Potentials Of A Bitcoin/Ethereum ETFs In the African Market.
good morning and welcome to this wonderful day this brand new month happy new month to everybody watching and happy workers day welcome to Market insights I am Lavina Emma so today we are discussing cryptocurrency and its potential to revolutionize the African continent as you know Africa boasts of a young techsavvy population and a rapidly growing economy however traditional Financial systems often leave any on banked or under banked now this is where Bitcoins and ethereums come in so as you know Bitcoin the world’s first cryptocurrency can function as a secure store of value in regions with volatile currencies unlike the traditional Bitcoin unlik traditional assets Bitcoin is borderless and can be easily transferred now ethereum another major cryptocurrency offers a unique Advantage it’s blockchain technology can be used to develop smart contracts essentially self-executing agreements that can streamline various processes now picture this a future where farmers can access microloans or secure land rights through blockchain now that will be amazing eliminating all the paperwork out there so we don’t have Stop Printing signing documentation everything is done on online a totally seamless transaction now of course we know with everything there are challenges as with our legal um tender there are challenges so with this digital currency yes there will be challenges but these challenges can be easily overcome for example the regulations that have been put in place by governments all over the world to monitor this digital currency and also internet access in this part of the world in Africa it’s still something that we are trying to manage however African nations are actively exploring regulations and crypto adoption is rising which is very good so today we will discuss the potential of Bitcoin and ethereum in Africa how these cryptocurrencies can Empower individuals Foster Financial inclusion and pave the way for a more secure and digital future so my guest this morning is joining us virtually his name is adeso aay he’s the founder and CEO of digital Focus LLC he has trained and certified over 2,000 blockchain experts and completed projects for CMC connect and Alpha training lab amongst other digital currency platforms out there so welcome to Market Insight this morning addition so have joining us ly Oni he’s also a cryptocurrency expert and he he’s also the co-founder of 329 Capital he’s also joining us virtually this morning yeah thank you it’s nice to be here glad to have you gentlemen this morning and um happy workers Day to you I hope you’re enjoying the holiday yes hey um I’m glad you’re here okay so now let’s get right into it I talked about the benefits of cryptocurrency and how it’s we stand a chance to be using um the the new exchange the ethereum and also the spot Bitcoin the spot Bitcoin so now we’re going to be discussing how these would def will benefit us here in Africa particularly here in Nigeria as you know we have a very young and tech savvy population in this part of the world so now how can Bitcoin address the challenges of financial inclusion in Africa with a focus to neria so I’ll start with luy Oni first of all all right um so so first of all like um is is good to be here and um I’ve been in Bitcoin trading back since like 2018 and um all I can say is that it’s um been a great one and um um the sport Bitcoin ETF that was just launched um would um allow um institutions and companies to invest um directly into um Bitcoin and um it will it’s it’s also been great because over the launch period um till now we’ve seen a lot of like inflows into um Bitcoin and considering that one of the um largest um fin financial institutions in the world which is um Black Rock um got um f the fire and got accepted um to get the Bitcoin ETF has had one of the largest inflows then you talk of AR invest and Fidelity so coming down to um Africa I think that Bitcoin and the blockchain industry can um you know open the um flood gates to a majority of like um inflows and investment especially in that particular sector and like you said earlier there’s every possibility that um we the blockchain is a ledger that um makes um transaction very like um easy to see and verifiable you know there’s this trust you have in the um blockchain Network and um this um Bitcoin has made it possible for you to send um Bitcoin to anybody in the world um very easy uh with just your phone and an internet connection you can transfer money and the fees on this um amount are very little as compared to like maybe wire transfers and um transferring through Western Union and every other things so the the the Bitcoin um Network and ethereum is um a software I’ll call it a software that is is very easy for you to transfer value what we’ve seen for the past um um three to four years or 10 years now is the easy transfer of like information using like Facebook and the rest of them but we are now getting into web three where you can now like transfer value easily and you can like you know transfer money easily on the blockchain network and ethereum has also made it possible for people to like tokenize things and build on top of the um infrastructure that has already been made available so you have um the ability to launch a a product now on the ethereum network and also like um um build your own or have your own like token so the the world is becoming easily accessible and um transfers are you know possible in the um Bitcoin um ethereum um Network so that that’s it for me there’s a lot of potential that this can drive