The price of Bitcoin has increased by 20 per cent in the last seven days, setting a new all-time high record of $47,251 on Friday, data from coinmarketcap.com showed.
Within this period, Bitcoin experienced a low of $37,446 and a high of $48,464, before settling at $47,251 on Friday. It fell to $47,054.37 Saturday 11.54 AM Nigerian time.
Bitcoin set the new record after it last touched an all-time high on January 8 when it was priced at $42000.
The sudden surge in its price was riven by high-profile support experienced within the week.
Earlier in the week, the electric car maker, Tesla, announced that it had bought $1.5 billion of bitcoin.
The company, owned by the world’s richest man, Elon Musk, said it will start accepting payments in bitcoin for its products. It, however, warned investors of the volatility of the digital currency.
Also, Mastercard said it would begin to offer support for cryptocurrencies on its network this year.
It said it has already offered customer cards that allow people to transact using their cryptocurrencies, although without going through its network.
“Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment. This change may open merchants up to new customers who are already flocking to digital assets,” Mastercard said.
While the controversy of cryptocurrencies acceptance still subsist, many countries across the world are in the midst of discovering how the crypto market risks can be properly managed.
In Nigeria, on February 5, the Central Bank of Nigeria(CBN) had ordered financial institutions in the country to reject cryptocurrency transactions and block any related accounts.
The apex bank in another statement on February 7, reiterated that the digital currency is used for money laundering and terrorism.
This decision has sparked outrage from mostly young people in a country that is the world’s second-biggest user of virtual currencies like Bitcoins.
The statement by Osita Nwanisobi, Acting Director, Corporate Communications, said the ban on such transactions will not have any negative impact on fintechs.
In an interview with PREMIUM TIMES, Iniobong Williams, a graduate of accounting, who runs an online mentor class on Cryptocurrency and Blockchain called “WillyWealth Masterclass”, said he believed the CBN can best manage the cryptocurrency market if they could sit with major stakeholders in the business to create a path way for remittance.
Mr Williams said cryptocurrency adoption could serve as a revenue spinner for the country if crypto transactions like deposits and withdrawals are taxed.
“The CBN should come together with major stakeholders in the business to create a pathway for remittances,” he said.
