Bitcoin Value Hit N24.11million as it Breaks More Barrier
- Bitcoin rose to $63,660, selling in N24.11 million when converted to naira. This is its highest value since 2009
- There have been doubt about the longevity of bitcoin's value, with the Nigerian central bank calling it a ponzi
- The financial regulator banned banks against working with cryptocurrency exchanges in order to stop Nigerians from transacting crypto
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Bitcoin continues to surpass expectations and milestones set for it by cryptocurrency believers and sceptics across the world. Between January to date, bitcoin has recorded 115.41% returns for its holders.
The most popular cryptocurrency had been trailed by doubt following its sudden rise in value during the COVID-19 pandemic in 2020. As at December, bitcoin had just crossed $20,000 valuation in price.
During to uncertainty surrounding the stock market and bonds which became less attractive due to low interest rate, many investors began to migrate to bitcoin and alternative coins in the crypto market.
There were fear that after the release of vaccines to battle COVID-19 and economies across the world open fully, bitcoin could come crashing down as investors might begin engaging in profit-taking and invest their capital in more secured government-backed assets.
Bitcoin has an high risk as it's not regulated by any government financial regulator. The level of risk its investors are exposed to made many countries ban their citizens from trading cryptocurrency.
Source: Getty Images
Nigeria's Central Bank of Nigeria had also ban commercial banks from dealing with cryptocurrency exchange, in an effort to cripple the crypto market in Nigeria.
But as CBN makes decision relating to the digital asset in panic, bitcoin continues to rise in price, beating milestones ranging from $30,000 to $50,000. The most recent record broken is the $60,000, and it is heading to $65,000 according to recent surge.
Tracking of the digital asset price put bitcoin at a cost of $63,660, in naira, it is worth N24.11 million, with a valuation of $1.18 trillion. Although, the most popular cryptocurrency is now selling below that price, at N24.07 million.
Meanwhile, Legit.ng had earlier reported that Guaranty Trust Bank Chief Executive executive Officer, Olusegun Agbaje, became N124.88 million richer following the approval of N3.00kobo as dividend.
He is a substantial shareholder at the company, with direct shares of 32.14 million and indirect stake of 9.48 million. In 2019, he had earned N116.55 million with the same number of shares when the company approved N2.80kobo as dividend.
But last year, he got N96.43 million from his direct shares and N28.44 million from his indirect stake at the commercial banks.
Source: Legit.ng
