I could remember when the price of Bitcoin fell to 30k bucks, then people were rushing to sale their holdings because they were scared that the price of Bitcoin will diminish and they will lose their money.
Well, welcome to the modern times when ETF got approved and I believe that this has helped in the elevation of the price of Bitcoin.
Currently, the price is over 60k which is times 2 of what it was. I am anticipating this price to reach 70k by next two weeks and a hundred before the year runs out.
This change has caused a major uprise in my country, Nigeria. Though I have not had time to actually go through the news because of my busy schedule due to my exams, I have ben hearing grapevine informations about the things that have been going on.
THE GOVERNMENTS CURRENT STANCE OF CRYPTO IN MY COUNTRY
I do no know much about this, but I have ben hearing some rumors that the federal government of Nigeria is currently fighting against binance. It was said that the federal government believes that the inflation hitting the naira is caused by binance (a grapevine informations). I do not know how true this is, but earlier today, I saw a WhatsApp status of my friend, in the status, he posted an announcement from binance saying that they want to delist naira and stop all transaction of naira. This includes buying and selling of naira, exchanging naira for other tokens, withdrawing naira e.t.c. i saved the status update to share in this post.
Screenshot from my friend's Whatsapp status.
With this update, I think that the rumors are true but still, i believe in doing my own research and as such, i do not fully believe the news about the federal government and binance yet even though there are minimal evidence.
HOW IT IS AFFECTING MY LIFE ON THE BLOCKCHAIN
It is actually hitting hard. The value of the naira currency is constantly depreciating against the Dollar. What's worst is that naira will soon be delisted from a major exchange. The use of naira has already been halted in the roqqu exchange. All this however is hitting the currency in an unfavorable manner and if care is not taken, I see inflation engulfing the currency like amoeba engulfing its prey.
Funding my trading account is currently a problem because I have to pay over a thousand naira for one dollar.
The news have left everyone in a state of fear because if we do not pull out the naira or change it into another token, it may be lost or be converted into USDT.
Withdrawing crypto tokens to the local bank will be impossible currently which means that we have to look for new ways to withdraw funds.
HOW THE POLICY IS AFFECTING THE CRYPTO MARKET?
Personally, I do not think the crypto market have anything to loose. Delisting the naira currency will just be like delisting another token. I do not think it will have any impact on the crypto space. Nigerians will always find a way to keep trading and withdrawing their funds. Instead, they will have to create a dollar account and use it for withdrawals and funding.
However, on the side of the traders, this will make it harder for traders to fund their account, and it will also cost more. They will have to change naira to dollar, which will cost them some money, and also send the dollar to the crypto wallet.
WHAT TO DO TO COME OUT ON TOP
Change the government.
The major problem we are having in Nigeria is our government.
I heard that a binance official was arrested in Nigeria. The officials thought they are the ones fixing the price of naira which is causing the naira to crash. I hard quite a lot yaknow.
The government however, is this cause of crash. when other presidents was there, dollar maintained a good reputation against the USD but currently, the reputation of naira have been thrown into the gutter.
The government always have a way of making the naira come back to its glory, but well, they know what they are doing.
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Thank you for reading 😊