Bitcoin is currently riding on a high wave of positive sentiment as it prepares to take on $50,000 very soonest.
The price of bitcoin attained a new record on Sunday, rising above $49,000 for the first time.
The oldest and leading crypto currency (Bitcoin) hit a new record on a Sunday, rising above $49,000.00 for the first time. Bitcoin reached about $49,694.00 earlier in the day before paring gains to around $49,006.00 at the time of writing. It’s now up almost 70% so far this year as we see many organizations and individuals investing more.
Tesla buys Bitcoin.
One week after Tesla said it bought about $1.5 billion in Bitcoin, the electronic assets continues to attract players in traditional finance including Master Card who said it would begin allowing card holders to transact in certain cryptocurrencies on its’ platform.. Elon Musks’ decision has been criticized by a lot of people. Alex Pickard who happens to be a former Big-time Bitcoin miner objects that Musk is mistreating his share holders by accepting Bitcoin because,“companies are expected to return excess cash to the share holders and let the investors decide how to use that cash, including the possibility of buying Bitcoin”. Pickard went further to say that if Elon Musk decides to pay a special dividend using cash from that overflowing treasure chest, then he can take his share and do so by buying Bitcoin for his own portfolio. Pickard goes on to state that if a company decides to accept Bitcoin for purchases, it would be reasonable to hold tokens on it’s balance sheet ( The reason being that Bitcoin would be import to its’ businesss since customers are using it to pay).
Bitcoin has been banned in Nigeria
While some countries have started accepting Bitcoin and the reality that surrounds it, Nigeria- the worlds’ second largest Bitcoin market after the United States recently banned the trading of cryptocurrencies. Since the ban became effective, Nigerian peer-to-peer trading soared past two of Africa’s largest crypto market (Kenya and South-Africa) just few days ago, the Nigeria’s senate summoned the country’s financial regulators (CBN) for a briefing few days after the central bank ordered all local financial institutions to stop providing services to crypto companies and users within the country. This has led to the closing of many bank accounts by the bank due to the traces/evidence of purchasing crypto. A number of Nigerian senators has opposed the CBN for placing an outright ban on crypto, though they spoke in favor of regulating the industry than banning it.