Nigeria’s P2P Bitcoin Trades Continue to Soar Despite Crypto Ban

Nigeria’s peer-to-peer Bitcoin trading continues to soar.
It is up by over 16% despite the country’s central bank ban.
The price of Bitcoin (BTC) continues to climb steadily.

Nigeria’s citizens continue to show their faith in Bitcoin and cryptocurrencies. In detail, the country’s peer-to-peer (P2P) Bitcoin trades have continued to rise. Specifically, the P2P Bitcoin trading in Nigeria has gone up by over 16%.

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To highlight, this is a significant statistic as it shows that the people of Nigeria have continued to use Bitcoin despite the central bank enforced ban from last year.

From the tweet above, we can see that the post had quite some engagements. In particular, the post came from Bitcoin Archive — a market insight and commentary online newsletter.

This newsletter often keeps a watch on all things Bitcoin (BTC) that could significantly affect the community or the price of the asset itself.

Certainly, the increased use of Bitcoin is likely a good sign for the crypto world as a whole. In fact, the crypto industry was in a rut of sorts as of late. However, it seems the market is steadily showing signs of a rally.

As seen in the comments on the tweet, it seems most crypto and Bitcoin believers are waiting for the price of BTC and other cryptos to explode soon.

Most crypto experts and analysts were expecting to see the price of Bitcoin reach $100,000 before the start of 2022. Meanwhile, others expect to see the price of Bitcoin surpass $100,000 by the end of 2022 Q1 or by the start of 2022 Q2.

Considering the current buzz in the crypto space along with the rising prices of various cryptos. This expectation may not be so far off. After all, it seems Nigeria still has faith in Bitcoin, despite its central bank’s decision.

All over the world, central banks are starting to accept the use of cryptos, perhaps with the popularity of Bitcoin in Nigeria, they too may reconsider. At the time of writing, the price of Bitcoin is $42,486.74. This is a 17% increase over the last two weeks according to CoinGecko.