…huge loss to investors in Nigeria on account of CBN ban on crpto trading
As the cryptocurrency Bitcoin continues its incredible blast-off amid a pandemic and market uncertainty, some experts believe that its price could reach as high as $50,000.
Bitcoin, the world’s most popular cryptocurrency, reached the $47,000 mark on Monday, according to data from Coindesk news outlet.
Continuing its rapid increase, the price soared over the last few hours over $7,000, for the third time in several hours breaking a historical record.
As of 23:00 GTM the cryptocurrency had risen to $45,000, and then, in less than an hour, Bitcoin appreciated by another $1,000 in about 15 minutes.
A massive leap in the value of Bitcoin was indicated after Tesla confirmed that it had invested $1.5 billion in the cryptocurrency in January. Trading at about $33,000 at the beginning of February, Bitcoin reached $40,000 on Monday.
As experts from the cryptocurrency exchange Luno and the brokerage OSL, cited by Bloomberg, noted earlier, Bitcoin’s cost may hit $50000 in the long-term, as the currency appears set to take on gold in the competition for supremacy, and best investment.
This is a very sad news to investors in Nigeria who have been shut out of the investment by the ban on cryptocurrency trading by Central Bank of Nigeria (CBN).
Recall that CBN banned cryptocurrency transaction – saying that it became necessary due to the opacity of cryptocurrencies for conducting illegal activities like: money laundering, terorrorism financing, purchase of small arms and ammunition, as well as tax evasion.
CBN also stated that quite unlike fiat money, which is backed by full faith and comfort of a country or central bank; cryptocurrencies do not have any intrinsic value and do not generate returns by themselves and are highly volatile.