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Why Crypto and Bitcoin in Particular Will Transcend Inflation

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Inflation is a phenomenon that affects every economy in the world. It is the general increase in the prices of goods and services over time, which reduces the purchasing power of money. Inflation can have various causes, such as excessive money supply, high demand, supply shocks, or government policies.

One of the main challenges of inflation is that it erodes the value of savings and investments. People who hold their money in fiat currencies, such as dollars or euros, see their wealth diminish as inflation rises. This can discourage saving and encourage spending, which can further fuel inflation.

However, there is a way to protect oneself from inflation and preserve one’s purchasing power: crypto. Crypto is a term that refers to digital assets that use cryptography to secure transactions and control the creation of new units. Crypto can be divided into different categories, such as cryptocurrencies, tokens, stablecoins, or non-fungible tokens (NFTs).

Among all the crypto assets, one stands out as the most popular and valuable: bitcoin. Bitcoin is the first and largest cryptocurrency by market capitalization. It was created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. Bitcoin is based on a decentralized network of computers called nodes that validate transactions and maintain a public ledger called the blockchain.

Bitcoin has several features that make it an ideal hedge against inflation. First, it has a limited supply of 21 million units, which means that no more bitcoins can be created after that number is reached. This makes bitcoin scarce and deflationary, unlike fiat currencies that can be printed at will by central banks.

Second, bitcoin is decentralized and independent of any government or central authority. This means that no one can manipulate its value or supply by changing monetary policies or imposing sanctions. Bitcoin is governed by its own protocol and consensus rules that are transparent and immutable.

Third, bitcoin is global and borderless. It can be transferred anywhere in the world in minutes, without intermediaries or fees. Bitcoin is also accessible to anyone with an internet connection and a device, regardless of their location or identity. Bitcoin enables financial inclusion and empowerment for millions of people who are unbanked or underbanked.

Fourth, bitcoin is innovative and adaptable. It is constantly evolving and improving through the efforts of its community of developers, users, miners, and entrepreneurs. Bitcoin also inspires new technologies and applications that leverage its potential, such as the Lightning Network, which enables fast and cheap micropayments, or Taproot, which enhances privacy and scalability.

These are some of the reasons why crypto and bitcoin in particular will transcend inflation and preserve their value over time. Crypto and bitcoin offer an alternative to fiat currencies that are subject to inflationary pressures and political interference. Crypto and bitcoin represent a new paradigm of money that is digital, decentralized, and democratic.

Tekedia T-Shirts: Thanks for wearing them!

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Just to thank Eyitayo Adeleke, mMBA for bringing a lot of ideas to Tekedia programs. The day he told me that some learners would like permission to make our t-shirts, I was like “are you sure people will wear the t-shirts?” Fascinatingly, the learner-managed cup-, t-shirt-, hoodie-, and broad merchandize-idea has distributed hundreds of these items.

The biggest delivery was the day he went to Kwara State Government House to deliver a Tekedia t-shirt to the First Lady. She had sent 600 youth from Kwara State for Tekedia Institute to train them on business management. He led a team to the government house, and that is part of our history. See Eyitayo as he handed the t-shirt to First Lady, Amb Dr Mrs. Olufolake Abdulrahman.

I want to thank our Learners for making us feel great by buying these t-shirts which continue to bring us learners. Thanks. How many schools can boast that their learners graduate and are happy to spend their money to buy the school’s t-shirts?

If you need one, contact Eyitayo, I know nothing about it. He does all with our learners, from design to delivery. I thank our learners who spend their money on these shirts for honouring Tekedia Institute in this way. Thanks.

Igba-Boi Center – for developing and advancing the Igbo Apprenticeship System

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The proposed Abia State University’s Igba-Boi Centre will have a mandate to train and educate students and the world on the principles of Igba-Boi (the Igbo apprenticeship system), the Igbo worldview business philosophy of entrepreneurial capitalism and prosperity through enterprise, succession planning, retirement, etc.

The Centre will work to uplift and internationalize this Igbo heritage in this age of stakeholder capitalism, and upgrade, codify and modify where necessary the framework, for more international adoption. We expect the world to come to Abia and learn about Igba-Boi, and understand how the Igbos, for centuries, have been practicing what the modern world has called “stakeholder capitalism” as I wrote in Harvard https://hbr.org/2021/05/a-nigerian-model-for-stakeholder-capitalism

(Our expectation is that someone will fund and endow this center, and we do believe in the Economic Transformation team that institutionalizing Igba-Boi in a modern way, where our sons actually go to school, before going into trade/commerce, is going to be catalytic in the knowledge base of the state).

