Crypto Hodling And SEC Nigeria Excellent Regulatory Regime

Good People, this cryptocurrency thing is interesting.  Somebody sends you Bitcoin, and you are busy to cash it immediately. And within a week, it has increased by 5%. This is an interesting scenario for the world because that 5% did not come as a result of any production of goods and services which is a typical vector for the rise and fall of stocks of companies.

And the hodlers now believe that it can go all the way to $70k: “The recent trendline breakout of Bitcoin (BTC) has been a significant event for cryptocurrency enthusiasts and investors, exposing a critical resistance level at $70,000. This development comes after BTC surpassed the downtrend line from late September highs, establishing $62,000 as a key support level. The surge past this pivotal point has sparked a wave of optimism in the crypto community, with many analysts suggesting that overcoming the $70K hurdle could lead to a substantial rally in the market.”

For Nigeria, I send my respect to the Securities & Exchange Commission (SEC) under the new leadership for a really good job done. They are putting laws in place and regulating the sector. Unlike in the past where it was ban, hit, and ban, they have taken a nuanced strategy of regulating the sector. (There is a clear cohesion on strategy between the SEC and Central Bank of Nigeria, and I commend them. If you want to do crypto, go and get the license, and operate on the laws of the nation. This is what we have been asking for).

Yet, Nigeria must put resources to educate people on the inherent risks and challenges of over-fixation that hodling can bring economic ascension. We do not want young people to just hodl believing that cryptos will take care of the future, and that one does not need to do anything on the illusion that cryptos will keep rising.

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