REALKINGSNAZZY(@RKSTrades01)'s insights

Explore More From Creator

Nigerian Central Bank Issues Circular Reversing 2021 Bitcoin Ban On Friday, Dec 22, the Central Bank of Nigeria issued a circular to all banks and Financial Institutions that lifted its ban on bitcoin and outlined new guidelines for Virtual Asset Service Providers in Nigeria. This new regulation is yet another positive step by the regulators in Nigeria in providing better regulatory clarity as we continue to see the growth and importance of bitcoin and stablecoins in the daily lives of Nigerians and the Nigerian economy more broadly. The Infamous 2021 CBN Circular In Feb of 2021, the CBN stepped in and filled the void created by the lack of crypto regulation and consumer protection measures, coupled with their fears of money laundering and terror financing, to issue its now infamous circular, which saw the prohibition of Nigerian banks from allowing bank accounts to be directly tied to crypto transactions. Which resulted in businesses having to adjust to the drastic change, with some shutting down. However, a consequence of the circular was the growth of Nigeria's P2P crypto market, which is now dominant globally. According to Chainalysis, Nigeria's crypto transaction volume surged by 9% YoY to $56.7B between July 2022 and June 2023. Additionally, per the Chainalysis 2023 Global Crypto Adoption Index report, Nigeria ranked 1st for P2P exchange trade volumes and 2nd for overall adoption, rising from its previous ranks of 17th and 11th, respectively, a year prior in their 2022 edition of that report. The CBN’s New Regulation and Guidelines In a Friday circular to all banks and other FIs, the CBN communicated their "Guidelines On Operations of Bank Accounts For Virtual Assets Service Providers (VASPs)." The CBN cited global trends and guidelines from the Nigerian SEC as reasons for lifting its previous restrictions, as well as its introduction of more regulatory clarity and guidelines for digital assets and activities of VASPs. The guidelines outline permitted activities between banks and FIs when opening accounts.

--

If History Repeats Itself, I Expect Bitcoin to Surge Even Higher in 2024. Here's Why. Looking back at 2023, a key development has been the resurgence of the cryptocurrency market. The industry's current valuation of over $1.6 trillion is about 100% higher than it was nearly 12 months ago. Unsurprisingly, the most valuable digital asset, Bitcoin (CRYPTO: BTC), has also benefited tremendously. But bigger gains could be on the horizon. Even though Bitcoin has climbed 154% in 2023 (as of Dec. 20), I expect this top cryptocurrency to surge even higher in 2024. Here's why. A major catalyst for Bitcoin on the horizon Unlike Ethereum, Bitcoin operates what is known as a proof-of-work consensus mechanism. This means that so-called miners must expend computational power and electricity (the "work") to win the right to approve transactions to the blockchain. For this effort, miners receive a reward in the form of newly created Bitcoin. About every four years, the reward that miners get for doing this essential task gets cut in half, in an event known as a "halving." Bitcoin and crypto observers are likely aware that the next halving event is slated to take place in April 2024. After this point, miners will get 3.125 new coins each time they approve transactions. Why is this so important for Bitcoin? Well, if history is any indication, Bitcoin's price is poised to continue soaring in the next 12 months and perhaps even longer. The last Bitcoin halving took place in May 2020. In the two months before, the crypto's price rose 65%. And in the 18 months after, Bitcoin skyrocketed 616% to reach its all-time high of under $69,000 in November 2021. A similar situation played out around the halving events in 2016 and 2012. Conceptually, it makes sense why this has typically been a bullish situation. Over the past decade, demand for Bitcoin has increased. This is due to it becoming more widely adopted as a store of value. The fact that Bitcoin is also getting recognition as a legitimate financial asset from incumbent institutions.

--

which of the following should we buy now?

--

Latest News

DTCC Endorses Ethereum's ERC-3643 Standard for Permissioned Securities Tokens

--

ATAI Life Sciences Adopts Bitcoin Financial Strategy with Initial Investment

--

Ethereum's Future Hinges on Layer-2 Networks, Says Co-Founder Joe Lubin

--

NVIDIA Establishes Research Center to Advance Quantum Computing

--

Bitcoin Miners Face Financial Challenges Amid Declining Transaction Fees and Hashprice Drop

--

.css-1iqe90x{box-sizing:border-box;margin:0;min-width:0;color:#EAECEF;}Merry Christmas My Binance Family!

Explore More From Creator

Latest News

Trending Articles

Merry Christmas My Binance Family!