Bitcoin Investment In Nigeria Rises By 5%

Despite the cryptocurrency losing $562.93bn of its market value in 2022, Nigerians’ investment in Bitcoin grew by over five per cent.

The market cap of BTC has dropped from $875.94bn as of December 2021 to $313.01bn as of November 20, 2020. Also, prices have fallen from $46,306.45 to $16,291.83 within the time under review.

However, Nigerians have continued their BTC investment by more than five per cent, according to one of the major peer-to-peer exchanges in the nation, Paxful.

This year the general market capitalisation of the crypto economy lost over $1tn in 2022.

Paxful executive noted that Nigerians has the largest country based on trade volume and said that trading volume in the country grew by over 5 per cent y-o-y from January through September (looking at 2022/2021 data).

Earlier in the year, BTC trade from the nation had reached about N171.50bn ($400m) within the first six months of 2022. Also, Nigerians traded N428.75bn worth of BTC in 2021.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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