um to the market and you know it can even make it possible for even companies now to add um Bitcoin to their balance sheet you know and uh when you see an asset class that has been producing great returns over the last 10 years I think is something very good to hold okay thank you for that and lucky yachi thank you for explaining the benefits of this Bitcoin for to be more precise spot Bitcoin and how it’s definitely benefit the challenges of financial inclusion in Africa now um the specific uses okay let me move on to um let me just talk for a few minutes with Mr Ado yes I are you here with us uh Mr Ado maybe there’s a bit of a technical there I’ll still continue the discussion with you ly Oni okay that’s good to note okay I’m glad you can hear me now um we’re talking about the spot Bitcoin um as you know um it starts recently in at the Australian exchange they recently launched the use of the spot Bitcoin in Australia and it has been approved by the Australian Securities and Exchange Commission Now what are the specific uses now this Sports Bitcoin ATF what specific uses can this um technology benefits African businesses and like I said earlier with the focus to Nigeria for having me it’s a great pleasure to be here um can you hear me please yeah so um one of the impact um that the launch of Bitcoin EF would have on the African Market at large is um accessibility right um for a long time coming now Bitcoin has faced a lot of um issues with um institutional investors globally um um a lot of people believe Bitcoin and cryptocurrency are gambles and they don’t believe they can you know put their money there where they don’t have control over you know but with the acceptance and the launch of the um sport Bitcoin ETF and there’s accessibility for investors to come in and invest their money you know considering Africa particularly where recently there’s been a ban on cryptocurrency by some African countries and then a lot of people are able to access cryptocurrency now legally and safely but with the launch of um the um sport Bitcoin ETF people can you know securely get on these platforms and become investors and invest into Bitcoin you know and um securely it makes it um all the more safe and when you look at it from the point of liquidity um a lot of liquidity will come um into the market of course we’ve already seen that since the launch um in January a lot of liquidity have moved into the um crypto space and Bitcoin um moving to an alltime high price you know um and that tells a lot about what the future is and when you talk about Africa there’s there’s still a lot of knowledge Gap a lot of people do not have the skills the technical skills to trade um Bitcoin sucess F all right so but with the um launch of um Bitcoin EF um the African system can be deployed you know lucratively and then people can come in understand the game and then um and trade profitably and investors can make money securely because they’re going to be trading on the already established exchanges all right so they are not assessing it directly they’re not keeping it they’re not buying Bitcoin and having a a share of Bitcoin they’re just buying you know um the shares on the on the platforms you know so I think that um overall it’s going to be um a beautiful one for the African Financial Market at large it’s going to boost the African Financial Market um it’s going to establish a lot of positive impact thank you okay thank you for that but I’m still on you Mr Des now considering all the um hurdles that you have to jump through to own a Bitcoin um exchanging accounts digital wallets private Keys Network transfers and you know the issue we have in this part of the world the internet connection um do you think a spot Bitcoin is one of the easiest ways to add um the Bitcoin exposure to your portfolio for for an aspiring investor that wants to invest in this digital currency like I mentioned earlier there there been a lot of gaps you know um in the knowledge of crypto and Bitcoin adoption in Africa you know but with the rise of um Bitcoin sport ETF a lot of um investors who believe that putting money in Bitcoin is gambling right so they don’t believe that they can put their money there and they believe they lose their money because of the Vol nature of um of cryptocurrency but with um um the spot um Bitcoin ETF people um can come with you know um Peace of Mind and put their money knowing that okay they don’t have to bother the day-to-day um price actions the market movement and all so I I believe that this is a good step in the right direction because to even trade Bitcoin in first place you have to have access to the internet you know and then to explore the um the exchanges the BF exchanges it’s still the same thing you have to have access to the internet so I I think that um so far so good is it’s it’s proven to be a very positive one so people can come in and access um this um value chain you know on a large scale I think I think it will okay okay thank you for that thank you for that Mr additional okay um moving on to Mr Oni now um yes we know there are a lot of regulations for this um Bitcoin this especially the new sports Bitcoin ATF and we’re still in this part of the world we’re still trying to put up regulations for Bitcoins and ethereums at the moment now do you really think um government’s approach to cryptocurrency regulations especially with the introduction of this Bitcoin the spots ETF bit spot Bitcoin ATF I beg your pardon the regulations will be harder for us in this part of the world or they’re still going to monitor how investors are accessing this