The 45th president of the United States, Donald Trump, has taken to his twitter handle to announce his opposition against bitcoin and other cryptocurrencies. His tweet made today, 12 July at about 1:15 am, reads “I am not a fan of bitcoin and other cryptocurrencies.”
For him, bitcoin and other cryptocurrencies are not money and they are highly volatile. He also states that the assets can facilitate unlawful behaviour. The tweet reads thus:
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”
Olivier Jansses, a very early bitcoin adopter, entrepreneur and investor tweeted back to the president inquiring whether dollar is not based on thin air.
“So the dollar isn’t based on thin air? The gold standard is long gone and inflation is a huge hidden taxation. At least Bitcoin and Ethereum won’t be inflated & are decentral. Also, I bet you a million dollars that the dollar is used much more for illegal activity. Care to wager?” Jansses tweets.
Trump goes further to stress that Facebook’s Libra is not of the exception stating that if Facebook and other companies want to become banks, they have to seek a new Banking Charter.
“….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…”
He reinstates the USD currency as the only real currency in the USA and the most dominant in the world.
” …and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” He says.
Expectedly, Trump’s tweets stirred up the crypto community. A lot of cryptoprenuers and enthusiasts streamed into the tweets to air their opinions. Among them include key figures such as: Josse Powell, and Justin Sun.
The co-founder and CEO of Krakef FX, Josse Powell, replies him thus: “Mr. President, one could say the same of unregulated fiat currencies, like the privately operated US dollar. The advantage of cryptocurrencies is that they are predictable and transparent. Regulated or not, useful tools can be used for good and evil. Don’t let the US fall behind.” He goes on to say that; “If you study crypto, you will find much to agree with. Crypto is about personal responsibility and choice. It is about free markets and competition. It is about mathematical, verifiable, perfectly enforceable regulation. Crypto is to commerce what Twitter is to speech: democracy.”
Justin Sun, the CEO of Tron and BitTorrent replies to him saying; “Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I’d love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!”
For quite a long time, the crypto community has been expecting a say from Donald Trump as the president of the United States. And now, he has just fired the long awaiting shot. As it stands, the president’s tweets are buzzing with comments and retweets, mostly against his open opposition of cryptocurrencies.
Another firm, Booking.com has abandoned the Libra Project
Booking.com join the list of firms that has pulled out of the Libra Association.
The departure of the leading online travel firm from the Libra Association reduces the membership to just 21 members.
Facebook’s foray into the cryptocurrency industry has been experiencing difficulties as governments warn of the consequences of the global financial system it intends to create via Libra.
Few months ago, Booking.com confirmed to be a founding member of the Libra Association alongside others like PayPal, MasterCard that have already pulled out from the Association.
Booking Holdings CEO Glenn Fogel when he newly became the Chief Executive Officer of the firm behind several travel focus businesses such as agoda.com, booking.com, kayak etc was expressed his opinion on the future of cryptocurrency.
According to him, he said, he believes currencies with blockchain base will continue to surface and may gain acceptance globally.
Earlier few days ago, MasterCard and Visa revealed they would be departing the Facebook’s project. Regulatory pressure most especially from the US has been on the increase recently and this could be attributed to the growing list of firms abandoning the Libra Project.
Senator Sherrod Brown has said Big Tech shouldn’t be given power over public infrastructure like the financial system.
US Treasury Secretary, believes Libra could be used to finance terrorism.
The co-founder of Libra, David Marcus has already come forth to testify of the intention of Libra to create a global financial system while complying with regulatory requirements.
Co-founder of Libra, David Marcus said spoken on the fate of Libra as firms exit the Association. According to him, “I would caution against reading the fate of Libra into this update.”
He went further saying, “Change of this magnitude is hard. You know you’re onto something when this much pressure builds up.”
CEO of Facebook, Mark Zuckerberg has been slated to testify before House of Representatives Financial Services Committee on the 23rd of October
An open-source map to the Pan-African Blockchain Ecosystem
Africa blockchain cryptocurrency industry stakeholders have created a map of organizations in the entire African continent.
The map which was made open source currently has data of more than 100 Africa firms building on the blockchain or having businesses that interacts with the industry.
The African continent has been seeing growth in the industry steadily. Based on a data from a report made by Emerge, the numbers of African blockchain focused firms were less two-scores.
However, currently according to data already collected all over the continent which can be seen on the Open Source Map, there has been a tremendous growth in the numbers of firms building blockchain solutions in the continent. The rate of growth yearly since 2017 is over 120%.
