The value of bitcoin has increased by over ten times the size of the Nigerian economy.Internship in oil and gas
The leading cryptocurrency, Bitcoin, hit a new all-time high of $97,000 on Thursday, bringing its market capitalization close to $2 trillion. Bitcoin’s market value at the time of the article was $1.9 trillion, about ten times the size of Nigeria’s economy, which the IMF estimates is around $252 billion.Internship in oil and gas with this remarkable increase, Bitcoin’s value has surpassed that of South Africa, Africa’s largest economy, and is over ten times that of Nigeria, Africa’s fourth-largest economy.
Bitcoin trails global e-commerce behemoth Amazon by $230 billion and edges out Saudi Aramco to take sixth place among the world’s largest assets and corporations by market valuation.Internship in oil and gas
The fact that Bitcoin’s market capitalization has risen to over ten times the value of the Nigerian economy shows how poorly the country’s economy is currently performing. CNN Money ranked Nigeria’s economy as the third fastest-growing in the world in 2014. The GDP growth rate was only outpaced by China and Qatar, and the country’s economy was valued at $568.49 billion.
According to an IMF report this year, the value of Nigeria’s GDP has half, hovering at $260 billion.An additional intriguing perspective on the discrepancy between the cryptocurrency asset and Nigeria’s financial situation is provided by the current state of the Nigerian exchange rate.
At the present exchange rate, one Bitcoin is worth N163 million, and before the year is over, it is predicted to reach a value of over $100,000.
The market capitalization and price spike of Bitcoin are discussed by analysts.
Crypto influencer David Ingles emphasized Bitcoin’s rise in market value by contrasting the asset with the largest corporations in terms of market capitalization.
Bitcoin’s market value is close to $2 trillion, and its price is getting close to $100,000. If Bitcoin were a business, it would rank sixth in the world, only surpassed by Amazon and Aramco. David posted a tweet. In response to Bitcoin’s spike, market expert Tony Sycamore said that the asset’s buying activity greatly exceeds its selling activity.
The market value of Bitcoin is more than half that of Nvidia, the biggest corporation in the world. The market value of Nvidia is $3.6 trillion. Additionally, Bitcoin’s market value is 10% higher than silver’s total market capitalization.Trading Economics estimates that by the end of 2024, Nigeria’s GDP would be worth approximately $372.97 billion.
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