Last Updated on November 13, 2020 by Ope Quadri
Some Nigerians who abandoned their crypto portfolio are back on trading following the latest surge in the price of bitcoin.
It isn’t just Nigeria, the trend started when BTC surpassed $10K a few months ago, some Indians are doing the same.
In crypto forum, telegram group which was created by one of Nigeria-based crypto platform, enthusiasts could be seen showing excitement about the surge.
At the time of this report, 1BTC is worth $16,228 on major cryptocurrency trading platforms.
In India’s case, a report by Livemint attributed the interest to a recent Indian supreme court decision to overturn a prohibition that barred banks from dealing with cryptocurrency exchanges.
In Nigeria, the Securities Exchange Commission (SEC) a few months back had to back-down on its stringent opposition to the digital asset. It issued a statement on digital asset and their classification, in a move to regulate it.
SEC says crypto platform intending to operate in Nigeria will have to register and pass through its screening hurdle, thereby allowing Nigerians to trade, own, and buy crypto at their own risk.
“I bought bitcoin worth N400, 000 when the price of 1BTC was slightly above $10,000, at above $16, 000 right now, it means a lot to me,” Ayomide, a bitcoin trader told InfomediaNG on Friday.
“The surge in bitcoin prices comes amid a rush for safe-haven assets that are considered alternatives to cash and stocks,” Sumit Gupta, a co-founder and CEO at a cryptocurrency exchange, Coindcx, was quoted as saying by news.bitcoin a few weeks ago.
Crypto analysts believe that “the common investor in any asset class is primarily driven by asset price inflation.”
Most crypto lovers in Nigeria are short-term traders who buy and sell to make a quick profit when the price is favourable at the exchange market. You can use our bitcoin calculator to know how much 1BTC is in Nigerian Naira.
Considering the volume of crypto trade, more crypto trading platforms are finding their way into Nigeria.