Governments over the world have been either proactive or reactive in providing some institutional-legal frameworks towards regulating cryptocurrencies. However, it appears that no such measures have yet been introduced in Nigeria, despite its citizens’ patronage level of digital currencies. This article therefore sets out to appraise the nature of Bitcoin (BTC), this being the most popular of the cryptocurrencies. This is done with a view to ascertaining the legal status and taxability of Bitcoin in Nigeria.