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Tekedia Black Friday Sales has ended

By
Ndubuisi Ekekwe
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2

–This promotion has ended.

Happy Thanksgiving, joining our United States-based co-learners. In the spirit of the moment, Tekedia is offering discounts on the following courses, from now till [this has ended]

The normal price returns as the promo has ended:

  • -Tekedia Startup Masterclass – $200 
  • -Tekedia AI in Business Masterclass – $200 
  • -Tekedia Practice with Internship (Energy, Agric, Digital)- $200 
  • -Tekedia Industries (Agro, Energy, Digital Tech) – $200 
  • -Tekedia Investment & Portfolio Management – $200 

You can learn about each of these courses here – https://school.tekedia.com/courses/all/

And depending on your payment options, you can pay via a local bank, Stripe, PayPal, Zelle, etc here https://www.tekedia.com/pay  . After payment, email info@tekedia.com for your login details. 

Note: we’re not changing the prices on our website; we just want only those here to get this discount. Take advantage and let us co-learn at Africa’s largest business school for entrepreneurial capitalism. 

Regards,

Tekedia Team

US Space Force Major sends open letter about Bitcoin to DOD’s Defense Innovation Board, as US Judge Threatens SEC Over False Arguments

By
Paul Ugbede Godwin
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0

In a bold move, US Space Force Major, Jason Lowery has sent an open letter to the Department of Defense’s Defense Innovation Board (DIB), urging them to consider the potential of Bitcoin as a strategic asset for national security and defense.

The letter, which was published on Medium, argues that Bitcoin is not only a revolutionary technology that can enhance the resilience, efficiency and transparency of the US military, but also a powerful tool to counter the threats posed by adversaries such as China, Russia and Iran.

Major Lowery, who is a space operations officer and a PhD candidate in engineering management at the Air Force Institute of Technology, writes that Bitcoin is “the most significant innovation in the history of money and accounting” and that it has “profound implications for the future of warfare”.

He explains that Bitcoin is a decentralized, peer-to-peer network that enables anyone to transact value without intermediaries, censorship or fraud. He also highlights some of the unique features of Bitcoin, such as its limited supply, its immutability, its transparency and its programmability.

According to Major Lowery, Bitcoin can offer several benefits to the US military, such as:

Reducing the reliance on legacy financial systems that are vulnerable to cyberattacks, corruption and manipulation. Enhancing the operational security and agility of the troops by enabling fast and secure payments across borders and domains. Improving the accountability and auditability of the defense budget by creating a public ledger of all transactions.

Fostering innovation and collaboration among allies and partners by creating a common platform for interoperability and trust. Deterring and disrupting the malicious activities of adversaries by undermining their ability to finance their operations, launder money and evade sanctions.

Major Lowery also warns that ignoring or dismissing Bitcoin could have serious consequences for the US national security and defense. He cites several examples of how adversaries are already exploiting the advantages of Bitcoin, such as:

China’s dominance in Bitcoin mining, which gives it control over a large portion of the network’s computing power and influence over its governance. Russia’s use of Bitcoin to fund its cyberwarfare campaigns, such as the 2016 election interference and the SolarWinds hack.

Iran’s adoption of Bitcoin to circumvent US sanctions and to support its nuclear and ballistic missile programs. North Korea’s theft of Bitcoin from exchanges and wallets to finance its weapons of mass destruction.

Major Lowery concludes his letter by urging the DIB to take action and to embrace Bitcoin as a strategic asset for national security and defense. He proposes several recommendations, such as:

Establishing a Bitcoin Innovation Center within the DOD to research, develop and test Bitcoin-related technologies and applications. Creating a Bitcoin Reserve Fund within the DOD to acquire and hold Bitcoin as a hedge against inflation, currency devaluation and geopolitical instability.

Developing a Bitcoin Education Program within the DOD to train and educate the military personnel on the fundamentals, benefits and risks of Bitcoin. Forming a Bitcoin Alliance with like-minded allies and partners to coordinate policies, standards and best practices regarding Bitcoin.