digital currency before they start enforcing a new set of rules and regulations yeah okay so um what I think is that that um I believe that the the Bitcoin ETF or the sport ETF to would open ways for or open for new methods of Regulation and you know that um Bitcoin is like is not like an like older um asset class so it’s like new so I think the government too would um have to also um do their due diligence to actually understand um the industry um before like um setting out this regulation and they they also like have to work with um the stakeholders you know um in the in the industry which which is what we are um currently seeing and um I believe that they should they should give um a very good um they should there should be a very good way to regulate the cryptocurrency industry I don’t think the government should be should be hard on the industry because you would have Innovation leave the African um continent or the or the Nigerian um economy if you have more stent um regulations which which we saw in China you know when they actually once baned Bitcoin mining then you saw a lot of like people living with their Bitcoin mining rigs to you know other countries and you know that will now like Spore new investments in the in the um um um in these countries we are talking about and you know have new people employed and have new people do new and people would do um things for this um particular industry so what I think is yeah regulation will come in they would you know try to um you know putting one or two rules on on on how the the industry should work and I think people should also like these companies should also like work with the government because um if if they if they comply with the government and and and and are able to um enact these um regulations they would also you know have a good um um um you know stay in that particular country that’s what that’s what we are seeing with the difference between coinbase and binance right now so you see that coinbase in the US they follow through all the regulations that you have in the US they ask even the government give us your regulation let us know what we want and we will comply by this um rules and you know then you now see this um current uh um court cases you know you know with binance because there were one or two things things that you know they didn’t do or they they did that was wrong in the in the eye of the of the government so I think they should how we apply to Nigeria is let us know um let us have this regulations in place so that companies know what to do and and and what not to do you know in the in this particular industry so that that is what I believe and I think that the government should um work with crypto companies to make sure that uh we don’t miss this um opportunity that that’s what I believe for that yes and I totally agree with you there you a partnership with um key experts like yourself and um Mr know would enable the government to understand this new Bitcoin currency better and how they can actually regulate it better okay now um still further now what are the biggest barriers to widespread adoption of Bitcoin and ethereum in Africa so ask um Mr on Ki first of all then I’ll move on to Mr the biggest barriers to the widespread adoption of crypto of Bitcoin and ethereum in Africa let’s let’s talk about Nigeria let’s focus on Nigeria more okay so I would say um like one of the biggest um barriers would be first of all like we just talked about um regulation you know like you know before foreign companies want to come and invest in a particular country or before even people want to start crypto in the country they must you know have there should be like this good set of like regulations that people can um easily want to do business or companies will easily want to do business with um in the country and that would also increase the widespread um adoption of crypto you can imagine what happened back then when when the government actually banned Banks from working with um crypto companies you could see what happened that that time a lot of companies like crypto companies went on a lot of other companies like um you know did not fare well after that um love letter that CBN sent to um crypto companies also I think one of the barriers is um education a lot of people don’t understand Bitcoin and um crypto the cryptocurrency industry why that’s why you see majority of people say is a scam you know and and it’s not actually a scam because they’ve not taken the time to understand what um Bitcoin is and what crypto is if they take the time to um understand um how this um um um tokens work and what they do they would you know um you know want to get into the industry I said because there’s nobody I’ve seen that that took thousands of hours to study this cryptocurrency industry that will not be surprised at the opportunities that cryptocurrency presents to an economy to a human being to a country in the sense that you know it’s it’s it has a a a like it’s it is not been inflated it has a fixed Supply you know it’s hard money all these things I even think a countries like uh some countries are now backing their their their assets like legally with with Bitcoin you see countries like like um Forten the name of this there’s a country that bought that have a lot of Bitcoin right now they’re buying Bitcoin uh the president of that country um B announced that they would start um investing in cryptocurrency and their Bitcoin currently is in profit you know they’ve made money um buying Bitcoin you see companies like Tesla buying Bitcoin you see um um you know different like um