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Possible Approval of Bitcoin ETF by the End of November

By
Paul Ugbede Godwin
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0

The Bitcoin exchange-traded fund (ETF) market has been eagerly awaiting a green light from the US Securities and Exchange Commission (SEC) for a long time. Many applications have been filed, rejected, or delayed, but the hope remains that one day, the SEC will approve a Bitcoin ETF that can offer investors exposure to the leading cryptocurrency in a regulated and convenient way.

One of the companies that has submitted a Bitcoin ETF application is Valkyrie Investments, a digital asset management firm that already offers several crypto-related products and services. Valkyrie’s Chief Investment Officer, Steven McClurg, recently shared his insights and expectations on the Bitcoin ETF landscape in an exclusive interview.

McClurg believes that the chances of a Bitcoin ETF approval are higher than ever, especially after the SEC approved the first Bitcoin futures ETFs in October. He thinks that the SEC is more comfortable with the futures market than the spot market, as it has more oversight and regulation. However, he also acknowledges that futures ETFs have some drawbacks, such as higher fees, contango, and tracking error, compared to spot ETFs.

That’s why McClurg is optimistic that Valkyrie’s spot Bitcoin ETF application, which was filed in June and is currently under review by the SEC, will eventually get approved. He says that Valkyrie has done extensive research and due diligence to address the SEC’s concerns regarding market manipulation, custody, valuation, liquidity, and investor protection. He also points out that Valkyrie has partnered with Coinbase, one of the largest and most reputable crypto platforms in the world, to provide custody and execution services for its spot Bitcoin ETF.

McClurg expects that the SEC will make a decision on Valkyrie’s spot Bitcoin ETF by the end of November, as that is the statutory deadline for the agency to either approve or deny the application. He says that he is confident that Valkyrie has presented a strong case for its product and that it meets all the criteria and standards that the SEC requires. He also hopes that the SEC will recognize the benefits and advantages of a spot Bitcoin ETF over a futures ETF for investors who want to gain exposure to Bitcoin in a simple and cost-effective way.

McClurg concludes by saying that he is excited about the future of Bitcoin and the crypto industry as a whole, and that he believes that a spot Bitcoin ETF will be a game-changer for the market. He says that Valkyrie is committed to providing innovative and accessible crypto solutions for investors of all types and sizes, and that he looks forward to seeing more adoption and acceptance of digital assets in the mainstream financial world.

However, there are also some drawbacks and risks associated with bitcoin ETFs that investors should be aware of before jumping in. Here are some of them:

Regulatory uncertainty: Bitcoin ETFs are subject to the rules and regulations of the jurisdictions where they are listed and traded, which may vary widely and change frequently. For example, in the US, the Securities and Exchange Commission (SEC) has not yet approved any bitcoin ETFs, citing concerns over market manipulation, fraud, custody, and investor protection.

The SEC has also recently warned that it may sue Coinbase, a leading cryptocurrency exchange, over its plans to launch a lending program involving crypto assets. These regulatory hurdles and uncertainties may affect the availability, performance, and legality of bitcoin ETFs in different markets.

Tracking error: Bitcoin ETFs aim to track the price of bitcoin as closely as possible, but they may not always succeed due to various factors such as fees, expenses, liquidity, supply and demand, market volatility, and technical issues. Tracking error is the difference between the return of an ETF and the return of its underlying asset. A high tracking error means that the ETF is not accurately reflecting the price movements of bitcoin, which may result in losses or missed opportunities for investors.

Premium or discount: Bitcoin ETFs may trade at a premium or discount to their net asset value (NAV), which is the value of their underlying holdings. A premium means that the ETF is trading at a higher price than its NAV, while a discount means that it is trading at a lower price than its NAV.

These price discrepancies may occur due to supply and demand imbalances, market inefficiencies, or arbitrage opportunities. Investors who buy an ETF at a premium may end up overpaying for their exposure to bitcoin, while investors who sell an ETF at a discount may end up receiving less than their fair share.

Tax implications: Bitcoin ETFs may have different tax implications than holding bitcoin directly, depending on the tax laws and regulations of each country. For example, in the US, bitcoin is treated as property for tax purposes, which means that investors have to report any capital gains or losses when they sell or exchange it.

However, bitcoin ETFs may be treated as securities or commodities for tax purposes, which may have different tax rates and reporting requirements. Investors should consult their tax advisors before investing in bitcoin ETFs to understand the potential tax consequences.

