The bitcoin has been making all kinds of gains this week. Jumping in value amazingly by almost 10% the currency has done the best over this past week than the naira in years. Considering the low risk you take of devaluation with the Bitcoin, the recent price increase has come as welcome news to many who considered the stable price a negative future. Long term holders as well as short term investors have woken up over the past day or so seeing their assets increase considerably in value as putting the prices into perspective at the start of the week prices were stable at figures of around $440 compared to prices which are ranging from $520 upwards. This illustrates just how simple holding a bitcoin over the week could have made you around $80 with no active investing.
On the other hand the Naira did remain fairly stable staying at around the 200 per USD mark. This has remained the norm but the black market has seen a huge increase over the past month thriving off higher prices particularly enforced on petrol. considering the risk the Naira has of becoming devalued currently it seems the CBN is the only institution holding the fiat currency afloat.
To conclude the Bitcoin has clearly proved its worth to investors and casual holders alike. It is still possible that the price will continue to rise as the bitcoin halving is a matter of weeks away. This event essentially will reduce supply increasing demand and natural market prices will change to reflect these events. The NairaEx exchange allows for easy purchase of Bitcoin and currently analysts give it a buy signal as there is plenty of headroom for potential increase in value. Comparing the Naira to Bitcoin it is fairly clear to see how the Bitcoin has proven to be a valuable source of profit and stability as this week both scenarios were seen further exemplifying bitcoins use as a storage medium for wealth.