How do you explain it? The Central Bank of Nigeria (CBN) published a long thesis to explain its rationale for banning Bitcoin, in Africa’s largest economy. But hours later, Africa-born and the world’s richest man, Elon Musk, went on an economic baptism of all Bitcoin faithful. He blessed them with alpha, putting the reputation of the world’s finest innovator, at the moment, on the bytes and bits. Not just him, his company – the one which pioneered electric vehicles at scale – is coming to the party. Yes, Tesla will allow you to pay with Bitcoin for its vehicles.
The Bitcoin roller coaster is escalating again after Tesla announced it invested $1.5 billion in the cryptocurrency and plans to start accepting it as payments for its products. Bitcoin’s price surged to a new all-time record, soaring as high as $44.795.50 after the “vote of confidence from the electric-car market leader,” reports Bloomberg. Tesla is perhaps the most prominent company to throw its weight behind Bitcoin, with its hefty investment boosting the “legitimacy” of electronic currencies despite ongoing skepticism. (LinkedIn)
I am yet to make time to read Nigeria’s reasons. Typically, I read in context and the premise of its argument made no sense: you are fighting a war you have lost. Nigeria or no Nigeria, Bitcoin will fly. I used to be like Nigeria until I woke up to reality.
Young people here educated me and asked me to allow them to pay for Tekedia Mini-MBA with Bitcoin. I refused until one wrote “when I earn my salary, I convert all to Bitcoin …”. That was when I knew everything had changed.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Nigeria will come home at the end. Unfortunately, by then, it has succeeded in making its young people spectators instead of players most have already positioned themselves. Do not score own-goals like Nigeria!
Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars – sending the cryptocurrency shooting higher.
The announcements, buried deep in Tesla’s 2020 annual report, drove a 13% surge in the world’s most widely-held cryptocurrency to over $43,000. At current prices, 0.88 bitcoins would be enough to buy an entry-level Tesla Model 3.
Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.
Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S. company, leaving other companies and investors eager to follow in his wake.
“If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York. “But when the richest man in the world does it, everyone has to take a second look.”
Bitcoin Climbs More Than $43,000 as Tesla Announced Plans to Invest $1.5b, Use as Form of Payment
---
Register for Tekedia Mini-MBA (Jun 3 - Sep 2, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.
Well, when hopeless people sell hope to you, and vision impaired people sell vision to you, you don’t need to be reminded that believing in them would ruin your destiny and very existence.
Nigerian rulers will tell you about economic diversification and the dangers of mono economy, ask them what they mean, they will tell you it’s agriculture! If you abandon crude oil and face agriculture, have you diversified your economy? But in Nigeria’s thinking, yes! That’s the calibre of people writing policies and making decisions for your wellbeing. Their understanding of youth empowerment is sharing N30k or N25k, telling you they are lifting millions out of poverty, but whenever the very youths they claimed they want to empower find ways to engage in creative or innovative activities that could advance their wellbeing, the same people that claim to love them so much will crush everything.
One thing we all need to know is that Nigeria is not the centre of the universe, so whether we get serious or choose to waste our existence, the rest of the world will still move; nobody is waiting for Nigeria to acquire some sense.
Our all knowing CBN says cryptos are dangerous, the world’s richest man says they are the future. Decide for yourself!
Nigeria as a country is a joke..whether they like it or not the cryptocurrency is the future…When one door closes another opens..if they like they should exhibit their wickedness by trying to stop crypto stuff, we’ll still find another way..wicked leaders that wants to destroy this country..
Emeifele is a complete disappointment.
One used to think he represents the youth but with recent decision or policy, it is very clear the class he belongs.
Please, let someone from Agbor advise the CBN Governor to retrace his track and there is still room to make amend from the cripto currency ban please and the youth will respect for that. Even God will bless him.