The Age of COIN – And Nigeria’s Own Goal

The Age of COIN – And Nigeria’s Own Goal

Coinbase, a cryptocurrency exchange, has evolved to become the largest publicly traded exchange in the world. It began life in Nasdaq today and closed the day at $85.8 billion. With that, it has eclipsed the previous king, Hong Kong Exchange, which has a valuation of about $74 billion. Yes, Coinbase is more valuable than Nasdaq which houses it!

Coinbase, the largest U.S. cryptocurrency exchange, made history by going public on Wednesday, closing at $328.28 and giving it an initial market cap of $85.8 billion. The Nasdaq had set a reference price of $250 a share. Coinbase is the first major digital currency exchange to go public in the U.S., and the company recently estimated that it oversees about 11% of the total cryptocurrency market. The move also comes a day after Bitcoin reached a fresh high above $63,000, having more than doubled its price this year.

So, a public market has now validated everything: Coinbase which helps people buy and trade cryptocurrency has real value. It is no more the secret Wall Street traders, but real people who are pumping money to make this clear call. Yes, there is nothing else to expect as real people have voted with their money.

And if Nigeria is reading, this game is ending very soon. You need to take a better position by  regulating cryptocurrency, and allow your young people to participate. Follow the clear instruction of the Vice President of the nation where he noted: “There is a role for regulation here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs. So it should be thoughtful and knowledge-based regulation not prohibition.” 

We need to stop our own-goals – and listen to Prof Yemi Osinbajo, a professor of Law.

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2 thoughts on “The Age of COIN – And Nigeria’s Own Goal

  1. Osinbajo has sense but lacks power, while the guys with power have no sense, it’s a mismatch; but that’s Nigeria’s story.

    Check since 1999, Obasanjo, even with all his flaws, happened to be the only president with both sense and power, the rest had/have too much deficiencies to get Nigeria working properly.

    You can credit telecom and banking reforms to Obasanjo. Yar’ Adua was too short, so no economic reform can be linked to him. Jonathan would have shined with Power reforms, and probably Petroleum Industry, but both of them never worked, so he failed.

    Buhari is never known to be intelligent, he could have shined with cryptocurrency revolution, but it’s way beyond what he could understand. The agriculture that ordinarily would have been his natural turf, unfortunately he couldn’t revolutionalise cattle rearing, neither have we transformed our agric sector.

    Regimes are judged by economic reforms they inspired, it’s not by construction works or paying salaries, so if you are struggling to understand why Nigeria is not advancing, just look at sectoral reforms and see who has done what.

    Which president will win trophy for Education, Health, Land or Transportation?

    Governance is not that primitive thing we glorify here.

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