Can we have a BTC ETF priced in Naira? Anyone doing something along that line in Nigeria? Tekedia Capital is interested provided you currently have an active fund/portfolio manager, or underwriter license from SEC Nigeria.
Bitcoin is trending around $89,000 now, and it could hit whatever. So, in this world, we can just sleep, do nothing, and our coin investments will be growing. No production and nothing. This is very scary for the future of economies.
Why should a young man keep a job if he can buy a coin and that coin can grow from nothing to something purely on the faith of others. Of course you can argue if that is not what happens with stocks traded in stock exchanges? There is a huge difference: for stocks, a company is producing something to support the movement of those assets. But in cryptos, nothing like that. Yes, no balance sheets or income statements out of any core production system, to fix frictions in markets, but the thing keeps moving!
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As ETH, BTC, etc evolve, economic architectures will be distorted, and nations which fail to capture value in this new asset class may lose. That is why I think someone in Nigeria must push for a Bitcoin ETF so that our people can join the party wherever it takes. ETF provides a path that is better than self-custody which remains complicated for most citizens.
Our goal is to be a founding investor. Connect with Tekedia Capital if you see it from our angle. We do not advocate people buying and selling cryptos. Nonetheless, we invest in infrastructures which power the crypto economics and its evolving economies.
A bitcoin ETF is an exchange-traded fund that tracks the performance of bitcoin with futures contracts, which are derivative investment securities that allow investors to speculate on the future price of assets. By investing in an ETF, investors can gain exposure to the price movements of bitcoin without holding the digital currency itself.
Bitcoin futures contracts are agreements between two parties to buy or sell a specific amount of bitcoin at a predetermined price on a specific date in the future. The futures market provides investors with a way to hedge against potential price swings in the underlying asset, which, in this case, is bitcoin.
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Gambling is the second nature of humans, so people will continue to speculate. If you tell people how their actions destroyed things, they will still not admit. The people play the politicians, and politicians play the people. Yea, sit and place while your ‘money’ is growing, and you still wonder why most people cannot afford things. You all will have plenty money, but scarcity will increase. Greed numbs reasoning. Go figure.
Kindly update when such a scheme starts. It would be interesting.