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deVere Crypto Adds Dogecoin Amid All-time High Due to ‘The Elon Effect’

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deVere Crypto Adds Dogecoin Amid All-time High Due to ‘The Elon Effect’

Dogecoin has been added to the cryptocurrency app of one of the world’s largest independent financial advisory and fintech organisations as celebrity interest soars, driving the price by more than 55%.

deVere Group on Monday confirmed Dogecoin (DOGE) has been launched on deVere Crypto joining the likes of other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash and XRP.

Nigel Green, chief executive and founder of deVere Group, which has $12bn under advisement, says: “The price of Dogecoin has hit its all-time high, jumping four places in terms of the most-valuable cryptocurrencies to number 7.

“Its skyrocketing price is down to The Elon Effect.

“Last week, Elon Musk, the boss of Tesla and the world’s richest person, endorsed Dogecoin on Twitter.

“It stoked enormous interest across the globe, leading to other celebrities such as American rapper Snoop Dogg and Kiss rock star Gene Simmons backing the cryptocurrency.

“Thanks to massive retail investor interest DOGE is now up more than 1,380% year-to-date.”

Previously, Tweets by Musk have fuelled the Bitcoin price.

He continues: “We’re committed to expanding our suite of carefully analysed cryptocurrencies as clients are increasingly demanding a truly diversified crypto portfolio as the sector continues to grow and moves ever more into mainstream finance.

“Whilst it remains the dominant digital currency, with currently about 60% of the total market capitalisation, there is much more to the crypto-verse than just Bitcoin.

“Each different cryptocurrency offers unique properties, strengths and uses for investors, so we are delighted that deVere Crypto users can now also buy, sell, and trade DOGE alongside the others.”

Since the launch of the app, the deVere boss has been an internationally high-profile cryptocurrency advocate. He is often quoted in the media as saying that he believes crypto is “the future of money.”

He recently noted: “It is a burgeoning asset class and it’s one that is set to play a larger and larger role within the global financial system.

“In today’s digitalised, globalised world, the demand for digital, global currencies in some form – is only set to grow.

“From now on, there will always be widely-used non-fiat money.”

Mr Green concludes: “As the crypto market grows and matures, we will continue to add expert-assessed digital currencies to ensure clients have access to the opportunities that are on offer.

“A properly diversified investment portfolio needs to represent the future, not the past. And without question, cryptocurrencies are in some form the future of money.”

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

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

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Bitcoin

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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Cryptocurrency

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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Demand for Crypto Debit Cards Surges 194% in 12 Months

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Demand for Crypto Debit Cards Surges 194% in 12 Months

Data presented by Crypto Parrot indicates that global interest in the keyword ‘crypto debit card’ has surged by 194.1% over the last 12 months on the Google Search platform. The interest attained a peak popularity score of 100 in February 2021 while a year ago it was at 34.

Among countries, Nigeria leads with a peak popularity score of 100 followed by Australia at 45. The Netherlands ranks third with a score of 44 followed by Canada at 40 while the United States comes in fifth at 39.

Interest from the United Kingdom ranks sixth with a score of 36 followed by India at 15 while Germany is eighth with a score of 12.

Entry of payment companies into crypto fuels interest

Several factors have led to the strong interest in crypto debit cards mainly due to the increased adoption of digital assets. The report highlights other drivers for the interest. According to the research report:

“Furthermore, there has been an explosion of companies like Visa and Mastercard getting involved in crypto payment systems through debit cards. At the same time, more merchants are increasingly adding digital currencies to payment methods. It is, therefore, logical that people would be interested in acquiring crypto debit cards.”

Being a new financial phenomenon, crypto debit cards might face regulatory hurdles from non-crypto friendly jurisdictions.

In general, the crypto debit cards are helping holders get involved in the digital assets’ space while bridging the gap between the digital asset world and traditional finance space.

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