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Home General News

Bitcoin is giving better returns than the Nigerian stock market

Olumide Adesina by Olumide Adesina
April 22, 2020
in General News, Markets, Spotlight, Stock Market
Investor moves $133 million worth of Bitcoins, suspected from Coinbase, World's biggest sovereign wealth fund now owns cryptos, Investors cashing in big time, as 95% BTC wallets are currently in profit, blockchain technology, Bitcoin giving better returns than the Nigerian stock market, What it will take Bitcoin to hit $100,000?, Buying signal; Bitcoin whales with 1000 BTC or more continue to rise
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With the COVID-19 pandemic still raging on and upsetting markets, Bitcoin has outperformed the Nigerian stock market and even most global equities; only performing worse than gold. Investors attribute Bitcoin’s performance to bets/bids that have been made to hedge against inflation.

In 2020, Bitcoin has only posted a loss of around 5%, compared to respective drops of 17.5% and 18% for the Nigerian and MSCI All-Country World Index. With a market capitalization of over $126 billion as at April 22, 2020, it is much bigger and more liquid than the Nigerian stock market (market capitalization less than $31 billion dollars —N11.793 trillion est. April 21, 2020).

Like stocks and other riskier assets, Bitcoin climbed up in the wake of massive stimulus packages launched by fiscal authorities and central banks around the world last month to ease the economic damage caused by the COVID-19 outbreak.

In addition, with a supply pegged at 21 million, its rarity gives it an intrinsic value and protects it from global central banks’ moves or policies that encourage inflation.

READ MORE: Bitcoin price under pressure, stays under $7000

However, in 2020, bitcoin performed poorly against popular safe havens like gold. Just last month alone, Bitcoin slumped more than 35%, showing that gold has proven far more resilient than Bitcoin

Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Nigerians losing millions to crypto fraud, Investing in cryptocurrencies in this economic shutdown, Bitcoin giving better returns than the Nigerian stock market
A pile of bitcoins

Bitcoin which is notorious for high price swings, has found its use as a means of digital payment and scared off institutional investors such as pension funds. It has however attracted hedge and quant traders, who make money on short-term price swings.

READ ALSO: Nigeria’s Inflation rate jumps to 12.26% in March as recession looms

As its volatility soared, major cryptocurrency exchanges saw huge movements in volume last month. Many speculators sold off the cryptocurrency (like other assets) to raise money.

“I’m long gold, I’m long bitcoin – we are seeing a monetization of debt like we have never seen in our lifetimes,” Novogratz said in a Monday interview with Bloomberg TV. “To me in the long run, that has to make hard assets look better.”

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Tags: BitcoinBitcoin Goldcryptocurrency marketMoney marketsNigerian Business NewsNigerian currency tradersNigerian stock market

Comments 1

  1. Olumide says:
    April 22, 2020 at 11:05 pm

    Hello sir, I enjoy reading your articles and I want to thank you for the good work you are doing to keep us posted on Business News. Pls. Sir, I’ll be so glad if you can write something about gold coins business. I want to start buying and selling of the coins(american gold coins, SA Kruggerand) . I’ve done a lot of research though but I’ll appreciate your input on it. Thank you

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