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Stablecoins are officially Fiat killers - Demand Is Becoming Crazy
Building of wealth through Stablecoins has been one way to combat crypto speculations, counter the detolorating country economy, and a means of saving up. With the introduction of yield farming, it's even then possible to grow one's initial value through staking. There's been a lot of conversations going on about what cryptocurrency is best used as a means of trade, some people believe bitcoin is, but some don't and I can see a reason why. Undoubtedly, no one wants to spend his golden bitcoins on groceries, clothings or pay for rent with it, or buy some cool foot wears, I wouldn't myself, so the odds are, there's basically still a spot to be filled, while Elon Musk and Mark Cuban believe doge is the suitable crypto for this purpose, I think not, Stablecoins are the ultimate solution…
When we look into the political body and its set ups, you begin to wonder if they ever actually reflect on paper works or ever do some drafts before making decisions. As a central body where every decision made affects everyone, extra care is to be first applied but I've not actually seen any of those things taken into consideration, all I see is oldies in governmental seats supposing shits and never looking into actual metrics to see the cost and effects of their actions. We get the part that everyone has to do something to protect his finances, but when greed is involved, there's always the opposite happening at the end. The government are aware of the recent growth in the crypto economy, I wouldn't call it a sudden change because nothing about this atmosphere is sudden, it's been well over years that a child could be full grown and know how to tell his haters to fuck off.
However, surprising, they are yet to understand the system and the dangers of trying to stop it. I thought the best way to tackle a threat was to study its abilities, but nah, these guys just used their authority to pull through, haha. What am I talking about? CBN some weeks back banned Forex Sales to Bureaus de Change which I wrote about in this article "Central Banks Hate It When Individuals Make Huge Gains" this move was because they way flooded the black markets, reflect to the link to understand deeper…
In that article, I focused more on the reasons why the government picks at everything that pulls in money to the country. We saw something similar when they imposed a ban or prohibited commercial banks from offering cryptocurrency services in the country, that was such a sucker, it was way easier to purchase cryptocurrencies with credit/debit cards back then, and at a very affordable exchange rate against the dollar, say 450/$(highest). This to them was a good move to restrict the usage of cryptocurrency, well, it did something quite harmful to the economy. There's a simple law where things that are readily available ain't always demanded, the most scarce were the most wanted. Dollar is already scarce enough, coupled with the poor production rate, and poor foreign exchange of produce, the country hasn't been the best out there, and it's currency has definitely been losing strength against the dollar. This was scary, people had to look for support to combat that terrible economy, crypto was the only thing, and the government made it more difficult to attain.
If you go on exchanges currently, to view coins and prices, specifically on P2P exchanges, you'd notice orders well above 500 naira against just 1 fuckin dollar. This ranges to over 523/$ most time. USDT and most Stablecoins on P2P exchanges are worth even more than the actual dollar. A dollar is just around 440 naira on spot exchanges, and the black market prices ain't so far off. Usdt as a Stablecoin is mercilessly murdering naira on crypto exchanges and this is just the beginning, I basically watched this shit grow from 480 - 523 now, next you know it's 1,000 Naira/ a dollar worth of USDT, now imagine the dollar was depending on USDT and not the other way around, it would prolly be gearing up as though it's pair is becoming more expensive. These demands are growing exponentially and it's not funny at all, soon every $ of cryptocurrency earned would be roughly 1,000 naira, and yet again, the arrow turns to them and the crypto economy keeps growing. Ignoring the law of scarcity is the biggest mistake the Central Bank of Nigeria made, it also will be one of other problems for any country that decides to ignore it. It will span to citizens migrating to other locations more crypto friendly and everyone understands what that means for a nation.
It's either they become wiser and go back to read their economics text books, or let greed keep staring them wrong….