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Economy

Garrity Joins BTCS Board

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By Modupe Gbadeyanka

A blockchain technology focused company, BTCS Incorporated, has appointed Mr David Garrity, CEO of GVA Research LLC, to serve as an independent member of the board of directors.

Mr Garrity has over 25 years’ experience in the financial services industry, he has held senior roles including CFO and board of director positions for both publicly held and private companies, and has extensive experience in several disciplines including operating, advisory and research, and is CEO of New York City based consulting firm, GVA Research.

“In principal and advisory roles, David has supported emerging growth companies in commercializing their services and scaling operations to benefit consumers and in the process create superior investor returns; as such, we are very excited to have him join our board of directors,” stated Charles Allen, CEO of BTCS.

During 2008 and 2009, David served as CFO and Board Director at Interclick, a behavioural targeting internet advertising network. From 2007 to 2011, Interclick revenues grew organically from $7 million to $150 million (115 percent compound annual growth), making it one of the fastest growing companies listed on Nasdaq.

In December 2011, in an all-cash offer, Yahoo acquired Interclick for $270 million. At Aspen Group, owner & operator of online university Aspen University, David served as CFO and was integral to taking Aspen public, raising growth capital and developing relationships with investors, regulators and institutional clients.

David presently serves as acting CFO of Mutualink, a private company developing secure distributed networking technologies to support communications interoperability for public- & private-sector clients.

“Blockchains reduce transaction time and cost while providing superior authentication and verification,” says Garrity. “These features should improve a wide range of sectors from financial services to healthcare to logistics and beyond. As such, blockchains ought to be considered fundamental to improving productivity and raising living standards globally.”

David also serves on the advisory board for Venture.co Holdings, Inc. which develops financial technology and operates a funding platform for early-stage companies. David consults for The World Bank Group, on financial inclusion, mobile technology, and technology strategy for health initiatives in southern Africa. His paper on mobile money and disaster relief is published in “Technologies for Development: What is Essential?” (Springer Verlag).

“Through its proposed merger with Blockchain Group (BGL), BTCS is poised to expand into Asian markets where blockchain application development and deployment is accelerating. As such, BTCS is progressing towards being a global blockchain pioneer,” says Garrity.

Prior to corporate service, David had an extensive career in investment research during which he co-founded start-up boutique firm American Technology Research and was voted a WSJ All-Star Analyst. David appears regularly on CNBC, BNN, Bloomberg, The Financial Times, Asia Times, Yahoo Finance, and other media outlets.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

OPEC+ Delays Oil Output Hke Until April, Extends Cuts Till 2026

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Nigeria OPEC

By Adedapo Adesanya

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) has postponed plans to unwind several formal and voluntary crude production cuts into 2026.

The alliance agreed to extend the 2 million barrels per day and the 1.65 million barrels per day of cuts until the end of 2026 from the end of 2025, respectively, according to statements issued by the group on Thursday.

The gradual unwinding of 2.2 million barrels per day of cuts will start from April 2025 with monthly increases of 138,000 barrels per day and will last 18 months until September 2026.

The group had previously planned to unwind the 2.2 million cut over 12 months through monthly output increases of 180,000 barrels per day.

Under its formal output strategy, the broader OPEC+ coalition is now restricting its combined production to 39.725 million barrels per day until December 31, 2026, after previously only applying this quota throughout 2025.

Eight OPEC+ members, excluding Nigeria, will now extend their 2.2 million barrels per day voluntary production decline into the first quarter, and will begin hiking production incrementally between April and September 2026.

Several OPEC+ members will also be postponing the unwinding of the second 1.65 million barrels per day cut until the end of next year. This latter production decline was previously only set to last through 2025.

Despite these sets of production trims and ongoing conflict threatening the hydrocarbon-rich Middle Eastern region, global oil prices have remained subdued for the better part of this year, under pressure from a lukewarm demand outlook.

Market analysts also warned that the oil market will now shift focus to the actions of US President-elect Donald Trump, who when he takes office in January, could impose new sanctions on Iran, tariffs on China and has pledged an end to the Russia-Ukraine war.