Major Lowery’s letter is a remarkable example of how some visionary leaders within the US military are recognizing the potential of Bitcoin as a game-changer for national security and defense. It is also a wake-up call for the DOD and the DIB to take Bitcoin seriously and to act swiftly before it is too late.

US Judge Threatens SEC For False Arguments In Crypto Firms Case

A US judge has issued a stern warning to the Securities and Exchange Commission (SEC) for making false claims in its lawsuit against Ripple, a cryptocurrency firm. The SEC had accused Ripple of violating securities laws by selling unregistered tokens, called XRP, to investors. The judge, however, found that the SEC had failed to provide any evidence to support its allegations and had misrepresented the facts of the case.

The judge said that the SEC’s conduct was “unacceptable” and “unprofessional” and that it had wasted the court’s time and resources. He said that he would impose sanctions on the SEC if it continued to make false or misleading arguments in the future. He also urged the SEC to reconsider its approach to regulating the cryptocurrency industry and to work with the stakeholders to develop a clear and consistent framework.

SEC Spot Bitcoin?ETF potential approval window is between January 5th – 10th, 2024.

The cryptocurrency community is eagerly awaiting the decision of the US Securities and Exchange Commission (SEC) on the proposed Bitcoin exchange-traded fund (ETF) from VanEck. The SEC has postponed its ruling several times, but the final deadline is approaching fast. According to the latest notice, the SEC must approve or reject the Bitcoin ETF by January 10th, 2024, although some analysts believe that the decision could come as early as January 5th.

A Bitcoin ETF would allow investors to buy and sell shares of a fund that tracks the price of Bitcoin, without having to deal with the complexities and risks of storing and transferring the digital asset themselves. This would make Bitcoin more accessible and attractive to mainstream investors, especially institutional ones, who are looking for exposure to the growing crypto market. A Bitcoin ETF could also boost the liquidity and legitimacy of Bitcoin, as well as reduce its volatility and price manipulation.

The SEC has been reluctant to approve a Bitcoin ETF so far, citing concerns over investor protection, market integrity, and regulatory oversight. The SEC has rejected several Bitcoin ETF proposals in the past, most notably the ones from the Winklevoss twins in 2017 and 2018. However, some experts believe that the chances of approval are higher this time, as the crypto industry has matured and improved its standards and practices. Moreover, the SEC has a new chairman, Gary Gensler, who is considered to be more crypto-friendly than his predecessor.

The VanEck Bitcoin ETF is not the only one in the pipeline. There are several other contenders, such as Valkyrie, WisdomTree, and NYDIG, who have also filed their applications with the SEC. However, VanEck has a slight edge over the others, as it was the first one to submit its proposal in December 2020, and it has partnered with CBOE BZX Exchange, which has a successful track record of launching innovative products. VanEck also has experience in managing ETFs for other asset classes, such as gold and emerging markets.

If the SEC approves the VanEck Bitcoin ETF, it would be a historic moment for the crypto industry, as it would mark the first time that a major US regulator has given its green light to a Bitcoin-based financial product. This could trigger a wave of adoption and innovation in the crypto space, as well as a surge in the price of Bitcoin. On the other hand, if the SEC rejects the proposal, it would be a setback for the crypto community, as it would signal that the regulator is still not convinced by the merits and potential of Bitcoin. This could dampen the enthusiasm and confidence of investors, as well as depress the price of Bitcoin.

Ripple, which had denied any wrongdoing, welcomed the judge’s ruling and said that it was a victory for innovation and fair competition. Ripple said that it had always complied with the law and that it had cooperated with the SEC throughout the investigation. Ripple said that it hoped that the SEC would drop the case and allow it to continue its mission of providing decentralized financial services to its customers.

MicroStrategy is $1.29 billion in profit on its Bitcoin holdings

By
Paul Ugbede Godwin
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0

MicroStrategy, the business intelligence software company, has made a staggering profit of $1.29 billion on its Bitcoin investments. The company started buying Bitcoin in August 2020, when the price was around $11,000. Since then, it has accumulated more than 114,000 Bitcoins, worth over $6 billion at the current market price of around $53,000. This means that MicroStrategy has more than quintupled its initial investment of $1.15 billion in just over a year.