Counterparty risk: Bitcoin ETFs involve intermediaries such as fund managers, custodians, brokers, exchanges, and regulators, who may pose counterparty risk to investors. Counterparty risk is the risk that one party in a transaction fails to meet its obligations or perform its duties, resulting in losses or delays for the other party.

For example, a fund manager may mismanage the assets of an ETF, a custodian may lose or compromise the private keys of the bitcoin holdings, a broker may default on its trades or charge excessive fees, an exchange may suffer a hack or outage, or a regulator may impose sanctions or restrictions on an ETF. These scenarios may affect the security, liquidity, and value of bitcoin ETFs.

Bitcoin ETFs are not a perfect solution for investing in bitcoin. They have their own advantages and disadvantages that investors should weigh carefully before making a decision. Bitcoin ETFs may offer convenience, diversification, and exposure to bitcoin, but they also come with regulatory uncertainty, tracking error, premium or discount, tax implications, and counterparty risk.

There are several potential benefits of a spot Bitcoin ETF, such as:

Liquidity: A spot Bitcoin ETF would trade on a regulated stock exchange, making it easier and cheaper for investors to buy and sell shares. This would also reduce the risk of price manipulation or fraud that may occur on some unregulated platforms.

Accessibility: A spot Bitcoin ETF would open up the market for Bitcoin to a wider range of investors, especially institutional ones, who may have legal or operational constraints that prevent them from holding the cryptocurrency directly. A spot Bitcoin ETF would also lower the barriers to entry for retail investors, who may not have the technical knowledge or resources to deal with the complexities of Bitcoin.

Diversification: A spot Bitcoin ETF would offer investors a way to diversify their portfolio with an asset that has a low correlation with other traditional assets, such as stocks and bonds. This could help improve the risk-return profile of their portfolio and hedge against inflation or currency devaluation.

Transparency: A spot Bitcoin ETF would provide investors with clear and accurate information about the value and performance of their investment, as well as the fees and expenses involved. A spot Bitcoin ETF would also be subject to the same regulatory and reporting standards as other ETFs, ensuring a high level of oversight and accountability.

Do You Need Performance Reviews In Your Company?

By
Ndubuisi Ekekwe
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1
  • Founder: “Sir, do we need performance reviews?”
  • Ndubuisi: “In the United States, YES. But in Nigeria, it is not really necessary at this stage”.

Good People, this is the season of performance reviews. Most people will say that it is a waste of time. I partly agree, and do note that as humans we do many wasteful things in life – and performance review is one of the most necessary wasteful activities.

So, even if it is a waste of time, please do it, if your business operates in the United States.  An African axiom says that “one day a bad child could  be useful”. And that is what performance review does: when you are sued, that document could be  the core defensive material you have, and that is why most companies do it.  Yes, as you sign-off that document, you have just helped a company’s defense!

But if  you operate in Nigeria where employees rarely sue, a ratified performance review is not that necessary for most firms (of course the bigger you are, the higher the stakes, and that is the risk vector which could mean – waste the time and get signed performance reviews). You can call a staff member and explain strengths and weaknesses, and work with that person to improve where necessary. But in America, after doing all that, ask the person to sign something. 

That said, ask your HR expert and company attorney for guidance and not rely on a village guy.

Performance review season is upon us, and for some companies – it’s become a “colossal waste of time,” writes the Financial Times. Even as businesses tout inclusion, controversial review systems are still widely in place. In areas such as the tech sector, forced rankings are making a comeback in an effort to help leaders decide who to let go. The problem with that: It leaves out key factors, such as staffers who always help their colleagues get work done quicker, and could lump together star employees with those who aren’t pulling their weight. Confirm, a performance review platform, is attempting to solve this with a 360-degree system — where staffers can do things such as name-drop coworkers who are their go-to’s for help. (LinkedIn News)

Reflecting on 11 Town and Gown Initiatives that Shape Knowledge, Communities

By
Rasheed Adebiyi
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0

In the last one decade, I have reflected on my activities charged towards impacting the immediate university and host community. In the past decade as a university teacher, researcher and development enthusiast, I’ve realized the transformative power of town and gown collaboration in fostering innovation, learning, and community development. Here are 11 of the initiatives

  1. Fountain Dialogue: A Tradition of Engaging Discourse

The Fountain Dialogue stands as our flagship programme—a town hall-styled media engagement. It commenced in 2013 to celebrate the one-year tenure of then Vice Chancellor, Prof. Bashiru Ademola Raji. Continuing with each subsequent Vice Chancellor, these dialogues serve as a platform for informative discussions and student engagement. The second edition happened in 2018 to welcome Prof. Amidu Olalekan Sanni, and the third edition was mounted in 2023 for Prof. Olayinka Ramota Karim, our current and 4th substantive Vice Chancellor

  1. Creativity Challenge: Nurturing Innovation and Skills

This inventive challenge, resembling an advertising hackathon, involved students forming agencies to tackle briefs and develop communication portfolios that address real-world problems. Organized by the students’ association with staff support, it served as an innovative platform to foster creativity and problem-solving.