Invest in Abia because #AbiaIsBetter

Prof Ndubuisi Ekekwe

Co-Chair, Abia State Economic Transformation Transition Council

The Most Important A+ in School

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I read a particularly unflattering LinkedIn comment on my piece where I noted that I do not invest in undergraduate students building startups, since running a startup (not a small business) cannot be a part-time job! The argument was this: a smart student could maintain good grades while running a company! Good People, there is a clear difference between running a company and working in one.  Grades are not everything!

Understand that companies do not hire you just because you made good grades in school. You are hired because you’ve demonstrated attributes which resulted in a good outcome (good grades). To get good grades, you managed your time, showed discipline to accomplish a purpose, etc. The assumption is this: if you can apply those attributes in a job, the outcome would be good. 

Please understand that the processes to get a good grade are more important than the grade. Most attributes to success are universal while grades are not.  Staying on course with those attributes makes the future predictable even when the grades become irrelevant!

Success in life is not defined by academic grades even though good grades will not hurt. The fact is this: a person can make As in a university-life-phase and still fail drastically in a professional-life-phase. While the phase-exams are different, behind them are clear relationships: process. It is safer to hire an A student than a C student as the A student has demonstrated the ability to set goals (every student desires to make good grades) and accomplished them. The key thing is not the A but the process that leads to the A. Simply, if you hire that A-student graduate, and he/she continues to apply those principles, there is a high chance he can deliver A performance in the company. That also explains the quality and the difficulty of getting that A in a school. One school’s A is another’s C. So, it comes down to processes which are needed for those grades.

To be a founder of  a startup, some attributes which will make you a great staff may not favour you! So, combining school with work, and building your company (a startup, not a small business)  while in school are different things! But even that requires a process. So, the key is mastering the process of what you need to thrive.

If someone asks you the “course” you must make A+ in school, tell him/her: PROCESS.

The best city to reside in Nigeria.

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Without mincing words or being sentimental, Abuja is currently the best city to reside in Nigeria.

Here is a quick story; I was away from Abuja last weekend for the Salah holidays. On Friday, my house gatekeeper called me to inform me that the electricity transformer that supplies electricity to the estate I reside in got blown up. 

I quickly made arrangements with him on how we can switch to an alternative power supply because I was already thinking that it will probably take at least a week or even more for it the transformer to get fixed; considering the Nigerian factor and how non-challant public workers are to work and the bureaucratic process it takes for issues like this to get to the topmost top of those that will give the directives for it to be fixed.

Well, I was amazed when the gatekeeper called me back on Monday morning (which was still a Salah holiday) to inform me that the transformer had been fixed. He said the Abuja Electricity Distribution Company (AEDC) officials came as early as 10 am to fix the transformer. 

Well, if you have lived in any city in Nigeria then you will understand why this is shocking to me. I have lived in Benin, Kano, Port Harcourt, Onitsha, Abakaliki and Lagos and I can tell you that none of those cities I mentioned have seen a blown transformer get fixed in less than a month. That is why I was amazed that a blown transformer could get fixed in less than one working day in Abuja.

Maybe we Abuja residents are enjoying this level of preferential treatment because we live close to the corridors of power. It is possible that the AEDC officials quickly attended to us probably because the estate is littered with top government officials like senators, house representatives members, Ministers, Director Generals, Executive Secretaries, CEOs etc. In fact, inside the state, there is an embassy, so maybe it is one of the “ Ogas at the top” living in the estate that called AEDC officials to act on it this fast and they got a blown transformer fixed in less than a day. 

Outside blown transformers getting fixed in a jiffy; there are as well other things that helped me form the opinion that Abuja still remains the best city to reside in Nigeria as of now. kudos to the FCT minister, you can barely see portholes around the Abuja city centre; once there is a porthole, it gets fixed in a matter of days, unlike other cities I have lived in where portholes turn into death traps and take long before they are finally fixed. 

In terms of security, Abuja is averagely safe; you barely see or hear of bag snatching or robbery, especially in the city centres unlike other cities like Lagos where you can even be robbed in Ikeja, a stone throw from the government house or even in Ikoyi. I am yet to see “Agberos” harassing motorists and road users in Abuja, unlike other Nigerian states.

Well, this is not me marketing or promoting Abuja, this is my personal opinion that Abuja is close to being the most sane city to reside in Nigeria.