ADVERTISEMENT
TechEconomy
Friday, June 6, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » How Bitcoin’s Fluctuations Impact Nigeria’s Economy

How Bitcoin’s Fluctuations Impact Nigeria’s Economy

Techeconomy by Techeconomy
May 15, 2023
in Digital Assets
1
Bitcoin and Nigeria economy
Bitcoin and Nigeria's currency

Bitcoin and Nigeria's currency

RelatedPosts

Monica app for crypto traders

Crypto is the Future, and Monica is Making it Real for Everyday Nigerians

June 6, 2025

Investment Fraud Alert for Gen Z, Millennials

June 2, 2025

By Olivia Nnorom

Bitcoin has been one of the most talked about digital currencies in recent years, with its value soaring to unprecedented levels. However, volatility is a term that is strongly associated with the cryptocurrency market, therefore it is no surprise that bitcoin experiences significant price drop from time to time.

A drop in bitcoin’s rate is predicted to affect a country’s economy, with Nigeria as a case study, depending on the level of its integration into the system.

In the last one year, Bitcoin has experienced fluctuation in price, moving bearish most of the times.

The coin broke the $30,000 resistance on 10th April, 2023 and then fell 9.42% from May 5 to May 12 to trade at $26,365 per coin.

This fall was traced to Bitcoin congestion issues, rooted in the growing backlog of transactions exacerbated by the network surpassing 5 million ordinal inscriptions, fueled by the arrival of memecoins in the form of BRC-20 tokens, a fungible token standard built on ordinary protocol.

As a result, Bitcoin supply on exchanges fell to a five-year low of 5.84% past week. Crypto analytics from Santiment said that in line with the recent event, there is an indication that long-term holders are increasingly taking self-custody solutions.

Why Nigeria might be affected

Statistics have shown that Nigeria has the highest trading volume of Bitcoin in the African continent and one of the top ten in the world, with many Nigerians trading the digital coin as a means of investments or for remittances.

Also, experts have explained that a fall in bitcoin always leads to a fall in other cryptocurrencies, including Meme coins and Altcoins. This is to say that a fall in bitcoin price could lead to a significant loss in value for Nigerian bitcoin investors.

This is why there could be a ripple effect on the country’s economy, considering that a significant majority of the younger generation rely heavily on financial gains associated with cryptocurrencies from airdrops, mining, investment gains, and staking.

A fall in Bitcoin can hence lead to a reduction in the purchasing power of many Nigerians, and eventually their standard of living.

Additionally, a significant drop in bitcoin value could undermine the efforts of the Nigerian government to diversify the economy and reduce reliance on oil exports.

Also, crypto-based companies in Nigeria will experience a significant amount of loss that could lead to its packing-up. If this happens, there would be loss of jobs which further impacts government’s activities, programmes and plans.

It could also lead to reduced investment capacity as affected Nigerians would not have the financial strength to invest in other sectors.

While there could be negative impacts of digital currencies

The industry presents exciting opportunities for growth, which is why the Nigerian government should address the challenges especially as it concerns its citizens.

One way to do this is through regulation, to strike a balance between protecting investors and promoting innovation in the digital currency sector, by developing a clear regulatory framework that provides certainty and stability for businesses operating in the industry.

Education is also one of the biggest challenges the sector has faced, as many are only interested in the financial gains without understanding how it operates while others are entirely unfamiliar with digital currencies and how they can be used to drive economic growth.

The Nigerian government and stakeholders can, however, collaborate to educate the public on the benefits and risks of the crypto world and how they can be used to drive economic growth.

In the country’s quest to adopt cryptocurrencies, it is important to invest in infrastructural development, as the sector requires robust technology infrastructures to operate efficiently and securely. For starters, it requires payment gateways, storage solutions and exchanges that can support the efficient functioning and the growth of the industry.

In conclusion, while the price of bitcoin could have a significant impact on Nigeria’s economy, the extent will depend on a range of factors that are difficult to predict with certainty.

Also, right measures from the government and stakeholders could shape the response to bitcoin’s price movements in the country.

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: BitcoinBitcoin and Nigeria
Previous Post

M-KOPA Raises $250 Million in Quest to Bolster High-Impact Business Across Africa

Next Post

Figorr to Launch Insurance for Temperature-Sensitive Products with $1.5m Seed Fund 

Techeconomy

Techeconomy

Related Posts

Monica app for crypto traders
Digital Assets

Crypto is the Future, and Monica is Making it Real for Everyday Nigerians

by Techeconomy
June 6, 2025
0

Now in June 2025, the future of finance is already here, and it’s powered by crypto. For thousands of Nigerians...

Read more
Investment Fraud Alert for Gen Z and millennia

Investment Fraud Alert for Gen Z, Millennials

June 2, 2025
World’s Largest Economy

Who’s Really Running the World’s Largest Economy?

May 31, 2025
Dogecoin

6 Ways to Sell Dogecoin in Nigeria Legally and at the Best Rates

May 29, 2025
Bitcoin is Now a 'Safe-Haven Coin' of the Crypto Market, says OCTA

Bitcoin is Now a ‘Safe-Haven Coin’ of the Crypto Market, says Octa Broker

May 29, 2025
MEXC DEX+ Super Fest

MEXC Launches DEX+ Super Fest with Multiple Rewards and Fee Rebates

May 28, 2025
Next Post
Figorr to Launch Insurance for Temperature-Sensitive Products with $1.5m Seed Fund

Figorr to Launch Insurance for Temperature-Sensitive Products with $1.5m Seed Fund 

Comments 1

  1. Pingback: How Bitcoin’s Fluctuations Impression Nigeria's Economic system - Coinpalms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.