Hello everyone.
My name is Nick, the host of Sobuka where I give commentary and opinions on what is
going on in the cryptocurrency industry with respect to the southern and eastern hemisphere.
This includes covering regions like Africa, Latin America, Middle East, and the South
Asian Pacific to include Australia.
For people already subscribed to my channel, I only alert you on 1 new video per day.
So make sure you check into the channel from time to time for full videos.
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So before I jump into some news about Nigeria, I want to talk for a few minutes about this
market.
The price of a Bitcoin has been holding steady at about $4300.
The two coins that have really exploded during the past 24 hours have been Monero which is
currently priced at $140.00 and Litecoin which is priced at around $60.00.
For people out there, this is not regular buyers purchasing these coins at all.
This could be huge wales and institutional investors.
The time when I saw a huge market cap increase within a 24 hour period was when it was confirmed
and announced that JPMorgan was involved in ZCash and Ethereum.
At the time, both cryptocurrencies was around the $100.00 level, thus doubling their market
cap days later.
And please, I am not saying that JP Morgan in involved here.
All I am saying is that this is not your ordinary investor at all.
And so the floodgates that was meant to keep these prices suppressed at their former levels
the past few months has been let open.
These cryptocurrencies have helped the current overall coin market cap to jump to $160 billion
which is an 800% percent increase within the year.
But not just that we are seeing new ICO's being released and a lot of crazy prices like
in IOTA, NEO, and even small market cap cryptocurrencies such as Monaco kick serious butt during the
last couple of days.
I would like to tell you guys how high these prices are going or when we will have a major
pullback/correction, but I cannot.
And no one out here has a crystal ball to say what the prices of these cryptocurrencies
will be tomorrow.
The whole thought of hearing about $15,000, $100,000, and even $1,000,000 (USD) is frankly
not unlikely but still yet very ridiculous for the price of a Bitcoin.
But the good news is that not much people are that naive to believe these inflated prices.
I am not saying that we won't see these high prices.
But to be quite honest, I would like to see them go higher.
However when you have the same pundits on mainstream media who were just touting Bitcoin
but now trying to pump the price even higher, one has to be a little bit skeptical here.
Okay, so that is my take on the current markets as of this time.
I will now transition into Bitcoin and cryptocurrency news with respect to Nigeria.
Maximum Impact Of Blockchain Will Be Felt In Africa, Not In The West: Opinion
There is news from Nigeria on how maximum impact on blockchain will be felt in Africa
but not in the west.
But I am sure on whether the article is referring to the West being the United States to include
Western Europe or West Africa.
But regardless the article brings to mention interesting points about the banking system
in Nigeria with respect to blockchain.
So if you guys do not already know, Nigerian banks are not allowed to transact with Bitcoin
similar to everywhere else in the world.
So normally what folks in Nigeria would do is cash out their Bitcoins or switch it for
fiat currencies like Nira or US dollar via online peer-to-peer exchanges like LocalBitcoins.
Alternatively in some cases, Nigerians can use local on-line exchanges like BitPesa to
buy and sell Bitcoins.
The article does not say much of anything new about the cryptocurrency atmosphere in
Nigeria, but it talks about how the banking system is slow to change.
And I think in most part, it is not just the NIgerian banks, but the global banking system.
One of the excuse I keep on hearing of why banks do not want to transact with Bitcoin
is fear of being tied to money laundering activities which to me is valid.
And I get it because you do not want a bank transferring funds back and forth on managed
criminal activities.
So right now, what we have in Nigeria and other western African country is businesses
and people working behind the scenes with Bitcoin merchants and peer-to-peer transactions
instead.
But I do feel that banks not just in Nigeria but elsewhere in other parts of the world
will slowly adapt a Bitcoin-friendly awareness and attitude in the near future to avoid the
fear of missing out or FOMO for short.
There are special banking platforms that are already coming out such as Ripple.
Their platform would offer services that will speed up remittances where people do not have
to send funds back and forth.
So honestly it's a matter of time before banks can avoid being behind the 8 bowl.
Now I am not certain if Ripple is a blockchain technology or just a centralized database,
but whatever the case, folks have tested it in places like the Middle East and even China.
And the testers have loved that platform.
The other things the article brings to light is the erratic price of Bitcoin and some of
these other cryptocurrencies, making it hesitant for banks to assume this risk.
Which again I can understand.
If a piece of investment fell to more than half one day, you can understand that people
would be panicking.
But I sense for most folks who have been in this Bitcoin environment that they are already
use the high volatility of the market.
And so I sense that they are willing to take that risk.
But as for new investors, probably not.
They might be a little bit more risk averse.
All I can say for anyone new to cryptocurrencies is to keep on learning what you don't already
know.
Because once you learn a concept, there is less panic.
And maybe you might become more informed to not get into cryptocurrencies, as to why I
tell people to just do their own homework.
So as far as all that, there's really nothing new in Bitcoin Nigeria.
People currently are speculating into Bitcoin and using it to transact to buy goods or make
a living for a business.
We will have to see on what the government will do next.
Maybe government would like to take the path like South Africa by offering a sandbox experiment
to allow them to learn about Bitcoin and cryptocurrencies in a vacuum like environment.
But hey who knows.
Time will tell if banks in Nigeria and on the west coast will be fast to adapt to the
growing changes given the huge Bitcoin and cryptocurrency tide sweeping
the country.
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