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Economy

Bitcoin Could Hit $200,000 Next Year, Ethereum $8,000—Analyst

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The Economics of Bitcoin

By Aduragbemi Omiyale

The Head of Research at Derive.xyz, Mr Sean Dawson, has disclosed that the price of Bitcoin could potentially reach $200,000 next year.

On Wednesday, the token cross the elusive $100,000 threshold buoyed by renewed interest in the crypto market after Mr Donald Trump won the presidential election of the United States held on November 5, 2024.

Mr Trump, who is returning to the White House for the second term after he occupied it from 2017 to 2021, is a fan of the crypto landscape and it is believed that his return would favour the market.

In the analysis done by the world-leading onchain options DeFi protocol, it was stated BTC has the 18 per cent chance of shattering that ceiling.

“While Bitcoin hits a major milestone of reaching above $100,000 for the first time today (yesterday), optimism has surged on Derive.xyz, with an 18.7 per cent chance of BTC reaching $200,000 by September 26, 2025 – four-times higher since the US election,” Mr Dawson said in a note to Business Post.

“Ethereum is not far behind with an all-time high prediction of 23.6 per cent chance of reaching $8,000 by the same date.

“Current market dynamics also show a 10.5 per cent probability of Ethereum hitting $6,000 and a 6 per cent chance for Bitcoin to reach $150,000, both by January 31.

“The sharp increase in the 25 delta skews for Bitcoin to 8.8 per cent and 10.3 per cent for 7 and 30 days, respectively, compared to 24 hours ago, shows that traders are heavily favouring calls over puts to maximise on potential upward movements.

“Additionally, Bitcoin’s ATM implied volatility has reflected these expectations with a significant increase, peaking at 72 per cent recently, before adjusting to 61 per cent. This indicates anticipation of substantial price movements in the coming week.

“The heightened market activity and trader confidence are mirrored in Derive.xyz‘s performance, with our total value locked (TVL) reaching a new peak of $94.8 million. This milestone solidifies Derive.xyz’s position as a dominant player in the DeFi space, poised to leverage these optimistic market trends, as we move toward a TGE on January 15,” he added.

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Economy

Senate Passes Investments, Securities Bill for Investor Protection

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Investor Protection

By Aduragbemi Omiyale

The Investments and Securities Bill 2024 has been passed by the Senate after it scaled the third reading at the upper chamber of the National Assembly.

The bill aims to protect investors at the Nigerian capital market as it blocks different forms of abuse, insider dealings, preventing unauthorised, illegal , unlawful, fraudulent and unfair trade practices relating to securities and investments.

The chairman of the Senate Committee on Capital Market, Mr Osita Izunaso, while presenting the bill to the parliament, disclosed that the repeal and enactment bill, when signed into law by the President, would further strengthen the Securities and Exchange Commission (SEC) carry sanitise the market.

According to him, the bill will “undoubtedly provide a significant opportunity to drive the growth of the capital market and diversification, thereby creating a conducive atmosphere for investors in the Nigerian capital market.

In addition, it will “address modern forms of financial malpractices and reinforce investors’ protection by engendering robust regulations around market abuses, insider trading and governance standards for publicly traded companies.”

He said, The bill envisages regulatory framework for digital currencies and fintech activities, including the supervision of blockchain and cryptocurrency transactions to support the integration of innovative technologies within the scope of the capital market.”

“The bill seeks to set a clear-cut delineation of roles amongst regulatory bodies in order foster transparency and reduce regulatory overlap, thereby enhancing the operational efficiency of Nigeria’s Securities and Exchange Commission;

“It seeks to support the introduction and regulation of diversified financial instruments, including derivatives, Exchange Traded Funds (ETFs) and other sophisticated products, which are essential for meeting the needs of a broad investor base and increasing market depth,” he added.

Business Post reports that when signed into law, the new bill will repeal the existing Investments and Securities Act 2007.

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