As we do in Tekedia Institute where we add special sessions on moving topics to educate our members, a special Tekedia Live will hold tomorrow to discuss the evolution and potential implications of Zugacoin, which Africas largest indigenous auto manufacturer, Innoson Motors, now accepts as a form of payment, for its vehicles. Zugacoin was created by Nigeria-born Archbishop Sam Zuga.

Franklin Peters Odoemenam, the CEO of Bitfxt, a crypto exchange, which used to employ many people in Lagos, but has since relocated his company to Dubai, after the Central Bank of Nigeria (CBN) restricted crypto exchanges within the Nigerian banking system, will anchor the conversation. Franklin is a Tekedia Institute Faculty.

• Topic: A Changing Continent: Zugacoin, Bitcoin, Fiats and DeFi
• Faculty: Franklin Peters Odoemenam
• Date: Monday, March 15, 2021
• Time: 7pm WAT
• Zoom: Tekedia Mini-MBA Board

NB: If you have registered for Tekedia Mini-MBA edition 5 (June 7 Sept 1, 2021) and want to join, please ask Admin to give you access. If you have not, please pay here and ask Admin to send you a Zoom link to join.

Note: We have spoken with the personal assistant of the creator of Zugacoin, Archbishop Sam Zuga. We are doing everything we can to get him to also join us. Personally, I want to ask him Why Zugacoin when there is Naira? As an archbishop, he is certainly a busy man to be brought in within short notice but we will keep trying. The PA is helping.

Then, most importantly, everything on Zugacoin, BTC, etc is for academic purposes. So, no endorsement. We run a school and not an investment house. So, all is for educating innovators and professionals to understand the changing markets and economics. We have that obligation to do that if we want to be relevant as a school.

Tekedia Team

Boston, USA | Owerri, Nigeria

tekedia@fasmicro.com

Update: Innoson Motors is disputing this but Vanguard Newspapers which broke the news is yet to remove it from its website (see below). We have updated our articles accordingly. This is largely expected as I wrote in my original piece: “This is not going to be the end of this story – I expect the Central Bank of Nigeria to be concerned.” Certainly, Innoson Motors would not like to score an own-goal here. Yet, why it took it more than 100 hours to respond is another story. As always, we see our platform as an education arena – and that does not mean endorsement. Tekedia is a school and teaching something does not mean endorsing it. We will continue to share emerging technologies even if we do not endorse them.  Shine your eyes.

Bitcoin hit a new record high on Saturday, crossing the $60,000 threshold for the first time. The world’s biggest cryptocurrency has seen an overwhelming increase since late 2020 following growing acceptance by institutions.

Big corporations and traditional financial firms that previously shunned the cryptocurrency are now embracing it, shooting its market value well above $1 trillion.

Bitcoin is testing the sound barrier at $60k, and institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a bitcoin treasury strategy, Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm said.

The Beeple NFT auctioned by Christies yesterday for $69.3 million is said to have boosted the cryptocurrency market movement.

Volatility became one of the global concerns to both investors and regulators as cryptocurrency popularity grows. Bitcoin hit $58,330 all-time high on Feb. 21 but retreated to $43,000 soon after, instigating fresh concern amidst US debate over the stimulus package.

The institutional backing from big tech has seen generous investment in bitcoin to allay the fear of volatility that has been hindering investors from putting their money into the wonder coin.

Last month, world’s most valuable automaker, Tesla, revealed it has invested $1.5 billion in bitcoin and would accept the coin as a form of payment. In the same month, BNY Mellon said it has formed a new unit to help clients hold, transfer and issue digital assets. Canada’s Ontario Securities Commission also approved the launch of the Purpose Bitcoin ETF. The approval makes it the first North American Bitcoin ETF.

MasterCard also announced it will allow customer-to-merchant payments in cryptocurrency this year, without the need to settle in fiat.

Our change to supporting digital assets directly will allow many more merchants to accept crypto, an ability that’s currently limited by proprietary methods unique to each digital asset. This change will also cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases, the payment platform said in a statement.

Although MasterCard already works in partnership with crypto payment firms such as BitPay and Wirex on cryptocurrency debit cards, the move underscores a shift to enable cryptocurrencies, particularly bitcoin, to be used directly for transactions through its network.

