Lagos, Nigeria Finds Bitcoin is a Way to Hedge Against its Naira
“I can use Bitcoin for anything now […],” Soji, a Lagos web designer told Jeremy Kirshbaum and Pelumi Oguntemehin.
“It means I can invest and also pay anybody currently, except old people, I will send them bitcoin.
Bitcoin gets considerable flack in professional financial circles for its legendary volatility.
Crypto as an Oasis in Extreme Poverty, Sectarian Violence
As of this writing, central Nigeria has descended into sectarian violence.
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The scrappy citizens of Lagos, Nigeria are traders and can-do survivors almost by nature. Their government, however, has mismanaged the nation’s money to such a degree that it’s prone to wild devaluation swings.
The scrappy citizens of Lagos, Nigeria are traders and can-do survivors almost by nature. Their government, however, has mismanaged the nation’s money to such a degree that it’s prone to wild devaluation swings.
Bitcoin experienced significant volatility in the days leading up to President Donald Trump’s inauguration on Jan. 20. The market saw sharp price swings the week before, with heightened activity from US traders during the weekend.
Rex has filed new ETF registration documents with the Securities and Exchange Commission, listing several cryptocurrency-focused funds, including a TRUMP ETF, a DOGE ETF, a BONK ETF, and others tied to assets such as Bitcoin, Ethereum, XRP, and Solana.
MicroStrategy has made headlines again by adding 11,000 Bitcoin to its portfolio, according to a Jan. 21 filing with the US Securities and Exchange Commission (SEC). This acquisition represents the firm’s biggest Bitcoin purchase of the year and extends its ongoing streak of weekly buys into the eleventh week.
Instead of being scared by the nonstop nature of crypto markets, investors should see it as an exciting opportunity to grow their portfolios — especially with the help of a skilled crypto advisor who can guide you through the complexity.
The market has been gearing up for volatility before the launch of spot ETH ETFs in the US today. While ETH’s price action has been relatively uninteresting in the past few weeks, it seems that large holders are expecting price swings and are rushing to cash out.
Institutions need to broaden their holdings of crypto holdings in order to capture the full range of innovation in the market, says Felix Stratmann, head of research at Outerlands Capital.