Surprisingly, Bitcoin continues to trade high as the Nigerian Stock Exchange faces problems in keeping its investors. The capital market of Nigeria has mostly been dominated by bears in February and March, so the bearish state has pushed investors to debt securities.
Investors lost N122.47 billion at the Nigerian stock market as the market capitalization dropped from N20.36 trillion to N20.24 trillion on Thursday.
The stock market took a hit when the Central Bank of Nigeria (CBN) decided to offer an appealing open market operation (OMO), which has been pushing investors away from the Nigerian bourse. Coupled with the increasing popularity of Bitcoin, the shock has doubled.
While the stock market struggled, Bitcoin proved to be the asset for investors who were looking to grow their wealth or were in search of a store value for their fiat. Several days ago, Bitcoin was worth around $50,000, but today, it is being traded for $58,150.
This places it higher than gold, which is now traded for $55,122, and that makes it more attractive than the stock market.
This valuation has also helped Bitcoin reach a market capitalization of $1.07 trillion, thus attracting Nigerian investors, despite the ban of crypto transactions imposed by the CBN.