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For the first time in history, the price of the cryptocurrency Bitcoin exceeded 100,000 dollars.
Bitcoin prices have continued to gain momentum since Donald Trump won the US presidential election in November.
The president-elect of the United States is expected to ease the rules surrounding the conduct of cryptocurrencies, and has promised to turn the United States into a global cryptocurrency hub.
On Wednesday, Mr Trump nominated Paul Atkins, a major cryptocurrency investor, to head the SEC – which oversees the US financial sector.
Bitcoin is not the only cryptocurrency, but it is the most favored and accepted among cryptocurrency owners around the world.
So how will the rise in value of Bitcoin affect other cryptocurrencies around the world?
Bitcoin’s recent passing of $100,000 has excited crypto enthusiasts around the world.
Muhammad Inuwa Ali, a cryptocurrency expert in Nigeria also told the BBC that two factors have caused the rise in the value of Bitcoin in the world.
That is why the value of Bitcoin has risen in the world
Original image, Reuters
Muhammad Inuwa Ali said that there are three things that make the value of Bitcoins one in the world.
First thing according to him there is the success of Donald Trump in the US presidential election.
“Since the election campaign, he has promised that if the United States elects him, he will strengthen the cryptocurrency industry, and if you look at the announcement of the results of the elections, especially the results of the seven uncertain states in the country’s elections, from that time the value “Bitcoin is starting to rise,” he said.
He added that this has led to more investors in the cryptocurrency industry, as the president-elect of the United States – which is the most powerful economy in the world – has pledged to work with the cryptocurrency industry.
The second thing According to the crypto expert, this is how Donald Trump continues to appoint people who deal with the crypto industry.
“If you look at Elon Musk, who he appointed as the head of the commission that oversees the improvement of government affairs, he is a person who deals with cryptocurrency, then this has increased the motivation of investors in the cryptocurrency industry,” he said. he.
The expert added that there are billions of dollars that Elon Musk’s Tesla company has saved in Bitcoin.
The third thing It is the rumor that China will lift the restrictions on Bitcoin, according to Muhammad Inuwa Ali.
Most of the countries in Asia and the communist countries do not deal with Bitcoin, which has caused some countries in the region such as China and India to impose restrictions on the currency, something that has caused panic among investors. in the business”
But this week there were rumors that China will lift the sanctions, which made Muhammad Inuwa Ali believe that this helped to increase the confidence of investors.
Original image, Reuters
‘Bitcoin could reach 200,000 dollars’
The cryptocurrency expert said that it is predicted that if Donald Trump is sworn in next month, then the value of Bitcoin will continue to rise, because of how his administration will improve the relationship with crypto.
“If you don’t forget during his election campaign, he promised that he would give importance to the cryptocurrency industry in his government”.
“It is predicted that the value of Bitcoin can reach 200,000 dollars or even more, and it is not surprising, because if you look at 10 years ago, Bitcoin did not even reach 12,000 dollars or less” according to him.
How will this affect other cryptocurrencies being mined?
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The expert said that the rise of Bitcoin will affect all other crypto currencies that are mined especially in African countries like Nigeria, because the entire crypto industry has benefited.
“There is something called ‘Bull run’, that is when cryptocurrency prices go up a lot, which happens once in three or four years,” he said.
He added that the last time there was a bull run was in 2021 after the ascension of President Biden.
He went on to say that every time there is a ‘Bull run’ situation, every cryptocurrency’s value goes up a lot.
“Therefore, we expect to see that soon all the cryptocurrency that is being mined will increase in value,” said the crypto expert.
This will apply to any cryptocurrency launched on the global cryptocurrency market.
Why are Bitcoin not widely used by Nigerians?
The Crypton expert said that the reason why Nigerians do not deal with Bitcoin is its cost.
“What is happening now is the truth that not everyone can withdraw money and buy Bitcoin up to 100,000 dollars in Nigeria, if you count the money it is millions of naira”.
He said that this will not prevent Nigerians who are dealing with Bitcoin, but they are not many according to him, like other cryptocurrencies that are being mined.
When was Bitcoin first used?
Bitcoin was first published in an online mailing list for computer scientists studying how to securely send messages over the internet in 2008.
The person who first published it has a fake name Satoshi Nakamoto but no person or people so far has been confirmed to be Satoshi.
Bitcoin is a form of internet currency. It has no physical form. Instead, the currency group is sold on the internet and other social media sites.
It has no limits, meaning that it can only be used on certain sites and other types of crypto-currency, and they do not have a bank, like the known physical currency.
Instead, it works on the Internet and thousands of other devices that connect and store information about how money is spent.
