Topic: Bitcoin price speculation (BTC/NGN) - page 5. (Read 2236 times)

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.

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.

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

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.

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.

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.

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.

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.


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.

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

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.

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.

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

O.M.G... This is indeed really heartbreaking for people still having their funds saved in our Nigerian fiat currency "Naira", because just as the price has kept on depreciating, so will it continue till further notice, because at first when I saw this statement of yours, I never believed it because when last I check the value was still at #1040 per $1, not until I ran to Binance, and could confirm it myself that in just 24hrs the value of Naira to Dollar has fallen by 5.9% just as show below.
 
Hence, in other to avoid this continued inflation, now is the best time for whoever has their funds in a traditional bank to sharperly move such funds to investing in either Bitcoin or a domiciliary dollar account.

Here is very dry. But otherwise is the case as naira value continues to depreciate as usual. Not new anymore that naira has gotten to over $1000 to a dollar, but naira value continued to depreciate further and now at ₦1142 to $1 at the parallel market. Bitcoin also increased even if compared with United States dollar and the price in P2P market is now above ₦32 million. Bitcoin has proved itself to be a hedge against the inflation in Nigeria. Buying now will be an opportunity because its price is still undervalued.

Dollar to naira git to ₦1000 the day the new CBN governor got to office, but I was surprised that after they time, the rate is hanging around ₦1005 and ₦1006 for days until I saw it belong ₦1000, around ₦990. The next day was yesterday that you posted imthis has it got back above ₦1000 and now around ₦995 to ₦997. The volatility has been reduced for now, but I do not have believe in naira and likely possible that some things will occur that may further depreciate the value of naira.

Yes, you are correct. Many of the politicians and rich men knows that naira has depreciating value, they have properties and domiciliary account. Some of them even have foreign accounts and properties. Africans are wise but in a way the Whites are favoured more than their country because they do not have believe in naira.

If I should be earnest about this, Nigeria problem is more than these. And it is like as some people wants rain, some people wants sun. As naira is depreciating, do you know it is the happiness of some people? Especially those that are earning in dollars and those that have money in dollars. Many Nigerians have the mentality to save in dollars and do not have the confidence to let their money to remain in naira, it is like Nigerians dollarizing the economy themselves which is beyond the government capability. Although this started from the government not competent to manage the economy properly.

Our government are disappointment, that is why we need to be wise. Bitcoin  . Especially in time when the price is low.

Early this year, I predicted that, $1 go reach #1000 and some of my guys been dey argue with me and today all of them e don see am finished and nobody fit tok anything again because Tinubu government e don disappoint dem. And now dat $1 is #1000 then it means $1000 is #1,000,000 in Nigeria Currency. And when I discussed this matter in a local boat which I was using to cross a creek and said, Goodluck Jonathan regime was the best in the 21s president in Nigeria omen,boys nearly descend on me. They debunked me and said Goodluck was the worse ever in Nigeria Politics. But in my analysis Goodluck Jonathan time 1$ was #150 and comparing to now, there is a big difference.  Well today bitcoin price is going up and before the year will end it will climb up to 45k$

The current value of Naira have been long expected over a year ago when the united States dollar first touched #700+ at that point the then government made some currency pump to keep the price at that level to avoid touching the 1,000 or above, until after the election and the handing over,  I am glad the current government was smart enough to have pushed off the who possible blames and set ups by the past administration which is recorded as the most economic reckless administration in the history of Nigeria.

Even though a few number of citizens still blame the current administration for removing subsidies not knowing the real muster behind the ball,  it is good for us to have a feel of the reality instead of leaving as a nation on subsidies on everything and depending on importations.

If we can solve those two mentioned issues which are subsidy and importstions then we will be able to position the economy on a prosperous part again.

Well it looks like they don't have anything planned for the naira because as of today, the naira to dollar conversion rate is #1,005. If I were to make a suggestion tho, I feel the government look to pairing Bitcoin with the local fiat just as El Salvador did but that will be a difficult one to accept by them.

 This brings me to believe that most of them are not really affected by the devaluation else better measures would have been thought up.

1 United States dollar is now over ₦1000 today. This is because naira keeps depreciating. Bitcoin also continue to appreciate against naira. The price of bitcoin today is over ₦26 million.

Let us see what CBN is planning, if they are going to divide naira by 100 in a way to increase its price against United States dollar and other fiat currencies.

Even as bitcoin is relatively less volatile, its price continue to appreciate against naira. It is worth holding than naira.

No doubt about that but this naira issue is disturbing. As at yesterday, naira traded at #983 to a dollar but just today, has risen to #993. If cares not taken before the week runs out, we can see it trading at a #1000 and this brings me to wonder what new measure the president will bring to combat this.

What I noticed recently is that the price of dollar to a naira is almost ₦1000. As at today, the dollar is ₦990 to a dollar. Even if bitcoin did not increase in price (I am not saying the price of bitcoin did not increase), its value in naira still continue to increase. Bitcoin is almost ₦26,400,000. Some people said dollar will likely be ₦1000 this year, this is about to happen.

When comparing bitcoin and naira, holding bitcoin has been proven better.

For now, we have to be content with the price for now because I see $30k as too much expectations considering as there hasn't been much ETF approval as of late and there hasn't been any major buy too. RN, it's to just hope that price of Bitcoin will increase rather than do the opposite.
As of time of writing this post, BTC price is; $26,742.50 and so maybe it could cross to $27 or 28k before the week runs out as it did during Sunday through to Monday of this week.