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Bitcoin Rises To $33,000, Its Highest Ever In History

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Globaltimesnigeria.com reports that Bitcoin has been flirting with the $30,000 mark for weeks, and finally passed that record-setting level Saturday. The virtual currency is now valued at above $33,000, an all-time high.

Bitcoin (XBT) has tripled in value during 2020, growing steadily even as the stock market plunged in the early days of the pandemic. Investors have been drawn to it, as well as other cryptocurrencies, as the US dollar has weakened.

With the Federal Reserve expected to leave interest rates near zero for several more years, bitcoin may continue to win new fans.

Well-known names are adding to bitcoin’s mainstream appeal. Rick Rieder, the chief investment officer of fixed income BlackRock (BLK), has said the digital currency could replace gold. Payment giant PayPal (PYPL) has embraced bitcoin, after showing reluctance to do so.

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This isn’t bitcoin’s first price spike. It had a strong run in 2017 and hit a then-record high of more than $20,000. But its price plummeted to just over $3,000 by early 2019 as China continued its crackdown on cryptocurrency businesses. It then rebounded to $8,000 in May 2019. It soared past $20,000 in December, climbing rapidly in the past month.

Bitcoin experts remain bullish on the currency.

“When any asset climbs in price this fast for an extended period of time I become cautious, and I’d urge anyone trading BTC to not get caught up in the euphoria,” said Nicholas Pelecanos, head of trading at cryptocurrency firm NEM, who nevertheless predicts bitcoin could rise to $50,000 by Valentine’s Day. “I believe we are just at the beginning of what will be an immense bull market.”

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Yet even as bitcoin is becoming mainstream, the currency is still commonly used by Fraudster, giving it negative attention. Last July, hackers took over Twitter accounts belonging to Elon Musk, Bill Gates and Barack Obama in an apparent effort to earn income by scamming people out of bitcoin.

Due to the currency’s decentralized and nearly anonymous nature, it can be hard to get money returned after losing it in a scam, as there is no central authority — such as a bank — to intervene. Decentralization has made cryptocurrency a favorite for scammers, even as it appeals to technologists and investors alike.

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CNN’s Paul R. La Monica contributed to this report.

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Business/Economy

In Kogi State, Prices Of Bread Increased By 30 Percent Due To Scarcity In Materials used in Production

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Kogi State Chairman of the Association of the Master Bakers and Caterers of Nigeria, Chief Bamidele Adeniyi Gabriel
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By Our Reporter, Lokoja.

Global Times Nigeria report prices of bread has been increased by thirty percent due to scarcity of materials used in production.

Kogi State Chairman of the Association of the Master Bakers and Caterers of Nigeria, Chief Bamidele Adeniyi Gabriel stated this shortly after a meeting with other members of the Association in Lokoja.

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Chief Adeniyi who is also the Director of God’s First Bakery Lokoja said members could not make both ends meet again, hence the need for an increment in the prices of bread.

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According to him, the National Executives Members has directed that each loaves of bread should be increased by thirty percent due to shortage of wheat which is a major factor in the production of bread.

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He explained that Covid-19 pandemic badly affected the farming output in countries that are major producers of wheat.

His words” Covid-19 pandemic badly affected major producers of wheat. Countries like Canada, Indian and so on. Farming activities were paralysed in those countries. Secondly, the Federal Government of Nigeria is not helping issues. Some flour Millers do not have source of foreign exchange, I mean bottlenecks in the process. They have to go through the black market and definitely it will lead to an increment in prices.

Kogi State Chairman of the Association of the Master Bakers and Caterers of Nigeria, Chief Bamidele Adeniyi Gabriel

Kogi State Chairman of the Association of the Master Bakers and Caterers of Nigeria, Chief Bamidele Adeniyi Gabriel

He expressed optimism that the increment would go down well in the minds of the consumers saying other products of flour such as Noddles, Spaghetti, biscuits have since been increased.

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While wishing muslims a happy Sallah celebration, Chief Adeniyi urged them to keep praying for peace and stability of the country.

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Kogi Communities Remind Buhari On Completion Of Ajaokuta Steel Company.

Idris Ahmed, Lokoja.

Communities in the Central Senatorial district of Kogi state have reminded President Muhammadu Buhari of his promise to revamp the multi billion naira Ajaokuta steel company.

The community leaders led by a Kogi based rights activist, Chief Haruna Ahmed Osike, said while they commend President Muhammadu Buhari for his relentless efforts made so far at revitalizing the ailing Ajaokuta steel company, Nigerians are still hopeful in the ability and capability of the present administration to revamp and make the company functional in the interest of the nation and the economy.

Chief Osike who stated this on Tuesday on behalf of other community leaders drawn from the local government areas of the senatorial district while interacting with newsmen, said, ” the political will wielded by President Buhari for the completion of the over 40 (Fourty) years abandoned Ajaokuta steel company is commendable, urging Nigerians especially the National Assembly members and Governors to support the president to achieve the feat for the nation.”

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He explained that the recent efforts at completing the work was scuttled by the sudden out break of the Covid-19 pandemic when the Russian experts were billed to arrive the country for the rehabilitation and test running of the almost 90% works done

Speaking on the gains of resuscitation of the steel company, the human rights activist said “Once the current administration of President Muhammadu Buhari is able to revive the ailing industry through his recent effort, first he will succeed in putting the nation on a threshold of industrialization.

