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.
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.”
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.
CNN’s Paul R. La Monica contributed to this report.
We have engineered MSME to be driver of nation’s Economy – Diko Radda, SMEDAN, DG.
The Director General of Micro Small and Medium Enterprises Development Agency, Dikko Umaru Radda has disclosed that the sector has become the bedrock for the development of the nation’s economy.
The Director General and Chief Executive Officer made the disclosure in Lokoja when he empowered 100 Scale operators at the Opening session of a capacity building program for the Federation of Informal Workers Organization of Nigeria FIWON
He pointed out that the importance of MSMEs as pivotal to employment, economic and export growth In the country’s economy can not be overstated.
The DG SMEDAN represented by Mrs Charity Ukwo Abah, SMEDAN Zonal Coordinator, North Central, said the capacity building workshop aims at oyimpacting skills that would enable the SMEs operators in the State to cope with the current economic challenges.
He disclosed that the participants would be able to navigate and manage their businesses amidst harsh economic challenges, after their training.
The DG also maintained that the essence of the workshop is to train the operators in proper book keeping, marketing and how to package their products to make it attractive to the end users, described SMEs as contributing to the National GDP.
The DG stressed that in a challenging world of business, operators of SMEs require to constantly develop and update their capacity, urged the Participants to key into the opportunities the capacity workshop would present to them. My
The DG noted that at the end of the capacity building workshop, aside the skills, knowledge and certificate that would be acquired, participants would be given the sum of N20,000 to grow their businesses.
Earlier in an opening remarks, Comrade Mariam Usman Ibrahim described SMEDAN as a major partner of FIWON, expressing optimism that at the end of the capacity building, members would be enriched in skills and knowledge.
Mariam solicited the support of the Federal Government to come to the aid of members, describing SMEDAN as the last hope of FIWON.
The FIWON State Coordinator described Finance as the major challenge of members in the State, called on the Federal Government through SMEDAN to come to the aid of FIWON, pointing out that Informal sector remains a major driver of the nation’s economy.
The various participants spoke on their expectations from the capacity building workshop, thanked SMEDAN for the opportunity, maintained that it could not have come at a better time than now.
Forum of Bakers Association Wants Kogi State Govt. To Relax Its Action Against Bread Sellers
The Chairman Association of bakers in Kogi State, Mr. Gabriel Adeniyi jas appealed to state government to relax its action towards chasing away bread sellers from their selling points.
Following the state government directive that motor parks within Lokoja and its environs be re-located to Lokoja terminal park for transport operations, the chairman association of bakers and caterers of Nigeria, Chief Gabriel Bamidele Adeniyi has admonished the State Government to allow bread sellers to remain at their selling points as their operations will not in any way affect its policy.
Chief Gabriel Adeniyi hinted that since their products are staple food and travellers usually patronise bread for consumption it is expedient that the services of bread sellers is valuable to human survival.
The Director of God’s first bread Lokoja who doubles as the state chairman of the Association explained that his plead to the State government has been necessary as recent happening show that security men were deployed to strategic like Ganaja and Nataco-seriki noman Lokoja where Bread sellers were chase out from their businesses.
His words:the buyers of our products are majorly travellers and Ganaja junction as well as Nataco/seriki noma were bread sellers were populated are presently being affected by Government’s decision
Chief Gabriel Adeniyi appealed to the State government to relax its decision as such action would have severe burden on bakers who are presently facing economic hardship before production.
He applauded the State Governor, Alhaji Yahaya Bello’s for the provision of security which has guarantee the safety of lives and property of citizens
Chief Gabriel Adeniyi equally praised the governor for his administration”s monumental achievements in infrastructural development positing that the Ganaja flyover bridge embarked upon by the state government when completed will further ease vehicular movements in Lokoja.
He pledged the unalloyed support of his members to the Governor in a onerous task to building a virile state.
Group Seeks Establishment Of Gold Buying Centre In Abuja
A group, Precious Metal Gold Processors and Exporters Association of Nigeria, has sought the partnership of the Federal Capital Territory Administration for the establishment of a gold buying centre in the nation’s capital.
The national chairman of the group, Alhaji Muhammed Ahmed Masud, who made the call when he led a delegation of his executive to FCT Minister of State, said the establishment of the centre would serve as the next gold trading hub attracting investors from other parts of the globe, just as it was obtained in the gold buying centre of Dubai Gold Souk in the United Arab Emirates.
Masud, also noted that the establishment of the centre in Abuja would further create the enabling environment to operate in line with the federal government policies on diversification of the economy to non-oil sector particularly gold mining, processing and exporting.
According to him, “The establishment of the Nigerian gold buying centre will no doubt generate more revenue, boost sustainable economy growth, increase investor’s traffic and create job opportunities for the country”.
The national chairman revealed that gold mining industry contributed over US$171 billion to global economy, noting that as a major stakeholder in the mining sector the presence of the association in FCT would bring all mining stakeholders together under one umbrella.
In her response, FCT Minister of State, Dr. Ramatu Tijjani Aliyu, assured the group that the administration would partner the association and other viable organisations with programmes and policies geared towards the development of the territory.
The minister, who was represented by the Special Assistant on Technical Matters, Tpl. Mudiyu Mustapha, commended the association for the proposed partnership, assuring that the present FCT Administration has keyed into the federal government policy on diversification.
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