Africa – Nigeria looks forward to legislating a law that will recognize the usage of Bitcoin or BTC, along with other cryptocurrencies to stay present in international practices. However, BTC might hit its lowest price next year, as per crypto experts’ prediction.
Several organizations across the globe considered Bitcoin as the key to fighting inflation despite dropping to the lowest price in the past two years. Africa dominated in the adoption and utilization of BTC, and as per local media news, Nigeria will legalize the utilization of Bitcoin to keep up with the practices around the globe.
According to a Nigerian publican, Punch, Babangida Ibrahim, the House of Representatives Committee’s chair, shared the news on December 18. The local SEC or Securities and Exchange Commission might be able to understand Bitcoin, along with other virtual assets as capital for investment if there’s a signature on the “Investments and Securities Act 2007.”
The chair highlighted the importance of being updated with the trends of the capital market and enhancements. He stated that the country needs an efficient and strong capital market, and the country should hasten with global standards to accomplish the goal.
It’s important to note that the country prohibited Bitcoin, along with other digital currencies, last year. There’s a letter as well about banning regulated funding businesses from getting involved with cryptocurrencies.
On the bright side, the volume of traded BTC boosted this year. West Africa broke adoption records for Bitcoin, surpassing all countries when it comes to peer-to-peer trading.
The law will require CBN or the Central Bank of Nigeria, along with SEC, as governing functions on topics linked to cryptocurrencies.
The virtual currency of the central bank, eNaira, obtained little interest from people, having an adoption rate of 0.5%, 12 months after its introduction in the market. Even though the country prohibited crypto, miners are active, and there’s an established Bitcoin community.
On another note, crypto experts predicted that Bitcoin might hit its lowest next year, where it might trade under $17,000. Experts think it will trade lower after the regulations released by G20, which are central bank and finance deputies.
The G20 members include Australia, Brazil, Argentina, China, Canada, Germany, France, Indonesia, India, Japan, Italy, Mexico, Russia, South Africa, Saudi Arabia, the Republic of Korea, the US, the UK, the European Union, ad Turkey.
Bitcoin decreased by under $17,000, and other digital assets decreased as well. It traded at $16,762 on Friday, December 16, which is a 3.7%-drop. The crypto reached its highest price since SBF or Sam Bankman-Fried filed bankruptcy for FTX last month.
According to predictions, the price might drop to $10,111.96 next year, in December. On the other hand, PricePrediction shared an optimistic prediction that BTC might boost up to $59,773.26 by 2025.