Bitcoin prices can vary significantly from country to country. Specific regions are subject to paying premium prices, with China being a great example. But Nigeria is warming up to Bitcoin as well, sending prices soaring to unseen levels. Just yesterday, the price per BTC touched US$1,251.18 across Nigerian Bitcoin exchanges. Considering how the average global price was US$725 at that time, such a large cap is rather unusual.
Bitx is one of Nigeria’s most prominent Bitcoin exchanges to date. The platform attracts traders, consumers, and investors from all over the country. Interestingly enough, Bitx cannot provide ample liquidity to accommodate large trades right now. Due to this low liquidity, the price per individual BTC spiked to over US$1,250 yesterday.
Nigeria Shows An Increasing Demand For Bitcoin
While it is not unusual to see people pay a premium compared to the normal price, a US$500 discrepancy is very uncommon. Nigeria is not the only country paying very high prices for Bitcoin right now, though. India sees a similar trend, ever since the government made most of the cash supply useless. However, their premium prices are a lot lower, sitting at “just” 10-20% over the global average.
Different factors influence the sudden demand