Topic: Bitcoin price speculation (BTC/NGN) - page 8. (Read 2236 times)

I believe this naira devaluation increase should be as a result of the CBN's "expansionary policy," which they believe could have helped the increase in value of the naira, but instead their plan goes against them, as naira circulation has increased to its all-time high (I read an article about this circulation increase sometimes last week, but I can't seem to find the link), maybe as a result of pumping in more naira into the system as a result of minimum wage increases in order to meet their target. But this is working sideways for them, as we have more Naira now attached with lesser value.

In order for the government to save our currency, they should restrategize, maybe by providing more dollar liquidity on the parallel market or by any other means of being more productive and reducing the high demand for foreign currency.

Omo.. I'm still not surprised oh, because I saw this coming long time ago that $1 is likely to hit #1000 naira very soon, which it seems our speculated price is already manifesting itself fast even before our speculated timeframe. Because at first when a friend told me today that $1 have hit #900 naira, I thought it was a joke, not until I opened my Binance app, and saw it myself. And with the fast pace at which the value of our naira currency is falling, who knows if $1 will not hit #2000 before December? Because with the way things are going now, saving your money in BTC instead of the bank is the surest way to avoid this inflation, just like I earlier said.

I think the surprise that you are talking about is already here as USDT is now currently exchanging at #918 in the P2P market and 912 on the spot market with all time high on P2P at 920 and sport 914, eh no go take time again for Naira to reach the 1k I doubt eh go even reach month end b4 we see our Naira dy trade 1k.



Yea, it's better to be buying and bagging BTC currently, but it will look more expensive if one is funding their wallet with their Naira card or any means using our local currency, as the price difference between what CBN is trading and the normal trading rate is too high and will discourage a lot of people from buying. Anyone who is uncertain about the BTC price can also buy and hold USDT, as the price flotation is really something else and appears to be profiting.

Galaxy Digital CEO Mike Novogratz told shareholders that Bitcoin ETF is likely 6 months away. I will encourage people to NCA (naira cost average) because the next 6 month is also close to bitcoin halving. If United States SEC approve bitcoin spot ETF, the price of bitcoin will likely go up. BlackRock has the highest number of customers in such business and people will through BlackRock buy bitcoin ETF offer by the company.

Na di lastest price for BTC/USD (T) and BTC/NGN. This is as of today being the 8th of August, 2023.

If naira fall against dollar to the levels wey you don mention, me no go too surprise. The only thing be say that #1,500 per $ for december wey be around 4 months time fit no dey realistic but whether we go hit #1,000 per $ , dat one fit happen. Meanwhile, we no even need to compare bitcoin and naira, naira no dey gain any strength because the government never do anything wey go increase foreign reserve, the economic no dey export, so you see some much naira chasing dollar because people want change am to travel or important something.



Me I no go even advise person to hodl money for dollar because that one too fit crash if government decide to make one stupid announcement wey dem no go follow but bitcoin is not affected by within government talk. However, even dat btc self only good for this time wey we dey expect halving and bull run, apart from that if bear hit someone for bitcoin, na next four years oo. The best na to trade btc after bull. You fit hodl am now because of the bull but we know say correction go happen after sometime.

However, I no sure say guys wey dey here dey feel d inflation like those wey dey outside dey earn in naira on top government bare promise to increase their pepper for the month. As naira dey fall, dollar dey rise. The difference in the increase of dollar dey help take care of the inflation to an extent.

This is correct. We can see how naira has been decreasing in value in the parallel market. It was 842 to 850 when we posted here last, although it increased to $890 around that time and decreased back to $850. I checked dollar to naira price now as of today, it is trading at 900. Bitcoin in dollar at $29200.

The price of bitcoin in naira as of today when I am post this is ₦26,280,000.

I think it would be too early for naira to trade at ₦1500, but we are likely going there. Let see what would happen, but bitcoin is proving to be better than naira for holding.

It simply as a result of the fall in the value of "Naira" that is making no much difference between the two prices of BTC as given above, because like play like play, with the fast pace in this fall in the value of Naira, don't be surprised waking up one morning and seeing $1 selling at #1000, which I'm sure that is likely to occur before next 3months time. And same $1 likely to be trade at #1500 before December.  And on that note, dollar or Bitcoin is the best option to save funds now, for those who want to escape inflation of our Naira currency.

