Bitcoin tops $80k as dollar drops, boosting crypto demand in Nigeria
Bitcoin climbed above $80,000 on Tuesday, reaching $81,237.94 earlier in the session and trading at $80,323.24 in Asian hours - its highest level since mid-May. The rise follows a weaker US dollar after the Treasury announced plans to buy back longer-dated bonds to ease pressure on yields, a move that also lifted gold to a three-month high. Bitcoin is up about 16% since Donald Trump urged Congress to pass clearer crypto regulations and has gained roughly 28% in August, positioning it for its strongest monthly performance since November 2024.
For Nigerians, the price surge comes as interest grows in faster bitcoin-to-naira conversion. Users cite delays, payment disputes, account restrictions and fraud risks in informal peer-to-peer trades, driving demand for centralized platforms that automate payouts directly to local bank accounts. Crypto adoption across Nigeria continues to expand despite ongoing regulatory discussions around virtual asset service providers.
With Bitcoin now flirting with the $95,000-$100,000 range some analysts forecast, will you hold for further gains, convert to naira through a trusted local platform, or diversify into other hedges like gold as dollar weakness persists?