Last month, after bitcoin’s retreat, Twitter CEO Jack Dorsey announced he’s teaming up with rapper Jay-Z to create Trust, a blind bitcoin development trust, a move that has been linked to the streaming platform Tidal, acquired by Twitter early this month. Dorsey had earlier invested in bitcoin using his payment company Square. The Trust is worth 500 BTC ($23.7m) and will focus on India and Africa for a start.

These backings have lifted bitcoins credibility from the shackles of volatility limiting investors interest. The new high puts the total market cap at $1.12 trillion, closing in on Alphabet, Google’s parent company’s $1.385 trillion market value, according to CompaniesMarketCap.com.

For bitcoin, which was at $4,916.78 this time last year, hitting $60,000 new high is remarkable.

While the concern of volatility remains, Jehan Chu said the price will keep rising.

Further, Beeples $69 million NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3, he said.

As we do in Tekedia Institute where we add special sessions on moving topics to educate our members, a special Tekedia Live will hold tomorrow to discuss the evolution and potential implications of Zugacoin, which Africa’s largest indigenous auto manufacturer, Innoson Motors, now accepts as a form of payment, for its vehicles.

Zugacoin is a unique brainchild that aims to rebuild Africa’s dying economy by becoming Africa’s first coin in equity and investment funding for Africa’s government instead of China. Starting a business in Africa can often be a gargantuan task, especially since the prospects of obtaining a loan are few and far between, we will give out loans to aid businesses and encourage investors.

Zugacoin is the first cryptocurrency in the world that owns physical offices Across 15 African countries and 32 states in nigeria.

Zugacoin offers a safe and secure platform to easily send and receive crypto from anyone in the world. Your transactions are not limited by geographical boundaries.

Franklin Peters Odoemenam, the CEO of Bitfxt, a crypto exchange, which used to employ many people in Lagos, but has since relocated his company to Dubai, after the Central Bank of Nigeria (CBN) restricted crypto exchanges within the Nigerian banking system, will anchor the conversation. Franklin is also working to make Zugacoin available within his exchange. Franklin is a Tekedia Institute Faculty.

• Topic: A Changing Continent: Zugacoin, Bitcoin, Fiats and DeFi
• Faculty: Franklin Peters Odoemenam
• Date: Monday, March 15, 2021
• Time: 7pm WAT
• Zoom: Tekedia Mini-MBA Board

NB: If you have registered for Tekedia Mini-MBA edition 5 (June 7 – Sept 1, 2021) and want to join, please ask Admin to give you access. If you have not, please pay and ask Admin to send you Zoom link to join.

Note: We have spoken with the personal assistant of the creator of Zugacoin, Archbishop Sam Zuga. We are doing everything we can to get  him to also join us. Personally, I want to ask him “Why Zugacoin when there is Naira”? As an archbishop, he is certainly a busy man to be brought in within short notice but we will keep trying. The PA is helping.

Then, most importantly, everything on Zugacoin, BTC, etc is for academic purposes. So, no endorsement. We run a school and not an investment house. So, all is for educating innovators and professionals to understand the changing markets and economics. We have that obligation to do that if we want to be relevant as a school.

Like Tesla for BTC, Innoson Motors Will Accept Nigeria’s Cryto Zugacoin

Question on LinkedIn Feed

Comment: Prof do you think a product like a crypto coin is sustainable and safe when it is founded around a personality?

My Response: It is not every product that thrives in markets. Many banks came and went. Many soap making firms came and went. My job in Tekedia Institute is to expand the mindset of our members to become knowledgeable decision makers. Last week, we ran a course on Singularity – things that may happen say in 100 years. I know the outcome and people are thinking BIGGER. So, whether coin is sustainable or not should not stop a school teaching it. We are not an investment house. On personality, there is no problem with that. You start with what you have to get leverage and then transition to institutionalize.

Update: Innoson Motors is disputing this but Vanguard Newspapers which broke the news is yet to remove it from its website (see below). We have updated our articles accordingly. This is largely expected as I wrote in my original piece: “This is not going to be the end of this story – I expect the Central Bank of Nigeria to be concerned.” Certainly, Innoson Motors would not like to score an own-goal here. Yet, why it took it more than 100 hours to respond is another story. As always, we see our platform as an education arena – and that does not mean endorsement. Tekedia is a school and teaching something does not mean endorsing it. We will continue to share emerging technologies even if we do not endorse them.  Shine your eyes.