It looks like the Naira is having a close movement with the Bitcoin price, as there seems to be no much of a price difference between when Bitcoin was trading at $29,900 and when the dollar was exchanging at $855 to $1.
Currently, the USDT price of Bitcoin has dropped to $29,065.69 as of the time of this post, and Dollar #881 has shown almost a 3% upward price difference.
leaving the current BTC/NGN trading price at #25,630,790 per BTC.

Anytime there is a significant price difference like what you updated yesterday as naira got more devaluation. Also if bitcoin price moved significantly. But this thread is more about what could lead to rise in the price too or what caused rise in the price of bitcoin, just like naira devaluation, bitcoin ETF, halving etc. It is not compulsory we have to update it daily if there is no good information to add.

Nah say my brain dy pain me abi watin, cuz I remember say I been don see diz reply earlier diz morning, same reply but some part don loss 😏 and the post no dy show like watin dem edit.


I don't know how long we should be updating the price if it's every 24hrs or every price change, be that as it may the current BTC/NGN is #25,640,595 with dollar rate at #855 per Dollar multiply by the current rate which is $29,989

That is true, naira has been more devalued. Holding naira is just a loss for many people. It is not worth it at all. But I see bitcoin at $25,251,000.

Bitcoin is at $29990 as I posted this, naira at 841 to a dollar.

$29990 multiply by $841 fines ₦25,251,580.

BTC/NGN is currently trading at 25,030,082 as of the time of this post which the high value in NGN is as a result of the Naira falling against the dollar which it's rate has gotten to #842 to $1. If this continues will might see 1 Bitcoin to 40,000,000 sooner than we expect as a result of our Naira being devalued over the dollar.

Given the halving effect next year and the ETF by Blackrock that would most likely be approved, I'm sure it would reach that amount and possibly more. This is going to be a major price run-up in recent years.


That price was short lived because the XRP victory news only lasted for so long.

Let us just consider naira because you hold bitcoin and the gain would be the same until you convert back.

After Ripple Labs won the case, the price of cryptocurrencies began to increase. According to what I saw, Ripple increased in price the most while other coins too increased in price. But if you want to prove me wrong, you have to come with what you think caused the bull run.

We are not still very close to halving. Halving still would take 9 months from now before it occurs.

I think bitcoin would be more than ₦40,000,000 by 2024/2025.

This is just a tip of an iceberg and we should expect more coming sooner from the bitcoin market as we are planning on getting out of the dip market before the end of this year, and what the next year rate may get to is what remains unpredictable and we cannot say precisely the rate it will to high but will definitely surge, we don't know as well how long it may take to reach the #40m worth of market price but as being mentioned already that one should keep holding even though not all of us eventually will end up holding for this long.

Well from my studies here, I fit talk say this sudden push up of BTC price is actually normally looking at how close we are to the halving and if you dey follow up correctly you go know say the halving always follows the bull season or the other way round. So if anybody wey get small coins for their portfolio fit say them wan sell na dem sabi cuz na actually him money but if you have vision of what's coming you actually hodl well and forget this small price shoot because the major bomb dey come wey go make you smile well.

The new moved of BTC really renew some holder mind not to sell their BTC than to buy more and, continue holding till d price hit #40,000,000 before dey can sell. But d price of BTC was #24,275,000 over some days before d price increase to #25,751,000, i don't think it bcos of d united state SEC lawsuit against Ripple lab that made d price to increase higher yesterday.

Yeah bitcoin at 25 million plus after having more than 2% increase in the last 24 hours but aside the XRP FOMO and the current reports of big financial institutions moving towards bitcoin ETF, I think the bitcoin to Naira is also greatly affected by the fact that the Naira is down against the dollar. The Naira is trading above 815 against the dollar which also increases the price of bitcoin. So far so good the I and E setting the market hasn’t helped the Naira against the other currencies but with time we shall see

This is a great initiative to have our own local speculation board (+1).

Bitcoin price increased from ₦24,275,000 to ₦25,751,000 yesterday and reached above the year-to-date high. This happened after a United States Federal District Judge ruled that XRP is not a security. The United States SEC lawsuit against Ripple Labs has been since 2020. As yesterday favoured Ripple Lab, people buy cryptocurrencies and they increased in price.