Bitcoin Hits N20.7m as Naira Rises Despite Forex shortfalls

Bitcoin Hits N20.7m as Naira Rises Despite Forex shortfalls

  • Bitcoin bounced back on Friday, December 24, 2021, at a N20.7 million price increase despite governments around the world trying to clampdown on it
  • Nigeria's currency also gained against the US dollar to close at N414 per dollar as Forex flow reduces
  • Former US president, Donald Trump said there is going to be an explosion in cryptocurrency, warning that it is 'a very bad thing'

Resilient Bitcoin

Despite global opprobrium, Bitcoin investors were all smiles on Friday as they went home with a N20.750 million price increase of the cryptocurrency in their kitty.

The cryptocurrency market resumed trading activities on Friday, December 24, 2021, on a great note with a market huge cap, gaining marginally at 0.42 per cent to stand at N992,000 trillion, after it rose above the N20 million mark with a gain of 0.26 per cent to trade at N21.50 trillion, according to a report by Nairametrics.

Read also

NNPC remittances to FG continues to decline as company pays Nigerian government N10.5bn in November

Naira and Bitcoin
Naira and Bitcoin Credit: Chukrut Budrul/SOPA & PIUS UTOMI EKPEI/AFP
Source: Getty Images

Naira continues galloping

However, the exchange rate between the naira and the US dollar closed at N414.73 per dollar at the official Investors and Exporters window.

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

Naira strengthened against the US dollar on Friday, December 24, 2021, to close at N414.73 per dollar, representing a 0.09 per cent gain in comparison to N415.1 per dollar recorded in the previous session. This is despite the significant fall in the volume of forex turnover at the official window. FX turnover dropped by 49.9 per cent on Thursday, December 23, 2021, to N44.7 billion.

Trump weighs in on crypto

Meanwhile, former U.S. President Donald Trump has said that crypto is “a very dangerous thing.”

Trump warned of “an explosion someday” that will “make the big tech explosion look like baby stuff.” He also talked about his new social media platform, Truth Social, and his wife’s non-fungible token (NFT) venture.

Read also

What a Year! 10 best Nigerian Companies for 2021 with a combined profit after tax of over N1trillion

However, Nigeria has been ranked the second country in the world most interested in bitcoin, despite the difficulty of accessing the trillion-dollar crypto locked in the country.

Investors show billions of dollars in account

Meanwhile, has reported that Several Nigerian cryptocurrency investors have shown massive amounts of money running into billions of dollars credited into their wallets in a global glitch that made many momentary billionaires overnight.

After reported a story of Chinedu MacGordon who woke up to a bloated cryptocurrency account, many took to the comment section’s Facebook pages to share screenshots of what they found on their Coinbase wallets.

Many reported a snag in withdrawing the money found in their accounts. Some users saw billions of dollars in their accounts.


Online view pixel