“Secondly, the government will not only reduce the high rate of unemployment in the country, it will end the incessant youth restiveness and criminal activities occasioned by lack of jobs.

“If Ajaokuta steel company is operational every other rolling mills like the Delta Steel Company Limited Aladja, the Jos Steel Rolling Mill, the Oshogbo Steel Rolling Mill, the Katsina Steel Rolling Mill, and the National Iron Ore Mining Company (NIOMCO) at Itakpe all will be functional and could provide nearly a million jobs.

“Thirdly, the dwindling revenue from the oil will be a thing of the past as the steel industries in Nigeria will generate enormous income for the country.

“Again , Ajaokuta steel company is capable of generating up to 110 MegaWatts of electricity and the industry can not consume up to half of the power generated, so the remaining unused MegaWatts can be channelled to the national grid and that also will generate huge revenue for the federal government.

“That is why we are appealing to President Muhammadu Buhari day and night to see the reasons for the completion and operationalization of Ajaokuta steel company and so far his effort and the concern shown by the president has raised our hope that very soon if not this year, God in his infinite mercy will give the president the strength to achieve the feat for Nigerians” Chief Osike stated.

While commending the effort of the Minister of mines and steel development Arc. Olamilekan Adegbite, the permanent secretary of the ministry Dr Oluwatoyin Akinlade and the Sole Administrator of Ajaokuta steel company Engr. Abdul-Akaba Sumaila for their resolve in ensuring that the steel company come back to life.

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Chief Osike who advised the staff of the steel company to remain committed and supportive to the federal government to achieve their plan of reviving the industry, also charged the youth in the country to acquire skills and obtain their trade test in readiness to secure jobs in Ajaokuta steel company by the time the steel plant is operational.

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Transportation: Kogi Ultra Modern Bus Terminal Commences Operation.

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The Lokoja mega bus terminal
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Transportation: Kogi Ultra Modern Bus Terminal Commences Operation.

The Lokoja mega bus terminal

The Lokoja mega bus terminal

Idris Ahmed, Lokoja.

The Lokoja mega bus terminal constructed and commissioned over 5 years ago by Kogi state government under Capt. Idris Wada administration, will now be opened for public use today, Thursday.

The ultra modern mega bus terminal located at Felele, a suburb of Lokoja the state capital, was commissioned in January 2016 by the then Ondo state Governor, Olusegun Mimiko and has a capacity of over 500 vehicles loading and discharging passengers.

 

Commissioner for information and Communication, Kingsley Fanwo, who was on the spot assessment on Tuesday, to ascertain the level of readiness of the edifice for its operations, disclosed that the mega terminal which was started by the past administration of Captain Idris Wada, has to be completed by the present administration, with the view to alleviate the intractable transport management problems in the state.

He explained that the present administration in its wisdom considered Government as a continuum and decided to complete the edifice to ensure smooth take off of the park which is expected to reduce the accidents occasioned by indiscriminate parking of vehicles along the expressway within the city.

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Fanwo explained that Kogi state which happened to be in the centre of the country providing thoroughfares to all citizens from the Northern to Southern states, deserves a standard motor terminal.

He therefore advised all operators of mini parks within the Lokoja metropolis to relocate to the new mega terminal to avoid collision with law enforcement agencies.

Kogi State Governor Yahaya Bello

Kogi State Governor Yahaya Bello

” The immediate past administration started the construction to a certain level, however this administration of Governor Yahaya Bello recognises that government is a continuum, hence, he needed to complete the project and we are set to opened it for public usage.

” This terminal is going to spark a revolution in transportation management in the state. Lokoja is a nodal town , it is in the centre of the country. It connects South South, South East, Southwest with the Northern states of the country and with this the problem of transportation management would be solved.” He said.

While urging commuters and passengers to avail themselves with the opportunity provided by the mega terminal, assured of adequate security presence around the place, as all necessary requirements for a worthwhile journey have been put in place

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He advised comutters, passengers, transport owners to patronise the station as it has been designated the only legal terminal for boarding and discharging passengers in the state.

In his remark, the Commissioner for Transportation, Baron Okwoli, assured the public that the construction work has reached 99.99 percent and it is ready to be declared opened by his excellency Alhaji Yahaya Bello, on the 15th April, 2021 saying it will clean up the Nataco area of the metropolis noted for its disorderliness of commuters, passengers and transport owners.

He said the government has taken cognizance of the different categories of passengers and have prepared to provide the best facilities at the terminal.

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He added that to solve the challenges of those providing ancillary services at the old parks, an alternative area has been marked for restaurants and hawkers to remain in business.

The Commissioner who warned against did obedience by commuters to key into the new arrangements, said non compliance would be an offence punishable under the operational rules of the station.

According to him” we have been able to create additional entrance gate… It is not the best to have one entry and exit route. It cost us huge amount of money. We have upgraded the 11kva to 33kva with standby 500kva generator to ensure 24 hours electricity. We want the state to be a hub for travellers to have a place to rest before proceeding.

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In his remark,  the Chief Security Adviser to the Governor, Jerry Omodara, assured travellers of the security arrangement already put in place to guaranteed the safety and protection of their lives.

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