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West African country looks poised to take advantage of $21 billion market. The rate of bitcoin surged to the peak, let's discuss how it has happened!
The africas biggest digital currency exchange BitX reports that the price of a bitcoin has reached $1250 on November 21, 2016. But the global value of a bitcoin is about $740 at the same time the price were increased between 10% to 20% in India only. That is about 899$ according to November 24, 2016.
There is a factor behind the unusual spike in the price of bitcoin in nigeria. i.e Several forex hoarders identified the growing interest of cryptocurrencies among nigierians. So they were brought down and signs to the digital currencies. This makes the nigerian naira to gain strength against US dollar.
Also bitx reports that the trading volumes have increased in its Nigerian operations. In the last week the poular Marketing agency digitXplus reports that teh Nigeria has the highest number of internet users all over the world. And it is ranked at the 9th place I.e The communication commission in Africa reports that there were 97 million unique users. It is clear that the bitcoin revolution is gradually growing in the Nigeria. There is always a connection between internet and bitcoin usage. Bitcoin the internet of money is believed to be of common use among tech-savvy millennials.
The Nigerian bitcoin market will become bigger, if the usage is juxtaposed with the west African country's high remittance level.Globally the attention among bitcoin is increased due to growth in usage. And the lot of organizations begun to accept bitcoin as a payment!. Borderless, open and cheap transactions make it as a possible option for remittance purposes.
According to the world bank, Nigeria has the highest remittance level and it is ranked at fifth after India, china, Philippines, and Mexico. Nigeria has 200 million population and the internet usage among people is also increasing.A United nation organizatoin released a detail about a meeting held at kampala,Uganda. Dr.maureen mapp who is the spearhead of the event told that bitcoin regulation could be crafted in uganda.
The worlds popular cryptocurrency bitcoin has surges to 720 from 640 over the past few weeks. Also, entrepreneurs found that the bitcoins exhibit some promising trends in this year. The volatility of bitcoin price will settle down to 1000$ in the upcoming year. Here are some factors which describe why the bitcoin value will surge to 1000$ in 2017?
Hi this is Sam, Working as Technology advisor and blogger at bitdeal. Having 4+ years of deep understanding and experience in cryptocurrency trading industry. I keep on hunting the new trends and technologies that are related to crypto's as well as blockchain Industry. Stay tuned with me at bitdeal, to get interesting updates regarding bitcoin, cryptocurrencies and other emerging blockchain technologies
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