Cryptocurrency
#EndSARS: Feminist Coalition raise Cryptos worth $126,000
Feminist Coalition has raised about 9.9 Bitcoins and other cash donations totaling N77.19 million for the #EndSARS movement.
Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.
Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.
READ: EndSARS Protest: Feminist Coalition group raises additional N31 million crowdfund in four days
The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.
READ: #EndSARS: President Buhari asks international community not to make hasty decisions on developments
October 21st, 2020. pic.twitter.com/UCPquA4Vbc
— feministcoalition (@feminist_co) October 21, 2020
Why this matters
- The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
- Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
- Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.
READ: #EndSARS: How Nigerian football players have reacted
The Feminist Coalition is a group of young Nigerian feminists formed in July 2020, with a vision of a country where equality for all people is a reality in our laws and a mission to champion equality for women in Nigerian society.
Its core focus is on education, financial freedom, and representation in public office.
Explore Data on the Nairametrics Research Website
Cryptocurrency
Bitcoin makes big bang, trading at $19,000
Bitcoin traded at $19,046.17 USD with a daily trading volume of $51,548,246,565 USD, moving up 2.82% in the last 24 hours.
The flagship crypto, Bitcoin, just hit a three year high, by breaking above $19,000
What you should know: At the time of writing this report, Bitcoin traded at $19,046.17 USD with a daily trading volume of $51,548,246,565 USD. BTC is up 2.82% in the last 24 hours.
READ: Ripple hits a big bang, gains 30%
It currently ranks at 1, with a market cap of $353,357,808,164 USD. It has a circulating supply of 18,552,700 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin is less than 4% away from the previous all time
READ: BTC scammer steals 1,400 BTCs worth $16 million
$BTC less than 4% away from the previous ATH 📈#Bitcoin
Chart: https://t.co/DfOsu90BvD pic.twitter.com/RLJzMcp0bQ
— glassnode (@glassnode) November 24, 2020
READ: U.S dollar set to register its fourth consecutive monthly decline, longest losing streak since 2017
Cryptocurrency
Why Bitcoin still looks like a bargain
With prices exceeding $18,000 for the first time since 2017, BTC looks poised to break its previous all-time high.
As stakeholders, players, and crypto wannabes ponder if increasing their stakes on Bitcoin, the world’s most popular crypto seems ideal now, despite the fact that it’s trading near a record high, Nairametrics decided to weigh in on some key fundamentals showing Bitcoin looks like a bargain.
With prices exceeding $18,000 for the first time since 2017, BTC looks poised to break its previous all-time high. More investors are holding bitcoin for wealth preservation.
READ: Bitcoin on high demand, hits 2-year high, trading $17,000
A recent report from Glassnode, revealed plummeting Bitcoin exchange balances support the narrative that investors intend to hold their flagship crypto more than ever before, taking into consideration that with the prevailing demand in play, and limited supply of Bitcoin, the price would most definitely go north.
READ: Nigerians pay heavy price as laptop scarcity bites harder
With prices exceeding $18,000 for the first time since 2017, $BTC looks poised to break its previous all-time high.
Meanwhile, plummeting #Bitcoin exchange balances support the narrative that investors intend to hodl.
Read more in The Week On-Chain 👇https://t.co/fRTVsO1tqM pic.twitter.com/3VQWgsvmGO
— glassnode (@glassnode) November 23, 2020
Bitcoin liquidity continues its downward trajectory, buttressing that the macro bitcoin is becoming scarce for open sale.
It is also important to note that Bitcoin has a circulating supply of 19 million coins and a max supply of 21 million coins, meaning there are about 2million left to be mined.
READ: How Crypto can curb Nigeria’s high unemployment rate
Taking into account that about 4 million Bitcoins have been lost forever as a result of BTCs owners dying, and their next of kin not having access to such cryptos, it is fair to say there are only about 15million BTC presently in circulation to cater for over 7 billion people fighting to have a stake in Bitcoins, meaning that as BTC becomes scarce and more popular, it becomes a matter of time that the crypto asset valuation will hit the roof.
READ: Ripple hits a big bang, gains 30%
Bottom line
It’s vital to consider the bias saying that as global financial regulators begin to implement their regulatory framework on cryptos, it could become a matter of months for global banks and multinationals to increase their buying pressures on BTC. Thereby, pushing the price beyond the reach of an average investor.
Cryptocurrency
28 million merchants to be granted crypto usage on PayPal
PayPal CEO, Mr. Schulman recently hinted the company will allow the usage of crypto funding for 28 million merchants.
PayPal CEO, Mr. Schulman, recently hinted that the company would allow the usage of crypto funding for the 28 million merchants on its payments platform.
In a report credited to CNBC, the CEO of the payment juggernaut company elaborated further by saying, “Early next year, we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies.”
READ: Why PayPal dropped 6% after posting its strongest earnings growth
The Chief Executive also disclosed that it was just a matter of time for digital currency to replace the old traditional forms of fiat currencies (paper money).
He said:
“As paper money slowly dissipates and disappears from how people are using transactions; Central banks, especially on the retail side, will need to replace paper money with forms of digital fiat currency.”
READ: Ripple emerges as fourth biggest fintech company globally, worth $10 billion
"As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency," says @PayPal CEO Dan Schulman. pic.twitter.com/pLuvc2RxPY
— Squawk Box (@SquawkCNBC) November 23, 2020
READ: NIPC releases its Q3 2020 report on Pioneer Status Incentive (PSI) applications
What this means
About a month ago, Nairametrics reported on PayPal Holdings Inc’s announcement that it would provide its users the opportunity to buy, hold, and sell cryptos directly from their PayPal accounts by early 2021.
It also hinted at a strategy to significantly boost its crypto’s utility capability, by making it readily available as a funding source for purchases with its 28 million clients globally.
READ: Unknown identity moves $117 million worth of Ethereum
In a press statement seen by Nairametrics, Dan Schulman, President and CEO, PayPal, gave key insights on why the global payment company was going crypto:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access, efficiency, speed, resilience of the payment system, and the ability for governments to disburse funds to citizens quickly.”
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Larry Oyims
October 24, 2020 at 1:18 pm
That’s great, so long as they don’t transform into agitators for LGBTQ in Nigeria