Bitcoin hits $60,000 in THIS country…Why and What next? – CryptoNewsTo

Bitcoin hits $60,000 in THIS country…Why and What next?

The Bitcoin price reached well above the $20,000 mark in the past few weeks. But in Nigeria however, this price is a bargain. Because there, Bitcoin is traded at a price of more than $40,000. Why did this happen and what does it mean for the future of Bitcoin?

Bitcoin course Nigeria

Where is the Bitcoin rate in Nigeria?

The Bitcoin price has a certain market price. This market price reflects how the bitcoin is valued against certain FIAT currencies such as US dollars and euros. However, this does not mean that Bitcoin can be obtained at this price in every region of the world. 

Because if the demand for Bitcoin in a certain region increases massively, then the price in this region could rise sharply. Such is the case on the crypto exchanges of the most populous country on the African continent. There, the Bitcoin price reached more than $40,000, with peaks even at $60,000. 

Why is bitcoin trading at up to $60,000?

The reason for the massive “value gains” of bitcoin is the demand from Nigerians. They do not want to accept the country’s new central digital currency, the eNaira. Due to the lack of interest from the population, the government has restricted cash withdrawals.

Bitcoin course

Old banknotes are to be exchanged for the eNaira by February 10th. This is causing a bit of a panic in the country, and people are looking for new ways to keep their money’s worth. Search queries for terms like “buy bitcoin” on Google have exploded in the past few days. An average price of $38,000 has been established for peer-to-peer platforms. 

exchange comparison

What does this development mean for the Bitcoin price in Europe?

We have to keep in mind that the Bitcoin course is always only an exchange rate against a FIAT currency. If a FIAT currency loses value, then of course the equivalent value for the Bitcoin also increases. This was the case most recently, when the euro reached parity with the US dollar. In this case, the dollar and euro exchange rates were the same.

Bitcoin course

Should the euro lose value in the future, the price will rise more for us in Europe than in the USA. We use the US dollar in pricing as it is the reserve currency for the entire FIAT world. The interest rate hikes by the ECB were unavoidable after the interest rate hikes in the USA. 

Ultimately, we need to realize that Bitcoin has value per se and it can very well act as a store of value against a potential FIAT currency decline. A situation like Nigeria could be closer to Europe and the US than we think.

CryptoTicker Podcast is HERE!

Every Wednesday, you can tune in to the Podcast on Spotify , Apple and YouTube. The episodes are perfectly tailored for a duration of 20-30 minutes to quickly and effectively familiarize you with new topics in a fun setting on the go.

Subscribe & never miss an Episode

­­­­­Spotify– ­­Amazon – ­­Apple – ­­YouTube

Recommended posts

You might also like

More from Bitcoin News

Crypto REVIEW for January 2023 – will February continue to be GREEN?

In this article, we review Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. We also mention 2 cryptos that have an interesting …

What is the Bitcoin CME gap?

Trading Bitcoin can follow many strategies. Do you use FA or TA? Are you a day trader, swing trader, scalper, …

Crypto Prediction for BTC, ETH and MATIC for Feb 2023…Not to MISS!

Saying that a specific cryptocurrency is going “to the moon” is never enough. Let’s analyze Bitcoin, Ethereum and MATIC for …

Source link

One thought on “Bitcoin hits $60,000 in THIS country…Why and What next?

  1. Bravo on the article! The content is insightful, and I’m curious if you plan to add more images in your upcoming pieces. It could enhance the overall reader experience.

Comments are closed.