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Thursday, 13 July 2017

Factor that Affects The Price Of Bitcoin In a Country


The Main factor that affects how much a bitcoin is sold in a country is the value of its currency. Simply put, if the value of a currency high then the price bitcoin is sold in that country will not be too high. Lets take a case study of Nigeria

BITCOIN IN NIGERIA

Sometime in June 2017, bitcoin was sold 1.4million naira in Nigeria. It was also noted that within this period of time Dollar to Naira exchange rate was at 1 USD for 350NGN.This simply means that, the naira value in the market was low. 


But a significant change occur in July 2017. Just about 30 days later, Bitcoin was sold at 910,000 (Nine hundred and ten thousand).

It was also noted that within this period of time Dollar to Naira exchange rate was now 1 USD for 314NGN. This means that there was an increase in value of naira.

The same applies to any country around the world when it comes to buying and selling of bitcoin.

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