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Nigeria Leads Global Crypto Adoption – Binance



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Nigeria led the top five countries adopting cryptocurrency globally, according to a report compiled by Binance, a leading crypto exchange platform.

Nigeria, a young population of about 200 million people with fast-growing smartphone adoption, led with 32 percent. It means 32 percent of the total number of Nigerians surveyed by Statista, data used by Binance, have used or owned crypto at some point.

Vietnam came second with 21 percent. Binance has this to say about Vietnam, “this economically fast-rising Southeast Asian nation of nearly 100 million has also seen huge demand in crypto, with activities varying from trading and P2P to payments and other utilities. According to Chainalysis, crypto traders raked in $400 million in crypto earnings in 2020.”

Philippines, Turkey and Peru followed with 20 percent, 16 percent and 16 percent, respectively.

Key Highlights

Binance noted that with about 4 percent of the world’s population or 300 million crypto users, crypto is gaining traction more than ever. However, there is still plenty of room for crypto to grow globally despite the ongoing achievement.

To give further context on how 300 million is still not enough, “that figure is just 3.8% of the world’s population (7.9 billion) or 5.8% of the total people on earth between the ages of 15 to 65 (5.1 billion). The good news is that crossing those percentages in terms of global usage is a significant feat that moves Bitcoin and blockchain technology past the innovation stage and into the early adoption stage.

“To recap, the technology adoption curve stipulates that global adoption of new technology like blockchain happens in five stages. At the first stage, only 2.5% of people try the new technology, the innovators or pioneers. Once you cross that threshold, you begin to get early adopters or the next 13.5% of the global population. Get past that, and you have the next 34% to introduce blockchain to, in order to hit majority usage.

“Once crypto hits 50% usage around the world (2.55 billion people between 15 and 65 years old), it will become one of the widest-used technologies in the world. For context, Google has nearly 4 billion users, while Facebook has almost 3 billion users.”

The report identified factors responsible for cryptocurrency adoption.

Institutional adoption

Several institutions jumped on crypto hype in recent months out of fear of missing out (FOMO) and have been dumping millions of dollars on crypto assets. A few numbers of them have even created crypto portfolio units to take advantage of crypto unrestrained volatility.

General adoption

More people are knowing about cryptocurrency, hence helping to push the crypto narrative mainstream. “Ultimately, the crypto industry owes its rise to the growing number of people who started trading, buying and using crypto in their everyday lives. According to TripleA, more than 18,000 businesses worldwide have accepted crypto payments at one point, from mom-and-pop shops to global companies like Tesla, further emphasizing how demand for crypto creates further adoption,” Binance stated.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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MicroStrategy Chairman Michael Saylor Bolsters Bitcoin Bet with $593.3 Million Purchase



Michael SaylorPhotographer: Eva Marie Uzcategui/Bloomberg

Michael Saylor, chairman and co-founder of MicroStrategy Inc., has intensified his commitment to Bitcoin with a substantial investment of $593.3 million, expanding the enterprise-software company’s cryptocurrency holdings.

In a filing on Thursday, MicroStrategy revealed the acquisition of 16,130 Bitcoins in November, elevating its total holdings to approximately $6.5 billion.

This move represents Saylor’s most significant purchase since the acquisition of 19,452 Bitcoins for just over $1 billion in February 2021.

Saylor initiated MicroStrategy’s Bitcoin investments in 2020 and has accelerated these efforts throughout 2023, aligning the company with the cryptocurrency’s resurgence after a challenging period marked by rising interest rates and notable crypto-related incidents.

Stepping down from the CEO position a year ago, Saylor emphasized his focus on advancing MicroStrategy’s dual strategy with a primary emphasis on Bitcoin.

MicroStrategy’s stock has witnessed a remarkable 250% surge this year, surpassing Bitcoin’s 125% rally.

The optimism stems from the anticipation of potential approval for a Bitcoin exchange-traded fund (ETF) in the United States.