  1. Advertising Pitch: Real-world Application in Learning

The Advertising Pitch, an integral part of the advertising class, focused on real companies such as Innosson Motors, Premier Custards, and Golden Penny Flours. It allowed students to engage with industry experts and apply their learning to address real business challenges.

  1. SDGs Community Outreach: Practical Application of Learning

The Communication for Development Class executed community-oriented projects and collected KAP (Knowledge, Attitude, and Practice) data from Osogbo metropolis. The initiative extended to executing developmental projects, such as educational sessions on nutrition and distribution of food items, exemplifying the commitment to the SDGs. It also included the pursuit of the No Poverty goal with an outreach to a radio station programme in Osogbo.

  1. Interactive Sessions with Industry Experts: A Window to Real-world Insights

Sessions with industry experts across various sectors, from advertising to PR to Development Communication, served as invaluable interactions for students. These sessions provided real-world insights and motivation for students in their respective fields.

  1. Event Management Practical: Showcasing Skills and Talents

Derived from the event management class, students organized full events as part of their examinations, showcasing their talents, skills, and organizational capacities. This served as a testament to their growth and development.

  1. Osun 2018 Gubernatorial Election Campaign Atmosphere Monitoring: A Pioneering Research Project

Leading a combined team in media studies and political science, we monitored the election atmosphere in real time. This innovative project disseminated outcomes and contributed to the development of Positive Agenda Nigeria (PAN).

  1. Communication Infrastructure Audit in Osun 2019: Examining Government-Citizen Engagement

Conducted to analyze the infrastructure used by the Government of Osun State to engage its citizens. The study employed survey, interviews, and website analysis to investigate the level of citizen engagement by the government. The outcomes were disseminated via mainstream and social media. The discourse that emanated from the study to the Apero initiative in the state.

  1. Osun 2022 Gubernatorial Election Campaign Monitoring: In-depth Analysis of Campaign Strategies

Interrogated the extent of issue-based campaigns during the governorship election. The outcomes were widely disseminated and documented in policy briefs, articles, and presentations in civil society meetings and radio interviews. This led to the establishment of Postive Agenda Nigeria (PAN).

  1. Solutions Journalism Fellowship 2022: Mainstreaming Solutions Journalism in Media

This was a fellowship that came with $2,000 grant award aimed at mainstreaming Solutions Journalism practice and teaching in the media ecosystem in Osun. It involved advocacy visits, trainings and media engagements. I engaged with 3 media organisations, 3 media professional bodies, 2 national agencies and two departments of Mass Communication in the state

  1. The 2023 Presidential Election Campaign Monitoring: An International Collaboration

An international campaign monitoring project with RUDN University, Russia, and Centre for Research on Development of Africa Media, Governance and Society (CEREDMS). It aimed to analyze the engagement with issues during the presidential campaign in Nigeria and disseminate outcomes in real time using webinars, media engagements, articles in the newspapers and social media platforms. This project led to the registration of PANSOR Development Initiative.

Each of these initiatives represents a collaborative effort and a commitment to fostering academic learning, community engagement, and meaningful impact within my university and beyond. They reflect the dedication to innovation and the realization of practical solutions in real-world scenarios.

MultiChoice Raises Prices of DStv, GOtv Services And The Choice for Nigerians

By
Ndubuisi Ekekwe
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4

In Nigeria, we spend so much time discussing and analyzing the prices of MultiChoice’s products. Yes, when DStv and GOtv prices change,  the nation notices. Why? European football remains one of the finest products in Nigeria, and most people are affected with price changes. The implication is that unlike changes in the prices of cereal, milk, and garri, when DStv price changes, headlines emerge in the media world.

Personally, MultiChoice should not be blamed for a minor price change, because the price of everything has gone up. So, as we enjoy foreign products created in Manchester, Barcelona, etc, in the age of Naira FX paralysis, we must not expect to pay the same thing. But if you think otherwise, we have Enyimba FC in Abia, and it can entertain you for a smaller purse! 