institutions buying Bitcoin so when when you understand the the opportunity that is there in in in cryptocurrency and and and in ethereum and Bitcoin you would know that it’s it’s very okay for me as an individual or as an economy to adopt this um um asset class so I think education is a barrier I think um lack of quality infrastructure is a barrier I think um um um also regulation is a barrier for why um cryptocurrency or Bitcoin has not like spread um or has not been um adopted in my opinion yeah thanks um Mr deso do you also share the same um factors that Mr Oni has just mentioned as the barriers to the widespread adoption of Bitcoin and ethereum in Nigeria I totally agree with him um and I would like to talk um briefly about um education being a very serious barrier major barrier you see um during the last Administration we witnessed you know um a ban of cryptocurrency and when this new um Administration came on board you know it relieved um um the crypto system of the ban and only for you know um the N to start penting and all the blame goes to cryptocurrency trading again and and then there a wish on of crypto Traders again and you can see this pattern repeating itself over and over again so I I believe that education is critical you know um when people who make decisions in the country the policies maker they need to be educated and understand what cryptocurrency truly is I mean there’s no way would catch up with other developing um developed countries I mean we can’t say we know more than the Western countries who have already adopted Bitcoin via regulation you know so it’s important that um the decision makers in the country the government leads you know they they form a collaboration with crypto leaders in in Nigeria and then have a meeting and seek to understand what um crypto is about and the solution that crypto is bringing to the table so I believe that if this is in place because I mean no matter how much we try there’s nothing we can do without the government the government has too much power the government has a final and you can see that happening already so we need to work together with um crypto experts crypto leaders top crypto guys in the country and form a collaboration so that everybody can be on the same page and then we can move on progressively that’s what I believe okay I like that kind of partnership we should all be on the same page and we can definitely with that we can move on progressively as you know in Nigeria we have a very Tech survey population lot of our youths out there are well versed in using the internet they understand this digital currency those who are investing in it and um I would say perhaps it’s more of the um um allow me to use this difference the Generation X people who are still trying to understand although a few of them do understand the but majority are still trying to understand um what is involved with cryptocurrency and with Bitcoins and ethereum so I would say perhaps this education and of what this digital currency entails is more for that generation than people in in um Generation Z or the upcoming upcoming generation Alpha so what are your thoughts on this Mr additional uh we need to bridge that Gap I I totally agree with you we need to bridge that Gap you know um there a lot of people from um the previous generations who I mean I mean you can’t you can’t really blame them actually you know because who it took them a couple of years I mean 10 20 years to attend a certain level s status you know and started their businesses um Bricker businesses and you know and then you see um one young boy who you know is just 2018 and he says he’s trading Bitcoin is doing a legit business and he making a lot of improvement and what it took you years I mean 20 years together and in three four years with dedication and commitment this guy is you know is um achieving it so it can be it can it can sound somehow you know so but we need to reach a common ground to um have this understanding that things are changing life is evolving everything is moving and so we have to move together so it’s important that um we we bre that Gap it’s really really important now let’s talk about Futures now we know that Futures is a complex derivatives instrument now we know that these um digital currencies whether it’s crypto whether it’s um the spot Bitcoin or the ETF ethereums that they are a means of investment which when after a short period of time we can access the fund so now the sport Bitcoin ETF allows investors to gain exposure to the current price of Bitcoin without having to hold the asset itself so you don’t have to physically hold the digital currency before you can um access the price of Bitcoin so now this is in contrast to the Futures ETF now as we know the Futures ETF was approved for trading by the United States just in the United State Securities and Exchange Commission but these things have their um differences so I would like um let me start with Mr additional to expansi further on this for potential investors the difference between this um spot Bitcoin and also the Futures ETF in terms of accessing funds for for example a firsttime investor um so the um futures um ETF and Sport ETF um quite similar in nature you know uh um before the future ETF was approved there’s something called the futural trading on crypto exchanges where you speculate the prices of um certain assets say Bitcoin you know and you bet against um the market say okay the market is going to go up then you long it and it’s going to go go down and you short it you know um so now that with that you also know bu an idea of of the