Bitcoin Hits N13 Million Per Coin on Wednesday

Bitcoin extended its gain to N13.11 million or $27.681 per coin on Wednesday morning as investors continue to dump money on cryptocurrency assets following the signing of the US stimulus package by President Trump.

The world most capitalised crypto-asset gained 19.27 percent in the last 24 hours to extend its bullish run and increased its market value to N243.13 trillion with a N4.63 trillion volume of trade.

Despite global uncertainty, especially with more countries expected to shut down because of the new variant of COVID-19, cryptocurrencies have deferred traditional assets and continue to soar in an unusual move that has made businesses and organisations start accepting Bitcoin as a form of payment.

In a recent article by the Wall Street Journal, luxury auto dealers in Vegas have started accepting Bitcoin from wealthy investors. Nick Dossa, the owner of one of the auto businesses, said 3 to 5 percent of the dealership’s revenue comes from Bitcoin deals.

Still, it was PayPal’s decision to get into cryptocurrency exchange space following a fallout with Facebook Libra that further pushed cryptocurrency into the mainstream in spite of lack of regulation and control that has led to over N13 billion lost in 2020 alone.

Also, read Over $13 Billion Lost by Leverage Crypto Traders in 2020

The entire crypto space could skyrocket without regulatory hindrance in 2021 given that Paypal is planning to increase available options by allowing users to make payments from their bitcoin balances to any of the 28 million merchants already on Paypal by the first half of 2021.

Ethereum also gained 10.59 percent to N277.716 per coin and N31.67 trillion market capitalisation, more than the currently celebrated N20.4 trillion seven high Nigerian Stock Exchange value attained this year.

Litecoin, Bitcoin Cash and Binance Coin added 23.98 percent, 8.09 percent and 19 percent to N46,675, N132,397 and N17,720, respectively.