Nigerian blockchain and cryptocurrency enthusiasts have said that recent reports suggesting that local residents are paying a nearly 100% premium on top of the current bitcoin price “are completely false.” They argue that such reports are based on a claim that is being propagated by people who do not fully understand the dynamics of the country and should therefore be ignored.
Alleged 100% BTC premium generates global interest
Some Nigerian crypto and blockchain users and enthusiasts have said that recent reports suggesting that the value of BTC on local crypto exchanges is nearly double the prevailing value of the US dollar are totally false. According to users, the reports are based on tweets posted by social media users who do not fully understand how Nigerian residents use local cryptocurrency exchanges.
— 🧡NEEDcreations is racking up sats and jamming for EDM (@NEEDcreations) January 30, 2023
The pushback from Nigerian enthusiasts and influencers came as the claim, which was allegedly sparked by a single tweet, continues to generate interest among bitcoiners. in his initial tweet threadthe user shared a screenshot suggesting that Nigerians are buying one BTC on the peer-to-peer platform Paxful at $47,924.
The user also claimed that recent cash-out restrictions imposed by the Nigerian central bank have caused many residents to exchange their naira for BTC. This has helped increase the US dollar value of the crypto asset, the user argued.
However, in his reaction to the tweet and subsequent media reports, Benjamin Eseoghene, the CEO of local cryptocurrency exchange Roqqu, told Bitcoin.com News that while there are price discrepancies, it is simply not true that bitcoin it is trading for over $47,000 in Nigeria. .
“This is totally false, we are trading at normal price, although there is some speculation about the fall of the dollar rate after the general elections, maybe by then there may be some premium, but probably not close to 100%,” Eseoghene insisted. .
The Roqqu CEO also suggested that some of the social media users spreading this claim are only doing so to sell a certain narrative.
Meanwhile, on Twitter, some Nigerian users insisted that the widely circulated screenshot is misleading and that no one is buying the cryptocurrency for more than $47,000. Others, like Nathaniel Luz, author and cryptocurrency advocate, complained. of how a single tweet can easily be used to spread “half-truths and one-sided stories.”
Nigerians are paying 48k for one #Bitcoin and you’re expecting 10k in your 1st world luxury setting watching Netflix. Yeah sure, you’re the smart one.
— John W. Creasy (💫☝️) (@21milinfinity) January 30, 2023
Luz also said that people who use BTC values on Paxful to propagate 100% premium claims do not understand how Nigerians use the P2P (peer-to-peer) platform.
“This is not even the price on Paxful. I was a Product Manager in charge of Payment Methods at Paxful. The PM here is ‘Game Items’, not fiat money. In-game items mean I want to exchange a FIFA 23 coupon for BTC. You get? It is a false representation,” said Luz.
According to Luz, there is no crypto exchange where Nigerians pay a 20% premium on the BTC price.
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