• Wednesday, April 24, 2024
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BusinessDay

Use of Bitcoin can hedge against inflation in Nigeria – Financial expert

Bitcoin reaches new all time high of $71,000

James Etudor, a financial expert and manager ipaybtc, has said that by using Bitcoin as a hedge, unlike traditional currencies, it has a capped supply-making resistance to inflationary pressure.

Speaking to BusinessDay in an exclusive interview in Calabar, Etudor said: “This feature can help Nigerians preserve the value of their wealth over inflation, providing a potential shield against the eroding effects of inflation on traditional currencies.”

Read also: Bitcoin in 2024: A Look at the Current Market and Likely Possibilities For The Future

According to Etudor, ipaybtc also enables Nigerians to experience fast and cost-effective Bitcoin transaction.

He further disclosed that the lightening network was designed to facilitate significantly lower fees compared to chain.

“This speed and cost efficiency enhanced the practicability of using bitcoin for everyday transaction, making it a convenient option for sending and receiving money locally and abroad,” he said.

He said that the essence of the app was to extend beyond mere transaction, and that it aims to foster a thriving Bitcoin community in Nigeria, empowering users through comprehensive education resources and active community engagement.

Read also: Investing in Bitcoin for Millennials: Risk, Reward, and Social Responsibility

Etudor advised young and enterprising Nigerians to log into the app for their benefits