Post
Topic
Board Nigeria (Naija)
Re: Dollar increase
by
Mayor of ogba
on 26/01/2024, 01:05:04 UTC
But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates
An increase in the dollar does not affect the bitcoin rate; it will only make you buy less bitcoin because the naira has fallen and the purchasing power has also reduced. For instance, when the dollar was trading against the naira at 730 Naira per $1, you could use 7300 Naira to buy $10. Now that $1 is trading at 1400 Naira per $1, you will use 14000 Naira, which could make you buy less bitcoin.