If you bought ₦1 million worth of Bitcoin in January 2024, you’ll be sitting on over ₦3 million worth today. Bitcoin has established itself as the best-performing asset of the last decade due to growing utilities for cryptocurrencies, evolving financial ecosystems, and hype.
While Bitcoin’s dollar value has only doubled in the past 18 months, the returns in Naira appear higher due to recent Naira inflation. This exponential growth in BTC investment has given Nigerians a means to preserve wealth with decent exposure to potential price growth.
However, does this make Bitcoin the most strategic crypto investment for Nigerians? Are there better avenues to profit in crypto this year? Read on as we touch on potential options within crypto and help you decide where your next ₦1 million should go.
Bitcoin Performance In Context
Bitcoin’s historical price chart shows that the cryptocurrency traded around $40,000 for most of January 2024. As of this writing, Bitcoin (BTC) is trading at $107,497, establishing returns over 150% for investors who secured entry in January.
But the real story for Nigerians lies in the exchange rate. The dollar-to-naira rate currently hovers around ₦1,550 per dollar, rising from over ₦1,200 per dollar in January 2024. This exchange rate rise accounts for additional returns for Naira investors who bought Bitcoin in January 2024 and have now realized gains of over 200% on their capital.
Over the past two years, Nigerians have turned to Bitcoin and other crypto alternatives, mainly as a hedge against currency devaluation. Additionally, Bitcoin has proven valuable for cross-border transactions. The cryptocurrency and its alternatives provide the means for quick, borderless, and censorship-resistant transfers, without the involvement of banks.
With platforms like Dtunes.ng, BTC has become even more accessible than ever. Anyone can buy, sell, and convert crypto to naira within minutes, without P2P.
Is Bitcoin The Only Option? Exploring Other Crypto Assets
Bitcoin stands out as the most practical crypto asset for Nigerians investing in the market. It’s the most widely adopted cryptocurrency and is considered the most stable. Furthermore, Bitcoin is the most liquid cryptocurrency, allowing investors to convert it back to cash with platforms like Dtunes.ng.
However, there are plenty of other options in the crypto market for investors to consider. Here are some of the more popular ones.
Ethereum: Ethereum (ETH) is the second-largest cryptocurrency with over $290 billion in market capitalization. As of this writing, Ethereum (ETH) is trading at $2,434, with a 27% price decline over the past year. Ethereum’s price action has not been quite impressive amid broader market conditions.
However, this is a point of argument for several crypto experts who believe this might be the perfect time to buy in. Considering Bitcoin has over $2.14 trillion, it’s not overambitious to target a potential bullish run on ETH.
Binance Coin: Binance Coin (BNB) is the utility token of the largest centralized crypto exchange, Binance. The platform’s prominence lends some traction to the token; however, BNB also doubles as the native token for the BNB Smart Chain.
The launch of the BNB Smart Chain ignited a 1,600% price run in 2021. At the current price of $645, BNB presents a 13% price growth over the past year.
XRP: XRP is a cryptocurrency created by the American firm, Ripple, to help financial institutions migrate from costly infrastructure to the more cost-efficient blockchain. Ripple has spent the past four and a half years in litigation with the U.S SEC, which is currently at a standstill.
However, recent developments have been hugely favorable to Ripple. The broader landscape sees a win on the horizon for the US-based firm, as shown in XRP’s 350% price growth over the past year. As of this writing, XRP is trading at $2.12, having peaked at $3.40 following Trump’s inauguration as the United States President.
Solana: Solana (SOL) is one of the fastest-growing crypto assets in the market. Over the past few years, SOL has grown its usefulness for smart contracts and decentralized applications, igniting debates over possible advantages over Ethereum.
As of this writing, Solana (SOL) has traded at $142.46 over the past year. However, Solana has had to recover from a severe price crash following the collapse of FTX in November 2022. The massive crypto disaster crashed Solana’s price to $8 due to strong affiliations with the defunct exchange.
It took strong community efforts to revive the network and grow its value to what it is today. Furthermore, the comparisons to Ethereum tease room for decent growth as Solana’s $76 billion market is 4x less than Ethereum’s.
Other Altcoins: The crypto market presents several options for investors looking to grow their capital. Crypto aggregator platforms like CoinGecko and CoinMarketCap track over 10,000 active cryptocurrencies. However, the crypto market is a pool of highly volatile and speculative assets, and it would be reckless to throw money at any of them without adequate research.
However, is there a crypto asset better than Bitcoin where you can invest ₦1 million today and make over N3 million in 18 months? The simple answer to that will be yes, multiple crypto assets could deliver such returns in 18 months. But finding the few in a pool of thousands is the hardest chore even for crypto experts.
Personalities like Michael Saylor and Andreas Antonopoulos advise that Bitcoin is a great starting point for crypto investors, touting it as the ultimate store of value.
What You Should Know Before You Put That ₦1 Million Into Bitcoin
While Bitcoin is considered the most stable crypto asset, it’s still highly volatile compared to TradFi assets like stocks, bonds, or treasury bills. Investors dabbling in the crypto market should expect huge price fluctuations on their assets, knowing that this risk tolerance also presents the potential for high returns.
Yes, Bitcoin has delivered over 200% returns for Naira investors over the past 18 months, but here are some key notes before you attempt to use the same playbook:
- Bitcoin (BTC) is trading near its all-time high, and it may not be the best entry for investors looking for short-term profits. BTC reached its $111,970 on May 22, 2025, so it’s safer to stick to “Investing 101,” which suggests that you should “buy when price is low, and sell when price is high”.
- Dollar-cost averaging is an advisable time-tested strategy for investors who see potential for growth despite the current high price. Rather than trying to time the market with one large purchase, investors can dollar-cost average (DCA) by BTC in smaller portions, with a fixed amount of money at regular intervals (weekly or monthly). Platforms like Dtunes.ng allow instant selling and storing of crypto.
Download Dtunes app here
- Consider self-custody solutions like a decentralized wallet or hardware wallets for the guaranteed safety of your assets. Leaving your funds on exchanges like Bybit can expose you to hacks, withdrawal limits, shutdowns, and other potential risks.
Final Thoughts
Bitcoin is the best-performing crypto asset in the past decade, so its place as a wealth-building tool is undeniable. But high returns come with high risks. If you’re putting ₦1 million into Bitcoin, start small, research the market, and secure your assets. With crypto, preparation and patience are key to overcoming hype, haste, and market fluctuations. Invest wisely!
Written by the growth team at Dtunes – Africa’s crypto-to-naira platform.