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Bitcoin Overtakes Buffett’s Berkshire Hathaway to Become The 10th Largest Asset by Market Cap

By
Ojukwu Emmanuel
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0

Popular cryptocurrency Bitcoin, has surpassed Warren Buffett’s American conglomerate Berkshire Hathaway, to become the 10th largest asset by market cap, after it reached a market cap of $812 billion on December 4.

Bitcoin comes close to Meta which currently sits in the 9th position, with a market cap of $834 billion. Buffet’s Hathaway, currently accounts for a $777 billion market cap. Despite its recent slide of nearly 1.3% over the last five days, Berkshire Hathaway still commands an elevation of 4.7% over the last 30 days and 14.7% YTD.

According to reports, Hathaway’s volatility is nowhere close to that of Bitcoin which has surged 20% over the past month and almost 150% YTD. The cryptocurrency, lately, has been on an upward trajectory, after it recently hit a new all-time high of more than $41,000 on Friday.

This is the first time that Bitcoin has crossed $40,000 this year, which is reportedly bolstered by anticipation of Bitcoin exchange-traded fund approval and bets on U.S interest rate cuts. With Bitcoin’s market cap surging past $800 billion, the cryptocurrency is now 38% short of its all-time high $69,000 price posted in November 2021.

The rally also reflects investors’ and crypto traders’ decision to quickly move on from crypto’s most recent scandal, which saw Binance CEO Changepeng Zhao, last month, plead guilty to federal money laundering charges.

Also, part of the enthusiasm hinges on expectations that the Securities and Exchange Commission will approve a bitcoin-focused exchange-traded fund or spot ETF. The SEC faces a January 10 deadline to approve applications for such funds.

Speaking on Bitcoin’s recent market cap, Crypto Investor Pompliano took to X (formerly Twitter), to say,

“It is wild that 70% of a $800 billion asset hasn’t traded hands in the last 12 months despite nearly 150% price appreciation. This is unheard of in financial markets”.

Another crypto analyst and writer, behind the X handle @rektcapital, evaluated the Bitcoin price trend and predicted that the BTC price could revisit the $45,000 level before the fourth halving event, scheduled for April 2024.

This is coming after he predicted last month that BTC dominance is still in the pullback phase, noting that it would resume its uptrend with time.

He wrote,

“BTC  Dominance is still in the pullback phase and Altcoins are benefiting from that. That said, $BTC Dominance will resume its uptrend with time. Maybe not today, Nor tomorrow, But with time”.

Also reacting to Bitcoin’s recent New high, several analysts and Crypto traders predict that the crypto asset could continue to surge further hitting the $42,000 Mark, as holders refuse to sell.

Notably, analysts at Santiment evaluated the BTC price uptrend and identified a Fear Of Missing Out (FOMO) among market participants. Analysts believe Bitcoin price could revisit $50,000 sooner or later, depending on whether BTC traders engage in profit-taking or demand pushes the asset higher.

It is also worth noting that aside from Bitcoin hitting a new all-time high, it has been an eventful period for altcoins as well, in terms of gains and market caps.

For example, the meme-inspired cryptocurrency Dogecoin (DOGE), soared in value last week in a series of all-time highs. It surpassed previous records, rising a total of 330% between April 9 and 16, with an ATH of $0.48.

Bitcoin hovered around $41,000 on Monday after briefly topping $42,000 earlier in the day for the first time since April 2022, pushing the cryptocurrency closer to its biggest yearly gain since 2020. Industry “optimists” suggest that the recent U.S. crackdown on crypto — including legal actions against the founders of FTX and Binance— has investors feeling more confident. Another potential factor behind Bitcoin’s boom: the first U.S. spot Bitcoin ETFs, which are expected to be approved by the Securities & Exchange Commission early next year. The cryptocurrency’s growth in 2023 has outpaced more traditional assets such as gold. Despite its $4 billion settlement with the Justice Department last month, Binance is still battling the SEC over a lawsuit the regulatory agency brought in June. (LinkedIn News)

Backlash Continues Over Nigeria’s 1,411 Delegation to COP28 in Dubai

By
Samuel Nwite
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0

Backlash has continued to trail Nigeria’s outing in the COP28 held in Dubai, UAE, over the number of delegates that represented the country amid its economic downturn.

Like China, Nigeria graced the event with 1,411 delegates, ranking below only two other nations; the UAE – 4,409 delegates, and Brazil – 3,081. But compared to the other nations, Nigeria ranks below in economic performance. China boasts of N17.89 trillion in GDP value, Brazil – N1.92 trillion, while Nigeria has N477.37 billion as of 2022. 

The situation spurred the uproar on and outside social media over the weekend, mainly, due to Nigeria’s current economic realities that have seen inflation rise to 27.62%. Critics believe among other things, that the government’s decision to deploy a high-numbered contingency to the summit is insensitive to the economic plights of Nigerians. 

