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Africa: New Cryptocurrency Regulations: Bitcoin to take over fiat currency

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Across Africa, we can certainly see some countries that are getting way more involved in crypto. We hear a lot from Zimbabwe, Nigeria, and South Africa.

Africa is a large place with a wide range of currencies. Basically, we have 50+ countries and a whole host of different currencies. But the thing is that we don’t need more fiat run by bankers and corrupt politicians in Africa. Bitcoin is perfect for Africa with so many countries, economies and borders that can be crossed permissionless and censorship resistance. When we look at the banking infrastructure in different countries of Africa, we see widely differing amounts of banking infrastructure. While South Africa has a very good infrastructure, Central Africa has a very different situation.

Bitcoin, of course, is a real threat the money issuing monopolies of governments. This monopoly over the money system means that there is no competition of money. That is problematic. Once cryptocurrency really off across the African continent, it’s getting more and more adoption every day. The day may not be far when fiat will be unable to compete because it is inherently inferior to cryptocurrency. We see mobile phone adoption exploding across Africa.

Across the continent, we can certainly see some countries that are getting way more involved in crypto. We hear a lot from Zimbabwe, Nigeria, and South Africa. Google trends show that bitcoin searches are often dominated by Africa which means that the interest is real but there are a lot of countries where we hear nothing about crypto adoption. So we still have a lot of work to do. But if we can get these strong footholds in places like Nigeria and South Africa, that would be amazing as it can spread from there.

 

Nigeria:

Over in Nigeria, we have Atiku Abubakar, who is the presidential hopeful and pro crypto politician. He wants to really see crypto become an important part of the future of Nigeria. He is just a presidential hopeful at this point and the elections will happen in mid-February but currently, Atiku does stand a really good chance of winning. This could really put Nigeria on the crypto map even more than it already is if he can win.

Uganda is very open to crypto hosting Binance’s first fiat onramp was a very important thing and is proving to be very popular amongst Ugandian population who want to buy bitcoin. Kenya’s government has launched the first fintech regulatory sandbox in Africa.

 

South Africa:

Over in South Africa, the government has established a crypto assets regulatory working group. South Africa’s reserve bank has released a paper looking to eliminate fraud and protect investors interested in cryptocurrencies but importantly make it easier to track transactions and levy taxes. Now the move deanonymizes cryptocurrency transactions in South Africa which is indeed bringing bitcoin closer to the traditional banking framework. The report does say that the new laws would essentially make it so that the exchanges and wallet providers have to trace transactions and will be held responsible for their customer’s usage of cryptocurrencies which is basically the role that the banks are playing in the current financial environment. So the exchanges, wallet providers, bitcoin ATMs, payment processors etc. all have to register with the government in 2019 which is not a piece of really good news.

 

Zimbabwe:

Over in Zimbabwe, the government has shut down the internet. There is a protest over 150% fuel price hike due to which the internet is shut down for some days but it just made the blockstream satellites in space really useful. As the awareness of these kinds of services grows, governments are really quickly going to realize that they cannot shut it down.

 

Binance also has been doing some PR work in Africa. They unveiled a blockchain donation project for a landslide that happened in Uganda and they are also aiming to feed a million children in Africa in 2019.

 

What do you think about the future of cryptocurrencies in Africa? Tell us in the comments section below.

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Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes

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These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.

 

Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.

cme-futures-trading-volume

Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.

 

When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.

 

This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.

 

As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.

 

Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.

 

GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.

 

Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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