The company’s CEO, Michael Saylor, is a vocal advocate of Bitcoin and believes that it is the best store of value and hedge against inflation. He has repeatedly stated that he plans to hold Bitcoin for the long term and does not intend to sell any of his holdings. He has also encouraged other companies and institutions to adopt Bitcoin as part of their treasury strategy.

MicroStrategy’s bold move to invest in Bitcoin has paid off handsomely, as the cryptocurrency has outperformed every other asset class in the past year. Bitcoin has increased by more than 380% since August 2020, while the S&P 500 index has gained about 30% and gold has dropped by 7%. MicroStrategy’s stock price has also soared by more than 400% in the same period, reflecting the market’s appreciation of its Bitcoin strategy.

But what is the future of Bitcoin? Will it continue to rise in value and adoption, or will it face competition and regulation that will limit its growth? Some experts predict that Bitcoin will reach $100,000 or even $1 million in the next decade, while others warn that it could crash to zero or be banned by governments. The truth is that no one knows for sure what will happen to Bitcoin, as it is a new and innovative technology that is constantly evolving and facing new challenges.

However, one thing is certain: Bitcoin has proven to be a resilient and revolutionary invention that has changed the way people think about money and finance. It has created a global and decentralized network of value that is open, transparent, and censorship resistant. It has also inspired thousands of other cryptocurrencies and blockchain projects that aim to solve various problems and create new opportunities in different sectors and industries. Bitcoin is not just a digital currency; it is a social and economic phenomenon that has the potential to transform the world.

MicroStrategy is not the only company that has benefited from investing in Bitcoin. Other notable examples include Tesla, which bought $1.5 billion worth of Bitcoin in February 2021 and made a profit of about $1 billion by April 2021; Square, which bought $220 million worth of Bitcoin in 2020 and 2021 and made a profit of about $800 million by July 2021; and Galaxy Digital, which bought $134 million worth of Bitcoin in 2018 and made a profit of about $860 million by June 2021.

These companies have shown that investing in Bitcoin can be a lucrative and strategic decision, especially in times of economic uncertainty and currency devaluation. However, investing in Bitcoin also comes with risks and challenges, such as volatility, regulation, security, and taxation. Therefore, investors should do their own research and due diligence before buying or selling any cryptocurrency.

Netanyahu Warns Hezbollah: War means Lebanon’s destruction

By
Paul Ugbede Godwin
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0
Benjamin Netanyahu and Joe Biden in Jerusalem, on March 9, 2010.

In a recent speech, Israeli Prime Minister Benjamin Netanyahu issued a stern warning to the Lebanese militant group Hezbollah, saying that any war with Israel would result in Lebanon’s destruction. Netanyahu accused Hezbollah of stockpiling thousands of rockets and missiles in civilian areas, posing a grave threat to Israel’s security and sovereignty. He also blamed Iran for supporting and arming Hezbollah, calling it a “terrorist regime” that seeks to wipe out Israel.

Netanyahu’s remarks came amid rising tensions between Israel and Hezbollah, which have been engaged in a series of cross-border skirmishes and exchanges of fire in recent weeks. The two sides fought a devastating 34-day war in 2006, which ended with an UN-brokered ceasefire that remains fragile and frequently violated. Both sides have vowed to inflict heavy damage on each other in case of another conflict, raising fears of a regional escalation.

Netanyahu’s warning to Hezbollah was also seen as a message to the international community, especially the United States, which is currently engaged in indirect talks with Iran over reviving the 2015 nuclear deal. Netanyahu has been a vocal opponent of the deal, arguing that it would enable Iran to pursue its nuclear ambitions and increase its support for its proxies in the region, such as Hezbollah. He has urged the US and its allies to impose more sanctions on Iran and to confront its aggression in the region.

