Bitcoin silences skeptics with 9,000,000% shoot to the top into the new year as ‘big tech’ firms assert dominance with blockchain policies. In Nigeria, the Federal Inland Revenue inadvertently pushes use case for Bitcoin with Tax Clearance Certificate while France’s regulators approve the first ICO visa.
Bitcoin’s Meteoric 9,000,000% Rise Over 10 Years
The rise of Bitcoin over the past decade leaves many skeptics with more questions and answers as the cryptocurrency outstrips the performance of other assets.
Trading at around, $7,200 Bitcoin has posted gains of over 9,000,000% since July 2010. The cryptocurrency, designed to bypass banks and government agencies after the financial crisis of 2008, continues to exceed expectations as it crosses 10 years with not only superior gains but also zero successful hacks to its infrastructure
Peter Atwater, president of Financial Insyghts and an adjunct professor at William & Mary in Williamsburg, Virginia says,
“Bitcoin really captured that wild technology enthusiasm that ‘this time is different,’”
During the same period, the S & P 500 tripled. Its growth, while relatively impressive, pales in comparison to Bitcoin’s growth. The best-performing stocks in the Russell 3000 are up 3,000%. Gold is up 25%.
Executives of listed companies are trying to get in on the Bitcoin action with Jack Dorsey, CEO of Twitter establishing Square Crypto to increase the adoption and effectiveness of Bitcoin as a household currency.
Dorsey plans to travel to Africa for three to six months of the year in order to find out how Bitcoin could increase access to finance and financial freedom in the region.
Tax Clearance Certificate or Bank Account Closure
Following its demand for bank account holders in Nigeria to obtain tax clearance certificates, the Federal Inland Revenue Service is offering a 30-day window for compliance.
The new executive chairman of the Federal Inland Revenue Service, Muhammed Nami says the exercise begins from January 2 to January 31, 2020. The exercise is intended to the difficulties that FIRS has experienced in ensuring that taxpayers meet obligations to present tax clearance certificates.
“The Service may not hesitate to use enforcement activities including the imposition of a lien on bank accounts of such defaulting companies to recover any outstanding debts when it discovers that the taxpayer has misled the Service in her duty to observe tax compliance.”
“The issuance of TCC to ease the burden of taxpayers is in line with the provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011,”
The recent actions by FIRS bring to light the efficacy of Bitcoin as an alternative to traditional banking and finance which throughout history has been riddled with covert coercion and other practices.
Apple and Google Decide on Ethereum
Google and Apple decide on Ethereum adoption with policies. Ethereum Metamask celebrates a good start to 2020 with the reversal of a Google Play store ban. Users are now able to download the Ethereum browser extension through Google. Meanwhile, Apple threatens the removal of blockchain applications.
In December 2019, Google Play app store stopped listing Metamask’s Android client, thus preventing people from downloading the application to manage and transfer their cryptocurrencies, browse the Ethereum blockchain from their browser, and run Ethereum decentralised applications.
Apple, implemented similarly concerning restrictions on the use of blockchain technology. In order to comply with Apple’s DAPP functionality, it has to remove DApp browser functionality.
French Regulators Approve ICO Visa
In France, regulators have taken a bold step forward with the first approved ICO following the establishment of the France ICO visa under the PACTE Law. The country’s financial regulator, Autorité des Marchés Financiers gave the approval to blockchain company, French-ICO.
An ICO, Initial Coin Offering, is similar to an IPO (initial public offering) in nature except most ICOs are unregulated and do not usually offer an equity stake in a company. France’s regulatory support for cryptocurrency fundraising exercises could reduce the risks of investments in blockchain projects in the future.
NairaEx Launches Wallet for Naira Deposit
NairaEx ended the year with big news as it introduced its latest platform, NairaEx Wallet, a naira wallet with a virtual account number for customers. With NairaEx Wallet, customers can buy bitcoin instantly.
The application’s buy order feature makes it insanely easy to make cryptocurrency transactions. In order to buy and send bitcoin with the wallet, users have to do the following:
- Log into your verified NairaEx account.
- Click the Wallet option on your account page.
- Setup wallet and copy your wallet account number or save as beneficiary on your banking platform or app for quicker access.
- Make funds transfer from your bank account to your NairaEx wallet account number.
- Your NairaEx wallet is topped up instantly.
- Next proceed to create a Bitcoin Buy order on the page.
- Key in your Bitcoin address and amount of BTC you want to purchase.
- At Payment Method – choose “NairaEx Wallet”
- Now confirm the order and receive BTC instantly in your Bitcoin wallet.