Cryptocurrency
Bitcoin’s market value can reach $600 billion – JP Morgan Chase
JP Morgan Chase has highlighted the recent $100 million Bitcoin buy from the leading global insurer MassMutual as a significant turning point.
America’s biggest and most valuable bank, JPMorgan Chase & Co, recently stated that if institutional investors from emerged markets allocated 1% of assets to Bitcoin, that would result in additional Bitcoin demand of $600 billion.
This means bitcoin could almost double in valuation as it presently stands at $356 billion.
READ: You can now buy Bitcoin, Ethereum, Uniswap through Apple Pay
JPMorgan also revealed that the flagship crypto would attract more attention from institutional investors, and further buying pressures from such investors.
What this means: The leading financial juggernaut highlighted the recent $100 million Bitcoin buy from leading global insurer MassMutual as a significant turning point.
READ: America’s biggest bank, JPMorgan Chase outperforms in Q3
The report as retrieved from Bloomberg gave an in-depth analysis on why the odds are now with the flagship crypto asset trading near record highs.
“MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors,” JPMorgan strategists said. “One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.”
READ: Bitcoin jumpstarts strongly, daily trading volume hits $25 billion
“Bitcoin has dipped after hitting a record at the start of December but remains in sight of the $20,000 level, which it has yet to reach. Proponents argue the cryptocurrency is gaining more recognition as a portfolio diversifier amid dollar weakness, somewhat akin to gold. Others remain wary of such grand claims since the crypto world is prone to high volatility and bouts of scandal.”
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Recall that Massachusetts Mutual Life Insurance Co. recently bought about $100 million in Bitcoin for investment purposes.
- The insurance giant acquired a $5 million minority equity stake in NYDIG, a subsidiary of Stone Ridge that offers crypto services to institutional investors.
- NYDIG presently has about $2.3 billion in crypto assets under management, which would also help in facilitating custody services for MassMutual’s Bitcoins.
“The investment in Bitcoin will represent 0.04% of the general investment account of nearly $235 billion as of September 30,” MassMutual said.
Cryptocurrency
Dogecoin investor loses $12 million on Binance as Doge suffers violent dump
Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.
The fast-rising crypto asset, Dogecoin suffered record losses in the early hours of Sunday despite Elon Musk’s debut on the long-awaited Saturday Night Live which surprisingly led to a violent dump.
At the time of drafting this report the dog meme coin traded at $0.564505 on the FTX Exchange with a daily trading volume of $31 billion. Dogecoin is down 21.34% for the day.
Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.
The largest single liquidation order happened on Binance-DOGE value $12.07 million as over $270 million positions in the Dogecoin assets vanished into thin air.
READ: Dogecoin up 168%, more valuable than Polkadot, Cardano
READ: Altcoin season? Ether, ADA, Doge and others hit all-time highs
Supporters of the fast-growing crypto were earlier hopeful that Elon Musk might offer some strong bullish bias in favour of Dogecoin but that was not to be. Although the Tesla CEO has, many times via social media, stated that Dogecoin remained his favourite crypto, he recently warned fans to invest in the asset with great caution.
Crypto pundits have often frowned at the inflationary properties of Dogecoin considering that it is printed every minute of every day, giving it a potentially infinite supply. The implication of this is that the crypto asset’s unlimited supply could, over time, impact negatively on its price.
Cryptocurrency
How Nigeria’s ethnic diversity is boosting the crypto market
The crypto market has facilitated more economic collaboration and cooperation among Nigeria’s geopolitical regions.
Africa’s biggest crypto market, Nigeria keeps gaining momentum in spite of its exclusion from Nigeria’s financial ecosystem. This reflects dwindling faith in Nigeria’s traditional financial asset classes.
Adding credence to such bias is data retrieved from Paxful. The global leading Peer to Peer trading platform reveals Africa’s biggest economy and home to over 200 million people has now become its biggest market with 1.5 million users. In just four months, about $1.5 billion worth of Bitcoin exchanged hands.
In addition, data retrieved from Google revealed that Nigeria is the only country with a perfect score in regards to its interest in the flagship crypto.
Using local geographical metrics, Delta State has the highest level of interest in the flagship crypto on a state level, followed by Anambra, Bayelsa, Ondo, and Ekiti. This points to Bitcoin’s stronghold in southern Nigeria.
READ: Dogecoin breaks new high, far more valuable than Nigerian Stock Market
However, the same can’t be said of the fast-rising crypto, Dogecoin, which was created in 2013 as a joke, to mock the crypto-mania at that time. Data reveals Dogecoin has its strongest trend in the North-central and some Eastern parts of Nigeria such as Ebonyi, Plateau, Imo, Enugu, Niger, and Nasarawa.
Surprisingly, Borno state, despite being ravaged by conflict showed a high interest in the dog meme coin.
Anambra, Ebonyi, Bayelsa, Imo, and Cross river have the strongest interests in Ethereum that’s already breaching record highs amid the ongoing bullish run, in play at the crypto-verse.
READ: Unknown whale moves $440 million worth of Bitcoin as institutional buying drops
Surprisingly, Lagos, Nigeria’s busiest economic hub on the state level, misses out of the top 10 in any of the rankings despite its strong fintech presence coupled with the fact that it is host to most of Nigeria’s crypto platforms like Buycoins Africa, Quidax, Bittle, and Bundle Africa.
This data reveals how much the crypto market thrives on Nigeria’s ethnic diversity, taking into account that the country, which is Africa’s biggest fintech community and home to Africa’s only two fintech unicorns – Interswitch and Flutterwave, will benefit from policies that encourage diversification and long-term inclusive growth.
READ: Unknown whale moves $272 million worth of Bitcoin
In a country prone to stringent foreign exchange policy and expensive transaction fees compared to other emerging markets, the crypto industry is thriving and already creating jobs at record levels via the Nigerian crypto start-ups, which are facilitating millions of dollars worth of transactions daily and fostering a new wave of crypto-based solutions.
Bottom Line: It is important to note that the crypto market has facilitated more economic collaboration and cooperation among Nigeria’s geopolitical regions further boosting the prospects for a strong political and economic entity that many young Nigerians desperately desire.
