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Cryptocurrency

World’s richest man, Elon Musk endorses Dogecoin

Dogecoin could be seeing an improvement in popularity and value as it just got an endorsement by the world’s richest man.

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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.

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“.

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.

 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

2 Comments

2 Comments

  1. Austine David

    February 4, 2021 at 9:59 am

    Good morning how is work, please I saw your advertisement here in internet faith keep pushing me to write to you, please sir can you help me out of this situation, I have suffering to get money struggling here and there still no hope. Please can you just help me with money, all hope of my family is on me but look at it nothing have happens to me, please I need your favour sir, let my pains touch you. Please should I send you my account number, thanks as you receive and remain blessed.

  2. Smiling avocado

    February 4, 2021 at 1:08 pm

    Elon is just trolling. He talked about Bitcoin recently in a Clubhouse meetup some days ago where he admitted that he was a bit late to the Bitcoin party and that the Dogecoin stuff were just jokes. I think he wants to shift focus to Dogecoin so that he buys Bitcoin.

    There was a SpaceX personnel that attended Michael Saylor’s Bitcoin conference yesterday. He wants to get into Bitcoin relatively cheap, I’m 95% sure of that. The Dogecoin thing is a distraction.

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Cryptocurrency

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.

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Coinbase

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.

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Cryptocurrency

CBN Governor calls Crypto illegal money

The CBN Governor, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.

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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.”

READ: CBN crypto ban and its ramifications for Nigerian banks

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.

READ: CBN claims no immunity for Emefiele as it fires back at NESG

“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.

READ: CBN’s Emefiele explains why banks restructured N7.8 trillion loans to customers

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.

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  • 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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