Netanyahu warns Hezbollah: War means Lebanon’s destruction

In a televised speech on Sunday, Israeli Prime Minister Benjamin Netanyahu issued a stern warning to the Lebanese militant group Hezbollah and its patron Iran, saying that any attack on Israel would result in a devastating response that would destroy Lebanon’s infrastructure and civilian population.

Netanyahu accused Hezbollah of hiding thousands of rockets and missiles in residential areas, using the Lebanese people as human shields. He said that Israel would not hesitate to target those sites if provoked, regardless of the collateral damage.

He also blamed Iran for supplying Hezbollah with advanced weapons and fueling the conflict in the region. He said that Israel would not allow Iran to establish a permanent military presence in Syria or Iraq, and that Israel would defend itself against any Iranian aggression.

Netanyahu’s speech came amid rising tensions between Israel and Hezbollah, following a series of cross-border incidents in recent weeks. On August 25, Hezbollah fired several rockets at northern Israel, claiming to have killed or wounded Israeli soldiers. Israel denied any casualties and retaliated with artillery fire and airstrikes.

On September 1, Israel said it had thwarted an attempted drone attack by Hezbollah near the border with Syria. Hezbollah denied any involvement and accused Israel of fabricating the incident to justify its own attacks.

Both sides have vowed to continue their operations and have warned each other of severe consequences in case of further escalation. The United Nations and several countries have called for restraint and dialogue, fearing a repeat of the 2006 war that killed more than 1,000 people and displaced millions.

As Naira Hits Record Low, Nigeria Needs To Focus On The Root Cause

By
Ndubuisi Ekekwe
-
2

From Reuters: “ABUJA, Dec 1 (Reuters) – Nigeria’s naira dropped to a record low against the dollar on Friday on the official market, close to the rate at which it trades on the unofficial parallel market. The currency of Africa’s biggest economy fell as low as 1,160 naira to the dollar, LSEG data showed, before recovering to around 800 naira.

“The naira’s official exchange rate has been drifting towards the parallel market level as the central bank is yet to clear outstanding foreign-currency amounts owed in forward deals.

“Last week, central bank Governor Olayemi Cardoso said he would allow market forces to determine exchange rates while setting clear, transparent and harmonised rules governing market operations. The currency sold at around 1,165 naira on the parallel market on Friday.”

My Comment: 

The strength of Naira does not come from the Central Bank of Nigeria (CBN) but from warehouses and factories (the modern and the old). Until Nigeria leaves financial engineering and focuses on  what anchors Naira, Naira will continue to fade. Every apex bank has two core missions: strengthen currency by managing inflation and boost employment through interest rates management. 

For Nigeria, to strengthen Naira, you need to reduce inflation and that can come by boosting Supply through production. Our challenge today is that our manufacturing index is dropping, triggering an avalanche on the inflationary pull. As that happens, the CBN loses control on employment because rates are raised to curtail that inflation, creating a double whammy where corporations cannot borrow cheaply, and that results in reduction in Supply. Ceteris paribus, if Supply drops when Demand stays constant, inflation rises.

Nigeria should not leave its currency to FLOAT because Nigeria does not have life jackets to support Naira if it begins to drift.  Rather, Nigeria should float companies and if that happens, Naira will improve. Why? The Demand of USD is more than supply of USD and if that remains, allowing a float will keep weakening the Naira. If two people each have $100 to sell, and ten people want to each buy $100, you have a massive imbalance, and there is no policy regime that will stabilize that currency unless you inject more USD in the system.

The minister and CBN governor know these things, but Nigeria is a place where smart people are not given the freedom to do the right things in government. The assumption is that Naira will continue to fade until Nigeria changes the path. My position is based on looking at data across economies; I have written many briefs for the World Bank, African Union, etc on currencies.

Nigeria will be fine; it has great people. But we must adjust quickly. Yes, we must focus on the root cause which is Production and not the stylist method of how to buy and sell USD dollars. What we’re doing will work in America because it is the only country which can print USD dollars; for Nigeria, we can only have USD  by earning it, and that means we have to offer something in the global market for someone to buy. If we do not do that, nothing will work. (Of course, we can even avoid the need of USD by substituting things we need USD to buy, making them locally in Nigeria).

