Nigerian crypto users and enthusiasts debunk 100% BTC premium claims
Recent reports by some Nigerian crypto and blockchain users and enthusiasts claim that bitcoin is worth twice as much against the US dollar on the local exchange, but this is completely false. Additionally, users state that the report is based on tweets posted by social media users who do not fully understand how Nigerians use the local crypto exchange platform. What Nigerian enthusiasts claim as Kakka Mukhi reportedly sprang from the same sweet and continues to generate interest among bitcoiners. In their initial tweet thread, users posted a screenshot suggesting they were buying one BTC on Nigerian peer-to-peer platform Paxful at $47,924. Users also claim that the recent cash withdrawal restrictions imposed by Nigerian banks have seen many residents swapping their naira for bitcoin. It has also been argued that this has helped propel the US dollar value of crypto assets. However, in response to the tweets and subsequent media reports, Benjamin Esoghene, CEO of local crypto exchange Roqqu, told Bitcoin.com News that there are discrepancies in its recent prices and that it is not true that bitcoin is trading above $47,000 in Nigeria. doing. He emphasized that this is a complete discount and we are trading at normal prices and there is some speculation about a dollar -like crash after the general elections and maybe till then there could be some premium but it is not 100%.
Roqqu’s CEO also suggests that some users propagating this claim are only doing so to sell a certain narrative, and meanwhile some Nigerian users on Twitter have insisted that we have widely disseminated Either contest the screenshot shown and it is a wrong screenshot or else it is a misleading screenshot and no one is buying more than $47000 of crypto currency. Others, such as Nathaniel Loos, a writer and crypto advocate, point to how a tweet with false facts is displayed and used to spread misinformation. He further states that people using BTC prices on Paxful who propagate the claim of 100% premium do not understand or do not attempt to understand that Nigerians are using P2P (Peer-to-Peer) platforms. What follows is that I was the product manager in charge of payment methods at Paxful and PMs here are ‘items’, not fiat money. The game item means that I want to exchange FIFA 23 vouchers for bitcoins. you received? This is a false representation. He further adds that there is no crypto exchange where Nigerians pay a reasonable 20% on the price of bitcoin.
