The world’s richest man, Elon Musk some mins ago just endorsed dogecoin via his Twitter feed.
“Dogecoin is the people’s crypto,” Musk tweeted.
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
The price of the fast-rising crypto has recorded significant gains after Elon Musk tweeted.
At the time of writing this report, Dogecoin traded at $0.054293 with a daily trading volume of $6.3 billion. Dogecoin is up 66.78% for the day.
Elon Musk, who at press time had a net worth of $204 Billion, also had an image on his Twitter feed mimicking him as Rafiki the baboon that endorsed Samba (Lion cub) to be king in the Walt Disney movie titled “Lion King“.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
- The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
- This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.
- Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.
World’s most valuable Crypto Exchange, Coinbase ready to go public
US cryptocurrency exchange, Coinbase, today, released an S-1 filing ahead of its direct listing.
Coinbase the world’s most valuable and largest American cryptocurrency exchange, today released an S-1 filing ahead of its direct listing.
Coinbase massive scale suggests why some crypto pundits are bidding its value up to as much as $100 billion on the private markets.
The fast-rising American crypto exchange financials revealed the crypto startup grew rapidly from 2019 to 2020.
Coinbase was founded was about 9 years ago and allows its customers to buy and sell Crypto Like Bitcoin, Ethereum Polkadot. The fintech company had earlier raised over $540 million in funding as a private company.
In 2019 Coinbase’s net income was $30.4 million against $533.7 million in revenue. Just last year the crypto juggernaut net income rose to $127.5 million against $1.28 billion in revenue.
The unicorn grew just over 139% in 2020, a massive improvement in its 2019 results.
In an IPO filing, Coinbase says “Address not applicable” in the spot companies usually list their headquarters.
In a footnote, it explains “In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters.”
As a risk factor, it cites: “The identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”
Meanwhile, the company also highlighted in a press release it was offering institutional investors its prime brokerage services.
Institutions across the board are building for a future that is protected from new risks; this includes building a diverse balance sheet that is adequately hedged from the traditional capital markets and monetary debasement.
On the corporate side, use cases for digital assets are expanding rapidly from traditional portfolio management as an investment asset within a diversified portfolio — to accounts receivable/accounts payable, employee payroll, and commerce integration, for example.
CBN Governor calls Crypto illegal money
The CBN Governor, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.
The Governor of the Central Bank of Nigeria, Godwin Emefiele has recently defended the apex bank’s decision in excluding cryptocurrencies from Nigeria’s financial ecosystem.
Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.
According to a report by an online media outlet, while addressing the Senate committee, Godwin Emefiele remarked,
“Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”
“Cryptocurrency is used to describe the activities of players in an electronic dark world” – CBN Governor. pic.twitter.com/2VQuY3HbX7
— YabaLeftOnline Media (@yabaleftonline) February 25, 2021
The head of the apex bank affirmed Nigeria’s central bank resolve in continuing its surveillance and deeper understanding of the crypto ecosystem, buttressing that its major objective remains to educate Africa’s largest economy on emerging financial risks and protect Nigeria’s financial system from the activities of money launderers, currency speculators, and foreign-based fraudsters.
Recall in a press release dated, the 7th of Feberuary 2021, the CBN had explained in detail the motives for its directive to Deposit Money Banks (DMBs) and other financial institutions to desist from transacting in and with entities dealing in cryptocurrencies.
“Due to the fact that cryptocurrencies are largely speculative, anonymous, and untraceable, they are increasingly being used for money laundering, terrorism financing, and other criminal activities. Small retail and unsophisticated investors also face a high probability of loss due to the high volatility of the investments in recent times.
“In light of these realities and analyses, the CBN has no comfort in cryptocurrencies at this time and will continue to do all within its regulatory powers to educate Nigerians to desist from their use and protect our financial system from the activities of fraudsters,” the CBN stated.
What you should know: The CBN, some weeks ago issued a circular prohibiting banks and other financial institutions from carrying out transactions in cryptocurrencies or facilitating payments for crypto exchanges.
- The CBN’s directive has since gotten very harsh reactions on social media with many condemning the policy as a deliberate attempt by the government to impoverish young Nigerians who have been able to create wealth for themselves through crypto trading.
- Interestingly, Nigeria along with other countries ranked as the worst countries to start a career do not wholly accept or legally recognize cryptocurrency and other digital assets.
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