POV; How would Bitcoin respond to recession in Nigeria 🧠

[Agbamoni]

Who else remembered the 2020 recession and Naira inflation? The casue and what triggered it..? Nigeria’s GDP fell by –6.10% within 6 months before regaining positive growth of +0.11%, marking the end of recession.

Did you noticed as of that time, the Bitcoin trading volume in Nigeria grew significantly, see proof below;


Source to read full detail and chart

Was this a test to Bitcoin's behavior during period of recession? Yes.

In recession period, people that ones gain interest in traditional banks and traditional stock will have no option than to go into Bitcoin. Also the cost of sending money to our loved ones in the diaspora through traditional financial institutions will be high. Bitcoin will be faster way to make quick transaction. Again, people will be motivated to shift their investment into Bitcoin.

In summary, recession in Nigeria will push for more adoption. Let me hear what you guys think, am I missing something?

[Felicity_Tide]

Who else remembered the 2020 recession and Naira inflation? The casue and what triggered it..? Nigeria’s GDP fell by –6.10% within 6 months before regaining positive growth of +0.11%, marking the end of recession.

I honestly didn't and haven't still noticed that we were once in an era of recession, and eventually came out of it. Things hasn't even changed much, except for the fact that things are getting way worse. I sometimes doubt the figures that the government and the media present to us. Though, 2020 was a terrible year for most countries in general as far as global economy is concerned. But a lot of third world countries suffered more.

In summary, recession in Nigeria will push for more adoption. Let me hear what you guys think, am I missing something?

Of course, it should, considering the fact that Bitcoin's adoption rate has improved, and it's still improving. It doesn't even have to be in recession times,  because the state that we're in currently doesn't seem temporary. Things keep getting worse, so we should of course expect to see more transitions. Mind you, it has nothing to do with solving the economic crisis. But as far economical decline is concerned, Bitcoin's adoption should definitely increase.

[Moreno233]

In summary, recession in Nigeria will push for more adoption. Let me hear what you guys think, am I missing something?

Nigeria entered recession since the time of Mohammadu Buhari as president and since then we have not practically gotten out of recession apart from those reports of political booming economy by APC which we all know are lies. I think Bitcoin have been the best alternative for Nigerians since our currency started dying as a result of the recession and later devaluation. The only option we have now is to buy more Bitcoin and hold to be protected from the recession and inflation that is ravaging our economy.

[BIT-BENDER]

In summary, recession in Nigeria will push for more adoption. Let me hear what you guys think, am I missing something?

Nigeria entered recession since the time of Mohammadu Buhari as president and since then we have not practically gotten out of recession apart from those reports of political booming economy by APC which we all know are lies. I think Bitcoin have been the best alternative for Nigerians since our currency started dying as a result of the recession and later devaluation. The only option we have now is to buy more Bitcoin and hold to be protected from the recession and inflation that is ravaging our economy.

You are right mate Nigeria has been in recession for a very long time and it's been a while the Naira had any stability I think Nigerian has responded positively towards Bitcoin as a way out of the recession.
But what I understand now is that it is not only the poor or average that has began to adopt Bitcoin I strongly believe the very rich and even the corrupt politicians who put the Naira in a recession area also saving up in Bitcoin.

[Agbe]

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You are right mate Nigeria has been in recession for a very long time and it's been a while the Naira had any stability I think Nigerian has responded positively towards Bitcoin as a way out of the recession.
But what I understand now is that it is not only the poor or average that has began to adopt Bitcoin I strongly believe the very rich and even the corrupt politicians who put the Naira in a recession area also saving up in Bitcoin.

That's true with the Nigerian economy undergoing recession and charactarized by high inflation rate in the past four to five years now. Bitcoin is a good source of help which has made Nigerian to cushen the effects of the recession and inflation, Bitcoin has really become one source of hope to Nigerians because you can see people from different class who believes in the power of Bitcoin to change their economic situations around key into Bitcoin by way of investing.

[Agbamoni]

Nigeria entered recession since the time of Mohammadu Buhari as president and since then we have not practically gotten out of recession apart from those reports of political booming economy by APC which we all know are lies. I think Bitcoin have been the best alternative for Nigerians since our currency started dying as a result of the recession and later devaluation. The only option we have now is to buy more Bitcoin and hold to be protected from the recession and inflation that is ravaging our economy.

If I admit to your definition of recession we can all agree that Nigeria has always been in recession. But we need to know the difference between inflation and recession. Currently Nigeria is affected by inflation, it has always been like that every year. However, as for recession, No!, we are not in a recession.

From the recent yearly GDP data, we have escaped recession by 4.23% increase year-on-year. From 2023-2025.