Why do apex or central banks chart down ROI yields on investments then get all mad about an asset class that offers something different.
Isn't it messed up that the unemployment rate is always reaching for a new all time high every second, and Govs trying to slam down alternative and proven earning opportunities.
Isn't it funny that the so-called elites of the society are trying to shot down crime but are literally project-commissioning-ribbon-cutting pathways to increase crime.
On January 6, 2021 the hammer came down hard on the UK cryptocurrency trading and exchange trading notes community.
And in suit, dear old Nigeria it's defunct colony joined in, throwing a not so cupid arrow through the hearts of it's crypto loving community.
Just a couple of days ago, the Central Bank of Nigeria rolled out a memo to all financial institutions and individuals alike inciting a ban on cryptocurrency trading and threats to close up any account holdings associated with cryptocurrency trading and it's derivatives.
With a country still slowly trying to recover from the lockdown effects that literally wheeled to haunt the already dying economy, this will definitely be another blow to the chest.
It's probably going to be a cold out-bleeding heart valentine this year especially for those hodling till death do us apart crypto-bitcoin loving fans out there...
This is more of a monkey see monkey do situation...which begs the question, why copy and paste an administrative move with already working good social welfare blueprint structures in place, and yours is no where close to par.
How do you compare the distribution of stimulus checks valued at $1,400 to that of a distribution of palliative with a face value of 5,000 NGN. With an inversely proportional USD overturn of the exchange pair equating right around $10.
...how could one survive with that?
Even with food stamps and coupons, that won't cut through one day's grocery cart away trip.
And with inflation always in the fabric of things, you can almost tell the ugly details in the designs.
With constantly growing embellished patterns for a crave for over the border food produce as compared to local produce, dilapidated oil refineries forcing a deficit on budgets to house the financing of transportation of barrels of oil over borders for refining and back. And the house of senates and representatives having misplaced priorities, the dreams of the future is slowly receding back to the dark side of the moon.
It's funny how these people can't see passed their pockets and hidden away starched escrow accounts.
How do you argue with a good idea like crypto? You can't.
You could try but at the end you had see what's been in your face all the time.
How do you turn a blind eye to a problem solving solution that can tune down unemployment, juvenile deliciency, fraud and crime.
How can you alleviate poverty when you can't elevate policies and opportunities to drive home the self-empowerment dream you preach.
Will all of that always be a speech to a dream that you will never push to reality just cause you can't relate to the nightmares of the below the $1 poverty line stricken citizens.
How do you dress the glamorizing of e-fraudsters as the new normal. Is that even moral to begin with.
These days, a whole lot of youths are indulging hugely on defrauding innocent people online, offline on phone line, and this same people are been idolized as role models.
The apple does fall far from the tree, with corrupt statutory bodies in position of power carting away with money, you probably can't expect less.
Cryptocurrency is an escape from such lifestyle for youths, it has helped to create a source of income earning opportunity for well meaning minded Nigerians and still will from generations and generations to come if digital assets still tarries.
A year off school while waiting for school heads to come up with proper safety precaution guidelines to curb off the covid-19 virus has seen youths ride out into entreprenuering ventures, not leaving cryptocurrency out.
How can you shot down an earning opportunity to such demography? Knowing fully well that even when a handful of them graduate they might likely not get a desk job in a year range of 5-10 years...and that's a fact.
The already working class ain't ready to get laid off, will lie they ass off in respect to their age if they have to just so they can crunch up more digits for their retirement savings, 401Ks and pension financing.
The drive for other alternatives for earning income have never been more important than now, the Corona virus impact definitely made sure of that.
Take away the chance to better their lifes with crypto and you might just as well handed them a loaded gun to go on about robbing, kidnapping and wrecking terror on the society.
Hopefully that's not where the road leads as we await finer prints of the memo.
...this news couldn't have come in a more bad time as this, when even more adoption of cryptocurrency in Africa has began to onboard more members into it's fold.
With Bitcoin and Ethereum high on mining and gas fees, more eyes are shifting to other altcoins like Litecoin (LTC), Bitcoin cash (BCH), Tron (TRX), Cardano (ADA) and Polkadot (DOT).
However with thanks to decentralized financing options gifting staked token holders rewards increased the adoption of TRX in these corner of the world.
And off course you can't forget Bitcoin Cash giving the opportunity to earn tokenized tips from writing articles on sites like read.cash and it's social media compadre noise.cash.
So why shot down something good? If all you giving back is close to zero percent yields of interest on returns from Treasury Bills, Certificates of Deposits, ETFs, mutual funds and bonds. With such rates commercial banks MoM APR % savings returns look even more desirable.
See you in my next post.
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