When bitcoin was priced at $ 5,000, it was sold in Iran at prices close to $ 20,000 due to the imposed embargo. It seems that the matter is being repeated now with some African countries, especially Nigeria, which had a first in Africa in occupying a wonderful position in crypto, but after the government’s decisions, things seem Trending For The Worst.
The cryptocurrency market is moving with extraordinary speed as many countries try to find Bitcoin or cut its use. The Central Bank of Nigeria (CBN) was among those seeking to boycott the use of advanced resources within the country.
When Bitcoin's value temporarily dropped to $ 55,000 in the spot market, it was seeing a half-bonus of BTC. This high premium brought Bitcoin to an estimated $ 80,000 in the Nigerian market. Meanwhile, various countries, for example, South Africa and Malaysia were seeing another reward.
Curiously, the information showed that Nigeria was one of the best artists in terms of the cryptocurrency movement in 2020. Bitcoin exchange volumes in Africa were among the fastest developing on the planet, with Nigeria ahead of the race. According to the report, the nation has seen a half-expansion in the use of portfolio management since May 2020.
New Information
Meanwhile, Google Trends data also showed that Nigeria has been a leader in Bitcoin in recent days.
While the different regions, for example, Austria, Switzerland and Slovenia were not far behind.
Regardless of which column comes up with the boycott of Bitcoin, digital forms of money have taken a heavy toll in the country.
Reports showed the store was down 70% on the day of the boycott's announcement. The restriction prevented many banks from participating in digital money exchanges, causing damage to stores.
Despite this, this boycott is still under review, and customers in the country will expect and want the boycott to be lifted, given the prevalence of forms of cryptocurrency in the country.
