- The hype around cryptocurrency in Nigeria appears to have died down, with the CBN standing firm on its stance.
- However, the cryptocurrency market has recently seen a steady rise in value and has been trading above $30,000 for the first time in 10 months.
- Notably, Elon Musk's preferred digital currency Dogecoin has also seen a significant increase in value.
For the first time since June 2022, Bitcoin, the world's largest cryptocurrency, has just risen from $20,000 to $30,000 (N13.93 million).
Data obtained from coinmarketcap shows that the value of one bitcoin on Saturday April 15 was $30.30k.
Similarly, Ethereum the second most valued digital badge has increased in value to $2,102.06 from $1,869 a week ago.
Source: Facebook
What happened to the cryptocurrency?
The world of cryptocurrency hit a significant low in the third quarter of 2022, and the damage was made even greater by the wave of bankruptcies that followed the collapse of Three Arrows: Voyager Digital, Celsius, FTX, Blockfi, and Genesis Global, among several others.
Before the crash, Bitcoin around November 2021 hit a record high of $68,000 and many young millionaires were made.
Most notable is bankman-friedthe founder and CEO of cryptocurrency exchange FTX, who fell from a net worth of over $20 billion and ranked above Where is Dangote? about him Bloomberg Billionaires Index.
The opinion of billionaires on cryptocurrencies
Serial billionaires like Bill Gatesand Warren Buffet, among others, are not sold on cryptocurrencies.
In his latest comment, Buffett compared investing in cryptocurrency to visiting a gaming center.
However, Elon Musk has a different opinion and has been actively promoting his favorite digital currency, Dogecoin.
Dogecoin has enjoyed a cryptocurrency recovery world in recent days, closing at $0.88, up from $0.83 a week ago.
CBN remains determined on the future of cryptocurrency
Meanwhile, Nigerian cryptocurrency enthusiasts will have to wait longer to see if the Central Bank of Nigeria allows the use of cryptocurrency transactions through Nigerian banks.
Blaise Ijebor, Head of CBN's Risk Management Department and Chief Risk Officer, in a recent Prembly compliance dialogue breakfast, revealed that there are no ongoing plans to change the lead bank's position for cryptocurrency. market.
His words:
"Our position hasn't changed (on cryptocurrencies) and I'm not sure it ever will. If you want to use digital assets, use eNaira. It has all the properties of a digital asset."
โWithdraw All Your Moneyโ: Nigerian Crypto Firm Gives Clients 2-Week Deadline
In another report, Lazerpay, a Nigerian fintech startup using cryptocurrency, is shutting down its operations.
CEO Njoku Emmanuel announced the closure, stating that the company was unable to raise enough funds.
Lazerpay is a two-year-old fintech company that accepts stablecoin payments and allows merchants to convert their cryptocurrencies into fiat currency.
Source: Legit.ng
