A lot of Nigerians are now looking for ways to protect their money from the falling naira. Two of the most common options are Bitcoin and USDT.
Bitcoin has the advantage of long-term growth, but it is very volatile. The price can rise in a week but also drop badly. USDT on the other hand is stable since it is tied to the dollar, but it doesn’t increase in value, it only protects against naira depreciation.
So the question is, for someone in Nigeria who just wants to save money safely, which is the better option: Bitcoin or USDT? Or should people combine both?
Would like to hear from others who are already using these methods to save.
Combine both if it's possible, but do not save in usdt alone, but again, if you can't save up, then choose bitcoin, this is not a financial advice, please do your thorough due diligence and choose what's best for your knowing fully well that you are totally responsible for whatever be the outcome of your decision.
If I was in a position to choose which currency to save money in for the long term, I would choose bitcoin, there is a high probability that the price of Bitcoin will continue to rise even though there will be some decline here and there.
USDT on the other hand is stable and tied to the dollar, but not all that stable since the dollar can fall against the naira, like we are currently seeing happening in the global exchange market, if you save in dollars alone, when dollar loses value against the naira, you will be affected.