Sure, this is not to support any monopolistic power to clip money from customers. I am just commenting based on the reality on the ground, which is that a minor price increment for DStv and GOtv is in order. But where you think otherwise, you have a choice: go local and watch local sports! There is no need to demonize MultiChoice on this, and I hope no one should go to court as usual to compel it to return to the old price.

Pay TV company, Multichoicehas announced new rates for its DStv and GOtv package offerings in Nigeria. The new development comes months after it announced and implemented a similar upward review of prices. In an internal memo seen by PREMIUM TIMES, the company said new prices would take effect from 6 November.

According to the memo, the premium package on DSTV will increase to N29,500 from N24,500. Compact Plus which cost N16,600 before will now go for N19,800 while Compact will cost N12,500 instead of N10,500. Confam will cost N7,400 and no longer N6,200, while Yanga subscribers will pay N4,200 as against N3,500.

The DStv Padi package will increase from N2,500 to N2,950. The company also moved its HDPVR Access Service, Access Fees, and Xtraview bouquets from N3,400 to N4,000.

Similarly, the GOtv Supa Plus package now costs N12,500 from N10,500 while Supa will cost N7,600 instead of N6,400. The Max package now costs N5,700, up from N4,850; while GOtv Jolli subscribers will now pay N3,950, up from its previous rate of N3,300.

The GOtv Jinja and GOtv Smallie packages were also increased from N2,250 to N2,700 and from N1,100 to N1,300, respectively. The firm blamed the rise in the cost of business operations for the increase.

Nigerians spend $975m daily on online sports betting

By
Paul Ugbede Godwin
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0

According to a recent report by the National Lottery Trust Fund (NLTF), Nigerians spend an estimated $975 million daily on online sports betting, which amounts to about $356 billion annually. This staggering figure reflects the growing popularity and accessibility of online gambling platforms in the country, as well as the lack of effective regulation and oversight by the government.

Online sports betting is a form of gambling that involves placing wagers on the outcomes of various sporting events, such as football, basketball, tennis, cricket, etc. The bettors can choose from a variety of options, such as the winner of a match, the number of goals scored, the first team to score, etc. The odds of winning are determined by the bookmakers, who use complex algorithms and data analysis to calculate the probabilities of different scenarios.

Online sports betting is legal in Nigeria, as long as the operators have a license from the National Lottery Regulatory Commission (NLRC). However, the NLRC has been criticized for its lack of capacity and transparency in enforcing the rules and ensuring fair play.

According to the NLTF report, only 21 out of the 56 licensed operators in Nigeria remit their statutory 20% revenue to the government, while the rest evade taxes and fees. Moreover, many unlicensed and illegal operators operate in the country, taking advantage of the weak regulatory framework and the high demand for online gambling.

The NLTF report also highlighted the social and economic impacts of online sports betting on Nigerians, especially the youth. According to the report, about 60 million Nigerians between the ages of 18 and 40 are involved in active sports betting, spending an average of $2 per day.

This means that many Nigerians spend a significant portion of their income on gambling, which could affect their savings, investments, and livelihoods. Furthermore, online sports betting could lead to addiction, debt, fraud, crime, and mental health problems among the bettors.

The NLTF report recommended some measures to address the challenges posed by online sports betting in Nigeria. These include:

Strengthening the capacity and independence of the NLRC to effectively regulate and monitor the online gambling industry. Reviewing and updating the existing laws and policies on online gambling to reflect the current realities and best practices.

Enhancing public awareness and education on the risks and responsibilities of online gambling. Promoting responsible gambling and providing support and treatment for problem gamblers. Developing alternative and productive sources of income and entertainment for Nigerians, especially the youth.

Despite these challenges, online sports betting also has some benefits for Nigerians, especially the youth. According to the report, online sports betting provides:

A source of entertainment and excitement for millions of Nigerians who enjoy watching and following their favorite sports and teams. A source of income and empowerment for many Nigerians who use their skills and knowledge to make money from their bets.

A source of socialization and community for many Nigerians who share their passion and opinions with other bettors on online platforms and forums. A source of education and information for many Nigerians who learn more about sports, statistics, and probabilities from their bets.

Online sports betting is a phenomenon that has taken Nigeria by storm. While it offers some opportunities for entertainment and income generation, it also poses serious challenges for the economy, society, and individual well-being. Therefore, it is imperative that all stakeholders work together to ensure that online sports betting is conducted in a fair, transparent, and responsible manner.

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