The compilation of such data required hundreds of man hours however, representatives from various firms in the industry congregated to collate and arrange the data. The representatives were from CryotoTVPlus, Africa Blockchain Alliance, African Digital Asset Framework, Binance Labs, BitcoinKE, EOS Nairobi, Raise and Microtraction.
From payment gamification, consultancy, media healthcare etc, there are several projects or firms solving problems with the technology.
CEO of CryptoTVPlus, Tony Emeka speaking on the initiative said:
“As one of the largest media firms focused on the industry, we understand the impact visibility plays in the success of a firm”.
He went further saying;
“This map now ensures players in the industry get the right exposure they deserve as they continue doing what they do best, innovating.”
Anyone Can Update the Map
The incredible pace the blockchain technology is growing is unprecedented. As dynamic as it is, daily new challenges facing our social, political and economic environment are showing forth and the blockchain could help provide answers to some of these questions.
The emergence of a problem creates room for a solution, the joy of an entrepreneur, solving problems. These ultimately could create new firms all over the continent.
As an open source map, anyone can update the map with newer data of existing or new blockchain firms in their country or the African continent at large.
The Open Source Map can be found here, the data are found in a Google Sheet, contributors are admonished to keep the sheet clean.
The world is moving fast, Africans cannot be left behind. In the world of global competition, developing local solutions that are carefully tailored to local needs are crucial to our survival, growth and development as a continent.
Naijacrypto.com Launches the First Ever Cryptocurrency trading competition module in Nigeria
Naijacrypto, in its vision to create outstanding solutions for cryptocurrency traders, is excited to announce the launch of its trading competition module in Nigeria.
Naijacrypto is a highly secure peer-to-peer cryptocurrency exchange. It owns both web and app-based platforms that enables users to conduct trades of some major cryptocurrencies in the market.
This module allows both experienced, upcoming and beginner traders to trade various cryptocurrencies using virtual money and win prizes for good performances.
In this competition:
- A trader can trade up to 30 cryptocurrencies including Bitcoin, Ethereum and Monero.
- Trading is with Demo money but the prizes are real!
- There is a live feed given for every crypto currency the trader wishes to trade
- Traders can view a leaderboard and see where they stand in the competition
- Traders can test their trading skills without pressure of using real money.
- Any trader can pick a competition that suits them.
- Competitions run daily, weekly or on a monthly basis.
Chat box available so competitors can chat and learn among themselves
All rewards are paid into your Naijacrypto account. Account holders will be able to claim their prizes directly to their wallet once competition is over.
Naijacrypto believes that this competition module is an opportunity for those trying to learn cryptocurrency trading to involve themselves in trade scenarios without the pressure of using real money. The interaction between beginner traders and pros can make the action of pros rub off on the beginners.
The trading competition module is now live on the naijacrypto website. The first competition is free to enter with the winner being rewarded with
100,000 naira for first place,
60,000 naira for second place and
40,000 naira for third place.
We are always open to partner with individuals and organizations who wish to organize or sponsor their own competitions on the platform.
To participate in the first free competitions or any subsequent competitions, simply create an account on www.naijacrypto.com or download the naijacrypto app on the google play store. Please note that there would be deferring competitions on the module with deferring roles.
Andreessen Horowitz General Partner Chris Dixon, Announces Free Crypto Startup School
Chris Dixon has announced new free crypto schools focus on educating startups. The announcement was made at TechCrunch Disrupt in San Francisco.
The crypto school according to Chris is to provide a way to teach some best practices in the emerging field of cryptocurrency. The firm will not charge anyone money neither will it take up equity in the companies that participates in the school’s training sessions. According to Chris,
We are going to run a startup school for crypto-specific startups ad what we’ve learned over the last 7 years as best practices in this category.
Chris Dixon revealed that they are going to push the category forward and help crypto startups get going. Chris hopes that startups who participate in this educational program may end up having access to investment from a16z. However, Chris made it clear that participation in the school is not a requirement.
According to TechCrunch, Dixon already runs a Crypto Fund with Katie Haun which was established last year. However, prior the estabslishment of the crypto fund, the firm which Chris Dixon represents had already invested in over a dozen crypto companies including but not limited to Ripple, Coinbase etc.
Cryptocurrency industry has seen many ups and downs over the years. With various unique products and brands going under owing to various reasons not including scams, the crypto asset space demands such initiatives to drive the growth of the industry.
A dedicated page has already been set up on the company’s website for firms interested in signing up for the crypto startup school.
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