- Bitcoin steady above USD 7,500 after a Thursday spike
- Binance launches Bundle app in Nigeria for crypto payments
- Bitcoin predicted to hit USD 1 million by 2025
Yesterday’s rather unexpected spike to push Bitcoin to above USD 7,500 has resulted in a somewhat stable movement around that area, although Friday trading in Europe morning saw a daily high so far of USD 7,725 (CoinDesk). This is just the scenario we thought yesteday would be ideal for a bullish trend, but for that to take hold, we’ll need to survive transitioning to Monday without breaking the USD 7,500 support level, if only for purely psychological reasons.
Africa is as bullish as ever on the back of improving fortunes for the Bitcoin market, with the world’s biggest crypto exchange by daily trade volume, Binance, opens up a presence in Nigeria as it hopes to fulfill dreams of becoming Africa’s most recognized crypto provider.
Its newest crypto payments app, called Bundle, is meant to provide African uses with a means to transact cash and crypto, or to store them, without fees. The digital wallet fits nicely into their phones and went live yesterday in Nigeria, which is the largest economy in the continent, plying users with local currency naira, as well as other digital assets like Binance coin (BNB) and its stablecoin BUSD.
Ex-director of Binance Labs Yele Bademosi was the brain behind the idea of Bundle. With a childhood spent in a town off the Nigerian capital of Lagos, he convinced Binance to provide seed funding of USD 450,000, and, while now a part of the Binance ecosystem, will eventually operate independently.
Binance isn’t a stranger to the country, when it launched a fiat on-ramp in October last year, thousands of new signups were acquired, making it the perfect launchpad for an eventual presence to up to 30 other nations on the same continent this year.
Africa is now the modern battleground for many tech companies, as emerging economies there slowly become more internet able and payment technologies grow in demand. Local competitors like Luno and BitPesa already have established presence, while Senegalese rapper Akon has also said that he intends to push his own crypto Akoin, which will be also used as the chief payments processor for Kenya’s Mwale Medical and Technology City (MMTC). The 35,000 residents there he says, will give “Akoin a dominant position to control the market of 400 million people in eastern and central Africa, many of who rely on mobile digital transactions for their financial services”.
Elsewhere, the topic of $1 million Bitcoin has been breached again, by a new report that says Bitcoin will reach this 7-figure valuation by 2025. The report, from Global Macro Investor, spoke of “the unfolding” in which the financial markets, as we know it, break down.
Sent to its clients at the end of March, the CEO Raoul Pal says that boomers are “f*cked” as they will be forced to sell at every rally possible, once global markets’ weakness finally gives way to destruction. He looked at market losses in March and says that this will only be a matter of time. Pal summarized:
“The damage this does to the US pension system is incomprehensible. The Baby Boomers will sell every rally they can to protect their last, rapidly diminishing nest egg… The Baby Boomers are totally f*cked. I have been publicly warning and warning about this.”
Bitcoin supporters agree, saying that the current rise of stock markets, in the face of increasing unemployment, only shows at how unfair the current fiat regime is, and that big corporates use the economic model — dubbed “neo-feudalism” by Bitcoin maximalist Max Keiser — to their advantage while regular employees and small businesses suffer.
Pal says all of this will give a huge opportunity for Bitcoin to rise up much higher than anything else, even gold. He writes:
“Bitcoin, well, that’s a different story. I think it can get to $1m in the same period. I think it can go from a $200bn asset class to a $10tn asset class… It is an entire trusted, verified, secure, financial and accounting system of value that can never be created outside of the cryptographic algorithm. It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.”
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