Nigeria is Africa’s king in Bitcoin P2P

According to a new study seen by Nairametrics, Nigeria has seen the largest influx of activity in peer to peer transactions in the month of October.

While bitcoin’s usage has been rising steadily in markets like Europe and America, the speed at which Nigerians are switching more into crypto payment has gained so much traction across the board that transactional volume combines other African nations in relation to bitcoin P2P.

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What you should know

Statistics seen from Usefultulips, a BTC analytic data provider, showed Nigeria leads Africa’s peer to peer transactions in the last 30 days, as it posted a monthly P2P volumes of between $32.3million, followed by the South African and Kenyans, each posting about $9.3 million and $8 million respectively.

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What they are saying

Ekene Ojieh, Head Of Public Relations, Buffalo Chase, a fast-growing crypto analytic firm, attributed the upward trend in the adoption of cryptos  – most especially Bitcoin, to Nigeria’s demographic structure.

“Nigeria ranks 8th position in the largest country with crypto adoption. The reasons for this fact are not far-fetched.

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“It’s easy for a young country like Nigeria to adopt the use of bitcoin because a large percentage of its population falls within the age range that is tech-savvy. Although, that’s not the only reason why many Nigerian youths adopt bitcoin.

“Bitcoin gained an impressive 13.7% over week 43 – as per Glassnode. Bitcoin is currently traded at a $13,000 region. With the accessibility of bitcoin, we see more Nigerian youths adopting the use of bitcoin.”

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Bottomline

Internet-savvy Nigerians are leveraging on Bitcoin to sustain and drive their earnings, as it offers the cheapest medium of moving capital in relation to other traditional means of payments.

Tether, the most valuable stable coin by market value, has become a household name in the fast-changing crypto market.

The latest development is that Tether treasury minted a whopping 150 million USDT few hours ago, as seen on Whale Alert, an advanced blockchain tracker, and analytic firm.

• At the time of writing, Tether traded at $0.998751 with a daily trading volume of $32,803,456,834.
• USDT price is down -0.1% in the last 24 hours. It has a circulating supply of 18 Billion coins.

Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

A Bloomberg report stated that the momentum, with the help of the U.S dollar, was expected to make Tether gain and move to the second spot.

“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spots in total assets behind Bitcoin.

“Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin,” the report stated.

What you should know

Nairametrics had earlier outlined a report on the organic growth of Tether’s market capitalization, as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency, without an intermediary.

Citibank analyst, Tom Fitzpatrick, has validated his bias using advanced technical analysis on the world flagship crypto, anticipating that Bitcoin will skyrocket to $318,000 by December 2021.

The top banker explained further why Bitcoin is poised to be the clear winner in a world battling with economic and fiscal impacts of the pandemic.

“The second (and in my view) more ‘monumental’ guidance was the indication that as the economy/inflation and employment pick up, they will not look to constrain monetary policy in the same fashion they have in the post-Volcker era. This change in monetary policy and simultaneous opening up in fiscal policy is (despite protestations to the contrary) MMT [Modern Monetary Theory] in all but name and a clear intention of debasing FIAT currency.”

Tom Fitzpatrick also hinted at the odds favoring Bitcoin;

“Bitcoin is an asset with limited supply. It is digital… It moves across borders easily and ownership is opaque… The huge fiscal deterioration of today has a cost in the future, either directly or indirectly. Directly is that at some point, the ‘bills have to be paid,’ which means at some time in the future the money needs to be found. While Bitcoin may become subject to more regulatory constraints going forward, it is a natural store of ‘money’ to avoid this.”

What this means

In an interview with Stansberry Research, the former hedge fund manager as seen on Youtube, revealed the global economy was moving from the “hope phase” to the “insolvency phase” as global investors realize that the economy is going to take much longer recovering from COVID-19 pandemic than anticipated.

He said, “There’s no stimulus around, and we’ve got more problems to come to Europe, the US and elsewhere, and businesses don’t have enough cash flow. They’re closing in droves and that’s what I call the ‘Insolvency Phase’”

That said, another valid reason Nairametrics believes the flagship crypto valuation might certainly rise is the high global quantitative easing program which will in a matter of time propel Bitcoin prices.

An American based company, Peninsula Visa, that specializes in visa and passport, announced recently it would be accepting the world’s flagship crypto Bitcoin, as a form of payment for selected passport services, via using Coinbase Commerce as the secure processor for these transactions.

Evan James, Chief Operating Officer at Peninsula Visa said, “Never before has anyone been able to pay for a U.S. passport using a digital currency. We’re thrilled to be the first company in the nation offering this alternative payment method to our valued customers.

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“As we look forward to a post COVID world, one that we believe will be more digital than ever before, offering travelers the ability to pay via Bitcoin feels like the right move at the right time.”

• At the time of filing this report, Bitcoin price traded at $16,328.11 with a daily trading volume of $20,049,300,522.
• BTC price is up 2.1% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.

READ: Big Eastern European Bank begins Crypto trading

The services further listed by the California based company, Peninsula Visa, for payment through Bitcoin, with additional passport and visa services to be rolled out over the next 12 months are:

• Passport renewal
• Name change
• Second passport
• Second passport renewal

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Peninsula Visa — Peninsula Visa was founded in 1975 as a paper airline ticket delivery company in Silicon Valley. Since its start, it has transitioned through the constantly changing landscape of technology and international travel.