Innocent BenjaminAll doubts appears to have evaporated, fiction has replaced reality and it seems for the first time, there is a unanimous belief that cryptocurrency is more now than future.
This sentiment was echoed by the world’s leading moguls in Mexico, most recently, Mauricio Hurtado, who authoritatively stated that crypto, especially Bitcoin, is here to stay and anyone not tagging along will be playing catch up in the coming years.
“This occurs because there is a significant number of players who are seeing in these currencies a transaction mechanism that is reliable and therefore, businesses adjust to market realities in order to prevail and have an advantage over their competitors; so we are seeing an important change in this aspect.”
This comes on the eve of the ban of the digital money in Asia’s second largest economy, India, and Africa’s biggest economy and most populated nation, Nigeria.
On one hand, Indian citizens have expressed strong aversion for any form of ban on the currency and there are reports that the decision to outrightly ban might be modified to a mere regulation on the crypto.
Reassuring to learn that there’s now an open dialogue about regulation rather than ban of cryptocurrencies in India. @Tejasvi_Surya I urge you to take a stand and represent me and the 7+ millions like me who believe that India needs to adopt progressive crypto policies. https://t.co/b5h6blMTQf
— Apurva Hendi (@apurvahendi) February 10, 2021
The Nigerian Senate have also displayed a positive initial reaction to the restrictions imposed by the Central Bank and have invited its governor, Godwin Emefiele for questioning, but developments appeared to have stalled in the last few days.
The advent of Tesla into the digital space of currency has however forced a rethink, as the growth of the company’s stock since announcing their Bitcoin investment has been awe-inspiring.
The electric car manufacturing company, which is headquartered in Palo Alto, California, are the best selling electric passenger car in the world, yet the company have returned more annual loss than profit.
In fact, since 2008, Tesla have serially posted a net income ending in red every year, until last year when they turned the profit corner for the first time.
Over the course of that 12-year span, Tesla have returned a net income of -$5.95bn, a staggering cataclysm for a company that was the first automaker in the United States to sell vehicles directly to customers rather than through conventional dealers.
Contrastingly, since Tesla shelled $1.5 billion worth of investments into Bitcoin, they have made 70 percent of the profit from their best selling year.
The immediate aftermath following Tesla’s announcement saw the price of Bitcoin rise by 17% to 44,220. This meant that Tesla had witnessed a 17% ROI in the hours following their investment, translating to $255 million in profit.
However, the value of Bitcoin has seen blown the roof to a record $49,716.44 high and is still expected to assail in the coming days, as more investors hop aboard the bandwagon.
This brings the question, will large economies like India, Nigeria, China, Canada, Russia and Saudi Arabia regret their decisions to ban the epoch-making digital currency?
An answer is beginning to emanate.
James steller