cryptocurrency with Futures you’re not actually having the um the asset you’re not having it you’re not having it so you just you know um bet against the price movement and then you make your money through that right uh but for the part um um ETF that was just approved in January this year what that does is you are more like you’re buying a Shar like you rightly expend a Shar of Bitcoin for instance all right so for people who because I mean it’s a lot to trade Bitcoin trust me to Dade cryptocurrency I mean the um volatility the price actions up and down can be very disturbing to a lot of people so that’s why people don’t really believe in you know Bitcoin but with sport um Bitcoin sport ETF you can buy a shares as if you’re buying a stock or a bond you know on the exchange and you are not in control of that actually right so you’re not in control of that and at the end of the day the price of uh Bitcoin still affect the overall Market the overall market so we can see a lot of influx of money into um Bitcoin since the ETF was approved in January this year you know so um I I think that um the spot ETF is a good step in the right direction in the right direction for the overall um crypto Market investors and speculators worldwide including Africa and Nigeria for that Mr addition so um Mr onid do you also um shared the same um with the difference between the sports ETF the sports Bitcoin ETF and also the Futures ETF um for a firsttime investor that wants to go and invest in this digital currency yes um I I share the same idea with Mr additional you know so I think the the spot B the spot Bitcoin ETF is a very good move in the right direction while the um features um Bitcoin ETF was the very um first one that was like um approved before the spot so you know it’s just like he said in the it’s just like in the Futures Market is just uh an exposure to just the price movement of um Bitcoin you know it’s just like um people saying they want to like long um the the underlying asset or they want to like um short the underlying assets so that that is what so it’s just like a contract that um make people gain exposure and make like speculative bets on the on the um future assets of of of the underlying currency which is um Bitcoin but you know for spot Bitcoin you can directly like get a share of of of the Bitcoin or you know hold the spot Bitcoin share so that that that means that you you know you get more like influx of of uh of of of the asset and you know majority of investors especially like um um um Pension funds or or or or hedge funds in the US or or even in Africa they would want to just like own a share of that um Bitcoin and you know put their money to just hold Bitcoin and just gambling and and and betting placing bets on on the Perpetual contract do you get so uh the sport Bitcoin really like has opened a lot of opportunity and this is just like the difference for newcomers in in the um industry and I’ll just tell newcomers that if you want to uh do Futures whether by Perpetual or this thing you should be very careful because you can as well just lose all your funds you know in it you don’t you think it seems a bit um speculative because it’s like um we’re working on some kind of guess work as to whether this will benefit where the funds will benefit this speci whether you make some profits don’t you there’s a bit of speculation going on don’t you think so yes I mean that that’s just it you know because I mean you can just you know the the Bitcoin Market is very volatile so uh you know except you are a very technical Trader do you understand or very good in technical analysis as a new be you know it’s very dangerous for you to um do fatures like you know because you know it can um you can decide to Long Bitcoin and then a little like um downward Trend can just wipe out your phone so that that’s like gamble you know and U but you know for the sport um ETF you could just like um hold Bitcoin and you know that Perpetual contract of the Futures Bitcoin ETF a lot of people also called it you know when it was approved I keep kept getting up a lot of people called it like manipulation like why are they just like you know accepting this features ETF that manipulates the price of Bitcoin instead instead of just like signing a a sport um ETF which people can just directly like buy a share of Bitcoin and hold it so that’s why I just like say the the the move to to approve the sport ATF was a very um nice one and and we can see that with um the the inflows that have happened and Hong Kong too just like um also gave a go ahead for their own um sport ETF and they said the the volume the trading volume on the first day of of of the spot ETF even surpassed that of the of the US market so that is to show you that a lot of um economies in the world are currently like approving the um Sports Bitcoin ETF okay okay thank you for that Mr oniki now um okay let me ask you this question now how does a sports ETF a spot Bitcoin ETF maintain its price maintain its value in the market as you know the reason why investors um invest in these digital currencies is because of when it’s paired against for example the dollar how you could see how um what it’s worth so how does a sport bit um Bitcoin maintain its price how does it maintain its price yes um can you hear me Mr additional can you hear me I can hear you can you hear me can hear you okay okay thank you yeah so I think it’s important that people um get this idea um that this part Bitcoin ETF um was approved does not mean that Bitcoin is still not you know um a speculative asset that it’s it’s it’s always been