Nigeria’s poor economic situation, which has resulted in the rise of multidimensional poverty in the country, has been partly attributed to wasteful spending of scarce resources by the government. 

Although the government, in its response to the backlash, said only a handful of the delegates were sponsored by the Federal Government, critics said no excuses justify the outing.

“Nigeria receives development aid from the United States. Nigeria has more delegates to the Climate Conference in Dubai than the United States. Makes no sense…we can’t hide under “they are paying for themselves”…..it just makes no sense,” financial expert, Kalu Aja noted in a post.

It is believed that the vast majority of individuals within the Nigerian delegation at COP28 consist of non-relevant civil servants or individuals who are either relatives, friends, or associates of high-ranking government officials. Many of them possess minimal understanding or involvement with the subject of Climate Change.

The presidential candidate of Labour Party in the last general elections, Peter Obi, said it is really saddening because this huge contingent is out at public expense at a time when most Nigerians can hardly afford food and basic needs as a result of economic hardship. 

“I pray earnestly that a day will come soon enough when we can focus on competing with China on productivity and the miracle of migrating the highest number of its citizens out of poverty over a relatively short time,” he said.

Attempts by the federal government to defend the contingency have failed to calm the backlash. In a statement on Sunday, the presidency said the summit is “not a jamboree, as it is mischievously represented on social media.” It added that all participants “are not funded by the Federal Government.”

Nigerians have demanded to know the actual number of delegates sponsored by the federal government. The National Publicity Secretary of the opposition Peoples Democratic Party (PDP), Debo Ologunagba, said in a statement that President Tinubu went to the summit with his cronies, political minions, and their mistresses at huge expense to the nation.

“The PDP dismisses the feeble attempt by the Presidency to rationalize the over-bloated delegation by trying to hide under genuine sub-national officials, businesses, journalists and civil societies, who are traveling at their own expense to cover the baggage of cronies, mistresses and other hangers-on associated with the Presidency, who are reportedly attending at government’s expense and have no relevance whatsoever at the Conference.

“Our Party and all well-meaning Nigerians are appalled by the level of profligacy inherent in the APC administration whose actions and policies so far are skewed towards the promotion and institutionalization of corruption,” he said.

Ologunagba added: “Our Party challenges the Presidency to come clean by making public the names of the official delegation sponsored by the Federal Government to the Conference, the relevance of such individuals to the Conference, and the total cost of such sponsorship on the nation.

“Of course, Nigerians have the list and they know the genuine officials of sub-national governments and other self-sponsored entities at the Conference.”

Several others agree, asking “How can a broke nation be spending more money than a wealthy one?”

“Cthief Tinubu packed the entire APC members to a Climate Conference #Cop28 using money that we don’t even have. A country in debt for God’s Sake,” Serah Ibrahim wrote on X. “You will think Nigeria was the host with the number of people Cthief Tinubu packed using Govt. money.”

This development comes in the wake of the controversy surrounding the 2023 supplementary budget recently signed by Tinubu, which included extravagant expenses such as cars, a yacht, and costly renovation allocations for office and residential buildings, totaling billions of naira.

COP28: Peter Obi Criticizes Nigeria’s Wasteful Spending on 1,411 Delegates

By
Samuel Nwite
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0

Peter Obi, the Labour Party’s former presidential candidate, has joined the chorus of disapproval against Nigeria’s extravagant representation at COP28 in Dubai, echoing sentiments that the massive delegation of over 1400 members is an unnecessary display in the face of Nigeria’s dire economic challenges.

Like China, Nigeria graced the event with 1,411 delegates, ranking below only two other nations; the UAE – 4,409 delegates, and Brazil – 3,081.

In a sarcastic critique he posted on X on Sunday, the former Anambra governor labeled the trip as a “showmanship” and urged Nigerian governments to cease squandering resources, particularly when a significant portion of the population struggles to afford basic necessities.

“In a twist of sad irony, let me congratulate the giant of Africa, Nigeria, for matching the great China, with the same number of contingents at the ongoing COP28 in Dubai, United Arab Emirates,” he said.

He highlighted the irony of Nigeria matching China’s delegation size at COP28 despite vast disparities in their budgets.

China’s $4 trillion budget for 2024 allows for a per capita spend of $2,860, while Nigeria’s $33 billion budget translates to a mere $165 per head. According to him, this discrepancy mirrors the stark differences in their Human Development Index (HDI) rankings, with China at 79 and Nigeria lagging far behind at 163, despite China having a significantly larger population.

Obi emphasized the concerning composition of Nigeria’s delegation, predominantly comprising irrelevant civil servants or acquaintances of high-ranking officials with little understanding or involvement in climate change matters.

He said: “This huge contingent is out at public expense at a time when most Nigerians can hardly afford food and basic needs as a result of economic hardship.

“I pray earnestly that a day will come soon enough when we can focus on competing with China on productivity and the miracle of migrating the highest number of its citizens out of poverty over a relatively short time.”