Contrary to concerns that an ETF approval might diminish demand for MicroStrategy’s stock, analysts like Matthew J. Maley, Chief Market Strategist at Miller Tabak + Co., suggest that an ETF could enhance interest in the asset class without significant cannibalization.

In conjunction with its Bitcoin investment, MicroStrategy entered into an agreement with Cowen and Company, Canaccord Genuity, and BTIG to offer up to $750 million of common stock.

The initial announcement of this stock offering in August outlined intentions to utilize the proceeds for Bitcoin purchases, working capital, and debt repurchases.

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Coinbase’s November Surge Sparks Investor Enthusiasm Amid Crypto Volatility



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Coinbase Global Inc. has witnessed a 62% surge in its shares this month, capturing the attention of investors amidst the current volatility in the cryptocurrency landscape.

While FTX’s Sam Bankman-Fried faces a fraud conviction, and Binance navigates regulatory scrutiny, traders are flocking to Coinbase, betting on increased business, especially if authorities greenlight Bitcoin-focused exchange-traded funds (ETFs).

This surge, adding $12 billion to Coinbase’s market value in November alone, marks a significant turnaround for the largest US crypto exchange.

The stock has more than tripled in 2023, defying the broader market trends and eclipsing the average analyst price target of approximately $84.

“Coinbase is in a better position today than really any other point as a public company,” notes Needham & Co. analyst John Todaro.

He sees 2022 and 2023 as pivotal years, weeding out weaker players in the industry. “Those who survived are going to come out of that stronger. And Coinbase is one that survived.”

The optimism surrounding Coinbase is fueled by regulatory clarity and the potential approval of US-listed Bitcoin ETFs, expected as early as January, according to Bloomberg Intelligence. Bitcoin’s nearly 130% surge in 2023 adds to this positive outlook.

Investors who bet against Coinbase shares have faced losses of $1.3 billion in the past 30 days, as the company overcame losses reported for seven consecutive quarters.

While competitors face legal challenges, the resolution of Binance’s dispute with the US Department of Justice is seen as a positive for Coinbase.

“A healthy development for the industry is positive for Coinbase, and an abrupt exit of large players is not,” highlights Oppenheimer & Co. analyst Owen Lau. The settlement with Binance is expected to uphold higher compliance standards for crypto exchanges.

Despite this surge, maintaining momentum remains uncertain, with over 40% of Wall Street analysts holding a hold-equivalent rating for Coinbase.

Notably, Cathie Wood’s Ark Investment Management LLC, although reducing its Coinbase holdings, remains the fourth-largest shareholder, emphasizing a cautiously optimistic stance in the crypto space.

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FTX Trading Wins Approval to Sell Grayscale Stakes in Bid to Settle Debts



FTX Crypto Exchange

Cryptocurrency trading firm FTX Trading Ltd. has received bankruptcy court approval to initiate the sale of its stakes in digital trusts managed by Grayscale Investments, a move aimed at raising funds to settle creditors owed substantial amounts.

Court documents reveal that FTX intends to execute the sale in a manner that optimizes value and minimizes disruption to the market for the digital investments.

Grayscale, known for selling investments linked to various digital currencies, structured trusts where buyers received shares rather than holding the actual currencies.

As of last month, FTX’s stakes in these trusts were valued at approximately $744 million, according to information presented in court papers.

Facing bankruptcy allegations last year, FTX has been diligently working with its advisers to identify assets and navigate a complex network of debts owed to various creditors, including those who deposited cash and cryptocurrency on the trading platform.

The recovery efforts have yielded around $7 billion in assets, including $3.4 billion in cryptocurrencies, as reported in court documents.

FTX’s move to sell its Grayscale stakes aligns with its commitment to settling outstanding debts and ensuring a fair resolution for its creditors.

The approval from the bankruptcy court marks a significant step in the ongoing restructuring process.

The case, filed under FTX Trading Ltd., docket number 22-11068, falls under the jurisdiction of the U.S. Bankruptcy Court for the District of Delaware.

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