right now when you see people who have always Ted against Bitcoin who has always you know suppressed Bitcoin you now open to the conversation about approving Bitcoin and you know black rock is it’s about the biggest asset manage management company in the world you know and the file for Bitcoin um sport ETF you know then you understand that this is revolutionary this is a h Destructor right and then there’s almost nothing you can do against it you know so they they’re just looking for a safe oven right a safe way to come into the system all right why they protect themselves and that’s the need for the um sport Bitcoin ETF right so we need to understand that whether sport um ETF or not crypto is still crypto right crypto is still crypto so the value the price of Bitcoin continues to be you know to FL to it and it then affects the um the ETFs all right so that that that’s it it’s important that people understand that because with approval a lot of people just want to jump in and feel like okay ah know even even um the chairman of St after after the um um bit was approved in January he stated he said that that that it was approved of something that they endorsing Bitcoin all right that crypto is still um as volatile as it was so treat it as such better they just trying to make it safe um for people uh you know so I I think that’s that that’s my take on that okay but as you know this um digital currencies as Mr Oni said they are um they are easily access to be manipulated to be used for all sorts of fraudulent means so how can an investor avoid this kind of Pitfall because it’s all over the Internet and um people who are into this business will be um attracting will be advertising to potential investors that they should come and invest these are the benefits so how can we how can a first time or rather How can any investor avoid this Pitfall of um being D being duped of their money for example ETF approval I mean um issuers of ETFs like New York Stock Exchange NASDAQ these are already established organizations you know uh there I mean over the years all right so and that’s one of the reasons why um it was approved um it’s it’s to be a f for people who are coming in but outside of the sport Bitcoin ETFs awareness is important education if you’re coming to bitcoin as a new as um into education need to give into education we are moving into the bu season now and a lot of you know scas and everywhere hackers fraud stealing people’s money so it’s important to give into education understand what you’re doing and do it the right way a lot of people who get their money stolen too are looking for you know um what seems too good to be true in other places and then they fall victims to ACC so it’s important to understand what you’re doing get into the right Community get to the right education and then you can keep yourself safe thank you for that Mr addition okay and Mr Mr Oni I beg your pardon now will the spot um Bitcoin ETF affect the price of um Bitcoins and other digital currencies like cryptocurrencies yes I I believe the sport Bitcoin ETF will um like it will affect the the price because um you know like you you’ve seen ever since the um sport Bitcoin ITF was approved there’s been like a lot of like inflow into Bitcoin and the price has been going um out going up you know the only time we had a problem was when um the gbtc um problem gray scale when there was like some outflows they were like selling lots of Bitcoin on like a daily um basis you get but um over time we would see more um flows into the currency because people want to like buy the the the underlying assets and they they’ve looked for ways to to buy you and they couldn’t assess it but now that this SP Bitcoin ETF is opened up you have clients of blackw now investing directly into the asset you have clients of fidelity investing directly into the asset and they are able to like buy a share of this um of of this what I call the hardest asset Humanity has ever um seen before so I think the the price will keep um increasing in value and when you price Bitcoin against other currencies you talked about the US dollar but you know it’s not just the the US dollar is like the global like um dominant currency but it’s not just the US dollar you can price even Bitcoin against like real estate against other assets even against the NASDAQ do you understand and if you look at the US Stock ex change um over the last 10 years against Bitcoin you see this like 90 to 99% decline because Bitcoin has been going up thousands of of percent but if you now look at like the US dollar like you said you know Bitcoin is able to like um maintain his value still um a also still a direct like linkage between demand and Supply do you get so if people demand for for for something for an asset and um you know the price of that asset would would keep going up because there’s a lot of demand for it and there’s a reduction in Supply which is what they have in doors so now that the um the total emission of Bitcoin has been has been cut um into um a particular number we would see um more increase in the value of Bitcoin over the um next few months because after the halfing the price of Bitcoin TS to go up over the next 12 13 months so yeah we are having this little like um instability in price right now but in the next like few months the I believe the value of Bitcoin would would go up and even cross 100K okay well said Mr Oni okay thank you for that okay now I’m going to before we round up the program um okay this is for you gentlemen um the I’ll first of all start with U Mr adition now so beyond Financial inclusion now