Expressing hope for a future where Nigeria competes with China in productivity and poverty alleviation, Obi stressed the urgent need to dismantle the tradition of wasteful government practices.

“As we have kept emphasizing, we must stop waste as a tradition of our government and nation. We urgently need to cut the cost of governance and invest in production,” he said.

He urged a shift in focus toward reducing governance costs and redirecting resources into production, advocating for a more purpose-driven and prudent approach to government expenditure.

“We need to de-emphasize unnecessary ceremony and showmanship as a mode of government behaviour. We need to tie spending to necessity and national Priority. A New Nigeria is possible. We only need to do the reasonable and the necessary,” he said.

In response to the backlash, the Nigerian government said in a statement that the summit is “not a jamboree, as it is mischievously represented on social media.” The government clarified that the expenses for every participant’s trip, including UBA Chairman Tony Elumelu and BUA Group Chairman Abdul Samad Rabiu, “are not funded by the Federal Government.” Despite this clarification, Nigerians align with Obi’s viewpoint that the event does not warrant such a substantial allocation of taxpayers’ money, asking the government to provide a list of the people it sponsored.

Ultimately, Obi’s message resonates with the possibility of a renewed Nigeria achieved through rational and necessary actions.

El Salvador’s President Nayib Bukele Reveals Country’s Bitcoin Investment is Currently in Profit

By
Ojukwu Emmanuel
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0

President of El Salvador Nayib Bukele has recently revealed that the country’s investment in Bitcoin is currently in profit. This is coming after the crypto asset hit a new all-time high of $41,000 this year.

Bukele further disclosed that with the current Bitcoin market price, if the country is to sell its Bitcoin investments, it would not only recover 100% of its investment but also make a profit of $ 3,620 277.13 USD. He however noted that there is no intention to resell, as it has never been the objective.

Speaking on this, he wrote on X,

“El Salvador’s Bitcoin investments are in the black! After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on Bitcoin’s market price at the time.

“With the current Bitcoin market price, if we were to sell our Bitcoin we would not only recover 100% of our investment but also make a profit of $3 620 277.13 USD (as of this moment). Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy”.

The El Saldvador president also took a swipe at Naysayers whom according to him mocked him when the country’s Bitcoin investments were all in losses. He noted that the responsible thing for them to do, with the counrty’s recent profits, is to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit.

He wrote,

“Nonetheless, it is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses.

“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one. We’ll see… Stay tuned!”.

Several users on X, have lauded his move to make Bitcoin as a legal tender in El Salvador, stating that he has turned the country around and made the country the beacon that would eventually lead others countries to adopt Bitcoin.

Recall that on September 7th 2021, Bitcoin officially became legal tender in El Salvador, after the Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency.

In October 2022, the use of bitcoin in El Salvador appeared to be on a low, after the currency lost about 60% of its value, since the experiment started amidst the country facing plummeting economic growth and a high deficit.

El Salvador’s debt-to-GDP ratio, a key metric used to compare what a country owes with what it generates was reported to hit nearly 87% in the same year, stoking fears that the nation isn’t equipped to settle its loan obligations.

Also, data from Bloomberg Economics revealed that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default.

Even as it retires some of its Outstanding debts, the country’s domestic and multilateral loan obligations was said to have posed a real threat, because the world’s biggest lenders were not wiling to give cash to a country betting its future on one of the most volatile assets on the planet (Bitcoin).

With El Salvador’s Bitcoin investment currently paying off, there are speculations that several countries might be considering making significant investments in Bitcoin, as the cryptocurrency has been predicted to continue on a bullish trend.

The Footballer and the Lessons on Success in Careers [video]

By
Ndubuisi Ekekwe
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1

Note the #4 player. He missed a tackle (which is unfortunate) but he did not allow that to be the end of the story, as he ran all the way, outperforming all his teammates to tackle the ball carrier at the other end of the field, to prevent a touchdown (a goal in American football). The most successful people among us are NOT the most talented, but those with tenacity, perseverance and a winning attitude.  The footballer demonstrated those as you watch the video.

That guy in your class does not study but he makes B+. If you try that, you make C. But because you study and study, you make A+. And if you use that process and attitude, you can outperform your intrinsic capabilities over time. And with that success will come.

Remember, the reason most companies would like to hire A+ students for jobs is not that A+ students are always smarter; rather, companies reason (statistically) that by the students making A+, they have demonstrated attributes which if they sustain at work, they will thrive. And those attributes include time management, not settling for A-, etc when a little more hard work can deliver A+.

 In school, I was a certified bookworm because it never hurt to be over prepared! Yes, the process to a grade is more important than the grade itself! I would be better if I make C after putting in the best efforts than making B without the right attitude. Why? While a grade is not universal, processes to success are largely universal.

The A+ Student And The Process of Success

Comment on Feed

Comment 1: Prof is simply alluding to the fact that making A+ grades while in school demonstrates attributes such as discipline, diligence, and hard work, hence the reason those A+ individuals get the nod or an edge over their peers with lesser grades.

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