Comment on Feed

Comment 1: Currently, Nigeria is not producing to boost supply, neither is it importing to fill up the gap created by a lack of local production of a several commodities. The ports are empty, due to a greatly reduced importation. I know this because I am in the ocean logistics industry. The current policies of this government which has adversely affected both production and importation is dangerous.

It is not surprising that that there is a tight squeeze on the economy. They should, as a matter of urgency, free up the path to importation as an immediate measure so that commodities will swarm the economy and drive down prices, while on the long run, concentrate on a gradual but consistent regime of import substitution.

The economy is currently frozen up and it tells on about all the facets of the Nigerian space.

Comment 2: The problem with left leaning liberal policies especially in Nigeria, trying to control fundamentals against the flow of natural principles is that it creates room for corruption like happened when there was a wide difference between official and black market exchange rates in the past.

My Response: The Central Bank of Nigeria was established in 1958 and managing the stability of the old pounds and later Naira was never a problem because Nigeria produced most of the things it needed.  During the war, both the Biafran pounds and Nigerian pounds strengthened because despite the vagaries of war, things were still made locally. But from 1986-1989, Nigeria began a financialization policy, as the IMF, etc tasked IBB to essentially de-industrialize, via the SAP policy.  SAP brought emphasis on exchange rate control, credit control, and devaluation of naira. The implication was making things in Nigeria became harder compared to other competitors!

Immediately that happened, the Financial Sector became the easiest way to become rich over making things. Between 1989-1992, IBB licensed dozens of finance houses and the leading new generation banks in Nigeria were born within that window (GTB, Zenith, UBA’s STB, Diamond/Access, etc) . As that was happening, SAP sapped Nigeria and rewired the economy to be finance-first, instead of manufacturing-first. From that 1989, the Naira started losing value to USD because our balance of payment and balance of trade began to deteriorate. 

Unlike in the past, today, finance drives the agenda of the government. In the past, it was manufacturing. Visit Aba to see what Okpara did with Aba Ceramics, Aba Glass Industry, etc. Visit Kano to see the brilliance of Ahmadu Bello. Awolowo had a stamp everywhere. MAN (manufacturers association of Nigeria)  was very powerful and the minister of science and tech (honestly, I do not know the current one unless I google) was a key cabinet post. The most influential people in Nigeria were industrialists: Nnanna Kalu, one of the men who built Aba, was a household name. In the north, there were the legends in Kano. The Abeokuta men have their history. In all dimensions, they built stuff. 

So, no one should blame APC, PDP, etc for the recent slides in Naira; we should blame everyone that we forgot what worked for Naira in that past. One day, we will have a sankofa moment, return to the past to learn, and then push for the future.

Comment 3: We all are in a vehement agreement that sustained economic development is only achieved by deliberate action by the government and people. We have not had very good government of late.

The private sector, especially manufacturing, needs a leg up. We are far too many in Nigeria to depend on the service sector, and we are not renowned for excellent service.

So, we need to highgrade agriculture and related manufacturing. Everywhere I fly to in Europe and America, as we approach to land, I see well set up and cultivated fields. We need to feed the nation first and then grow enough to sell to the rest of the world in order to improve our balance of trade.

Next, we need to tap into the manufacturing centres in Aba, Nnewi, Ibadan, Agbara, Kano…targetting products for export and local consumption.

My Response: I agree that we need visionary leaders including in that agriculture. Part of the reason we’re having high food inflation is that Nigeria’s agro policy is geared towards export-oriented crops, not things people need in Nigeria, because we want to earn US dollars. So, you will see sesame seeds, etc and all kinds of things we do not need in Nigeria, but are needed abroad. But the cassava, yam, etc we need do not get a lot of help. In other words, our agriculture policy for decades now have been dollarized, with focus on export, instead of feeding the people.

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