how can Bitcoin and ethereum um disrupt traditional Financial systems in Nigeria not a bad kind of disruption but um to give um I was say to give people more options for how they invest their money and how they save their money now um potentially how can they potentially impact on remittances or micro loans so earlier on I talked about how um with the use of a spot Bitcoin for example um farmers can easily access microloans without having to get all the paperwork it can everything can be done seamlessly online so how can this F Beyond Financial inclusion how can we go further with these digital currencies so I’ll start with Mr additional all right thank you so much um Beyond Financial inclusion um uh I mean since um Bitcoin gained adoption in Nigeria you know we’ve seen a lot of um Improvement in the wellbe of the people a lot of young people um in Nigeria today you know who are were hopeless you know maybe after graduating from University and there’s not to be done you know um got um exposed into um um cryptocurrency and then the Bitcoin industry and you see a lot of the people are doing well financially today you know uh so uh one of the things this is doing is to help people to build Financial M Financial capacity you know and the couple of companies organization fex young startup who are you know availing um SES and business owners you know access to loans via crypto via cryptocurrency VIA Bitcoin and the life today so I think that um um Bitcoin and adoption in Nigeria will lead to um a more favorable um you know um um system for the for the good of all at large yeah um your thoughts on this Mr Oni how can we beyond Financial inclusion a good kind of disruption to our Trad Financial systems in Nigeria which can potentially impact micro LS for example Traders um small business owners and even Farmers so Mr Oni yeah so you know there’s there’s something I like to like um say and a lot of people have have said before which is like um you have to like adapt and innovate it’s very important to adapt and innovate orless you would you would um you would die in the market or you would go bankrupt look at what happened with Blockbusters um Netflix came in and Blockbusters they were thinking that oh like we still have the market forever and look at the disruption that happened so I think it can go hand in hand it’s either Banks come up and find more innovative ways to include cryptocurrency or they would completely um have this new technologies or new companies take over in the next um few years so what I think is um yeah a lot of like new innovation like right now um you can go to a defi application stick your usdt and get Bitcoin that that’s how easy it is without even kyc do you understand so it’s very easy for these companies or these people to even raise funds right now or to loan or to use the the main so I mean the we can speculate and that but if you look at what cryptocurrency temps to do is Def is decentralized finance you know you could just go to different like applications and do different things that a central Authority does and you can even get access to Capital quickly young people are not raising money to build products by just like um releasing their own tokens sharing a white paper and you know all those kind of um technical stuffs you understand so like it’s very like um you know possible to do great with this in this particular industry so what I think is the the Beyond just Financial inclusion you know there are also lots of like um ways that this industry competes with the um traditional Finance industry which the financial the traditional financial industry to also have to wake up do you understand and start using this technology like you have even JP Morgan announced um Onix which they are working with Avalanche to solve some problems in their own like Banks you have like Banks adopting reple technology to fastly process transactions you get so that to show you that they are now like adopting this technology and they want to like use it to better settlement and and other things so I think um in the next few years you will start seeing Banks adopt like cryptocurrency and even use it to better their um you know like like transactions okay well said Mr Oni so we are looking forward to that happening so um just um before we end the program now our final thoughts so the future outlook for cryptocurrencies in the Nigerian market so I’ll start with Mr additional then I’ll move on to Mr Oni final thoughts the future of cryptocurrency in the Nigerian Market oh okay thank you yeah so I think that um um the future is looking good you know um respective of the current ban I I understand that part of the moment you know um the government like I stated earlier needs to have a sit down with um crypto leaders in the country you know to find a way to adopt these things you know into the system um there’s no way we would um really Advance if we don’t um evolve with emerging Technologies you know so I I believe that um the system owes a lot for the country and then the country should be willing to accept it thank you thank you so much gentlemen for joining me on today’s program as we talked about the bit benefits of um Bitcoin ethereum and other cryptocurrencies in Africa with a focus to Nigeria n
Adeshina Ajayi highlights Bitcoin’s unique accessibility and decentralized structure, while Lucky Onyekachi stresses collaborative government-stakeholder efforts in cryptocurrency regulation to nurture innovation without stifling economic growth. #MarketInsights #Cryptocurrency #Development
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