitcoin vs other stock or real estate because at the moment since Bitcoin is still undervalued and the internal inflation rate have weakened the strength of the naira, it means that investing in assets such as Bitcoin becomes the greatest thing to do to secure a financial future. Moreover, even though the dollar which value have been used to judge the strength and value of the Nigeria naira, it still remains that the dollar is also weak against Bitcoin and that could be seen in the value of Bitcoin against the Dollar and the various all-time high markets that Bitcoin have experienced, this makes it obvious that holding bitcoin is much more valuable in the long term compared to even holding the United States dollars as a Nigeria.
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Cryptomultiplier
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October 24, 2023, 05:21:25 PM |
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As far as am concerned buying BTC with Naira may not be a good idea for those who earn big salaries or don't earn salaries but have large cash, because it may be seen as laundering, if the trading of Naira for BTC is regular as done with a DCA strategy or NCA in this case the financial regulators may be in to get a share.
If one is someone who gets a notification via email or text or any other means that fraudsters could gain access to their personal details, the notification of continuous BTC purchase from Naira is sure to be a hot target and where no good safety protocol is observed in keeping safe the wallet, it becomes a big problem for the investor.
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Charles-Tim
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October 25, 2023, 07:32:17 AM |
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As far as am concerned buying BTC with Naira may not be a good idea for those who earn big salaries or don't earn salaries but have large cash, because it may be seen as laundering, if the trading of Naira for BTC is regular as done with a DCA strategy or NCA in this case the financial regulators may be in to get a share.
What I think is that most of you earn in bitcoin and thinking people are not buying bitcoin and other cryptocurrencies in naira or NCAing. As Nigerians adopt cryptocurrencies, do you not know most people are purchasing the coins using naira. If one is someone who gets a notification via email or text or any other means that fraudsters could gain access to their personal details, the notification of continuous BTC purchase from Naira is sure to be a hot target and where no good safety protocol is observed in keeping safe the wallet, it becomes a big problem for the investor.
Scam or hack is not about buying in naira. If you do not avoid scam and hack and you have nothing to do with naira, there is high probability that you will be scammed or your wallet will ne hacked.
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Doan9269
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October 25, 2023, 11:49:10 AM |
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this thread discussion should be focused on the statistical analysis of the current market situation and how best we can apply the DCA approach to stay at gains using the naira vs the USDT and thereafter USDT vs BTC.
As we can see that the market is fast rising in exchange rate of usdt to naira, this means taking opportunity to get an investment opportunity in USD will be of great benefits because by next week now we don't know what may turns out on the exchange rate, the idea is on two basis now, exchage rate is fast increasing and then bitcoin is also pumping in price, this is my own take in this present situation, if you're going long then take advantage in making investment as you can afford, if you're into trading, DCA is the best pattern to go about for now because you're going on a short position.
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Wiwo (OP)
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October 27, 2023, 04:35:43 PM |
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this thread discussion should be focused on the statistical analysis of the current market situation and how best we can apply the DCA approach to stay at gains using the naira vs the USDT and thereafter USDT vs BTC.
As we can see that the market is fast rising in exchange rate of usdt to naira, this means taking opportunity to get an investment opportunity in USD will be of great benefits because by next week now we don't know what may turns out on the exchange rate, the idea is on two basis now, exchage rate is fast increasing and then bitcoin is also pumping in price, this is my own take in this present situation, if you're going long then take advantage in investing as you can afford, if you're into trading, DCA is the best pattern to go about for now because you're going on a short position. At the moment Nigeria is trading against the dollar in the parallel market and just like the BTC gain and trying to establish a resistance price of around $34k-$35k, and the Nigeria naira made some gain against the dollar by relying on around the #1250 value, this shows that the United state dollars hard a bad market against both currencies and bitcoin still remains the highest gainers for the week closing at Friday.
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Charles-Tim
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October 27, 2023, 10:18:01 PM |
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if you're going long then take advantage in making investment as you can afford, if you're into trading, DCA is the best pattern to go about for now because you're going on a short position.
Going long means to open a long position in the derivative market. Going short means you open a short position in the derivative market. They are both used in trading. Also DCA is used while referring to investment, buying bitcoin at certain time, like weekly or monthly. At the moment Nigeria is trading against the dollar in the parallel market and just like the BTC gain and trying to establish a resistance price of around $34k-$35k, and the Nigeria naira made some gain against the dollar by relying on around the #1250 value, this shows that the United state dollars hard a bad market against both currencies and bitcoin still remains the highest gainers for the week closing at Friday.
$1 was around ₦1146 in the parallel market right now. But I am not expecting anything better and I do not believe in naira. I only see this as retracement.
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Wiwo (OP)
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October 27, 2023, 11:04:04 PM |
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$1 was around ₦1146 in the parallel market right now. But I am not expecting anything better and I do not believe in naira. I only see this as retracement.
Yep that is just a short term market action and I am sure that the value of the naira will slump further as long as dollar keep losing its value against other assets like Bitcoin because this all have a direct impact on each other and why Nigeria's naira case seems and look to be worst is because of the already weaken currency system that we have, and the naira market is still trying to recover from the attacks that were propelled against it by the central with the failed currency swap scheme that ended up as a big exit scam from the then CBN governor. I don't and will never consider holding the naira unless for bill payments, and aside from that I also don't have can't in the air to even have a saving in it.
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