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Bitcoin on the Move; Rises to $5,856

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  • Bitcoin on the Move; Rises to $5,856

Dominant cryptocurrency Bitcoin rose by more than 13 percent on Friday to an all-time high of $5,856.

The cyptocurrency that traded at $966 at the beginning of the year, has now gained more than 750 percent in the last one year and worth four times as much as an ounce of gold.

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However, the price has been very volatile, plunging below $3,000 in September after China stopped exchangers from carrying out Bitcoin transactions and by October it was trading above $5,000.

Experts have called on central banks and regulators to get serious about digital currencies to curb excesses.

Russian president, Vladimir Putin called for regulation of cryptocurrencies week, saying their use is dangerous as they can be used to launder money, tax evasion and even fund terrorism.

However, he advised against too many barriers, which according to him could further boost the attractiveness of the coin.

Despite warnings, the digital currency has continued to gain acceptance, and just last month, a London based property developer, The Collective, announced it would allow tenants to pay in Bitcoin.

While, Jordan Hiscott, the chief trader at Ayondo Markets, said: “The returns are truly remarkable, especially given the recent ban on bitcoin trading in China, where demand had previously accounted for at least 10% of all global volumes.”

In September, JPMorgan Chase CEO Jamie Dimon called the high flying digital currency a fraud, but instead of his comments scaring investors, it has helped the coin popularity blast through $5,000.

Speaking on Jamie Dimon’s comment, IMF Managing Director Christine Lagarde said people should be aware not to categorize “anything that has to do with digital currencies in those speculations, ponzi-like schemes. It’s a lot more than that.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Bitcoin

Jesse Powell Says Bitcoin Could Hit $1 Million Per Coin

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Kraken CEO Sees $1 Million Bitcoin in the Next Decade

The Chief Executive Officer and co-founder of Kraken Exchange, Jesse Powell, has made a bold Bitcoin prediction in a recent interview with Bloomberg.

Powell said Bitcoin could hit $1 million in the next decade, adding that supporters of the crypto asset are already saying it could replace all major fiat currencies.

He went on to predict a disruptive future that would stretch even the imagination of the most ardent crypto fans.

We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” he said. “The true believers will tell you that it’s going all the way to the moon, to Mars and eventually, will be the world’s currency.”

He added that his San Francisco-based Kraken is looking to go public next year.

The CEO explained that Bitcoin bulls see surpassing the combined market value of the dollar, euro and other currencies.

The dollar “is only 50 years old and it’s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,” he said.

Bitcoin declined by 4.31 percent to $48,329.97 per coin amid rising yields and growing economic recovery.

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MicroStrategy Dumps Over $1 Billion on Bitcoin, Now Holds $4.78 Billion BTC

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MicroStrategy Dumps Over $1 Billion on Bitcoin, Now Holds $4.78 Billion BTC

MicroStrategy, a business intelligence firm, announced it has purchased another 19,452 Bitcoin worth $1.026 billion.

The company joined Square and other companies that bought the dip witnessed earlier this week after Elon Musk, Bill Gates and Janet Yellen commented on the fast-rising digital currency.

MicroStrategy now holds 90,531 Bitcoin worth $4.78 billion, more than Elon Musk’s Tesla acquisition of $1.5 billion.

Michael Saylor, the Chief Executive Officer (CEO), MicroStrategy continues to pursue a coin acquisition strategy now codified in the business intelligence company’s mission.

Square purchased 3,318 Bitcoin at an estimated $170 million value on Tuesday when the world’s most dominant cryptocurrency dipped to $45,000 before rebounding to the current level.

Bitcoin presently trading at $49.233.71 per coin as of the time of writing.

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CBN, SEC Anchor Cryptocurrency Ban on Financial System Protection

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CBN, SEC Anchor Cryptocurrency Ban on Financial System Protection

The Central Bank Governor, Mr Godwin Emefiele, on Tuesday said the bank’s decision to prohibit deposit money banks, non-banking institutions and other financial institutions from facilitating trading and dealings in cryptocurrency was in the best interest of Nigerian depositors and the country’s financial system.

Emefiele said this while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation.

These were according to a statement from CBN titled ‘Cryptocurrency: We acted in Nigerians’ best interest – Emefiele’.

Describing the operations of cryptocurrencies as dangerous and opaque, the CBN governor said the use of cryptocurrency contravened an existing law.

He said the fact that cryptocurrencies were issued by unregulated and unlicensed entities made it contrary to the mandate of the bank, as enshrined in the CBN Act (2007) declaring the bank as the issuer of legal tender in Nigeria.

Emefiele, who also differentiated between digital currencies, which central banks could issue and cryptocurrencies issued by unknown and unregulated entities, stressed that the anonymity, obscurity and concealment of cryptocurrencies made it suitable for those who indulge in illegal activities such as money laundering, terrorism financing, purchase of small arms and light weapons and tax evasion.

Citing instances of investigated criminal activities that had been linked to cryptocurrencies, he stated that the legitimacy of money and the safety of Nigeria’s financial system was central to the mandate of the CBN.

He declared that cryptocurrency was not legitimate money because it was not created or backed by any central bank.

“Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system,” he said.

Also speaking, the Director-General, the Securities and Exchange Commission, Mr Lamido Yuguda, clarified that there was no policy contradiction between the CBN directive and the pronouncements made by the SEC on the subject of cryptocurrencies in Nigeria.

He explained that the SEC made its pronouncement at the time to provide regulatory certainty within the digital asset space due to the growing volume of reported flaws.

Prior to the CBN directive, he said, the SEC had in 2017 cautioned the public on the risks involved in investing in digital and cryptocurrency.

He said that the CBN, the Nigeria Deposit Insurance Corporation and the SEC had between 2018 and 2020 issued warnings on the lack of protection in investments in cryptocurrency.

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