Economy
Why Warren Buffett Made a U-turn Towards the Crypto Market
Back in the day, billionaire Warren Buffett said that cryptocurrencies were ‘rat poison’ because he saw that the asset had ‘no unique value at all’. He has turned around from this opinion because he has dumped his stocks in VISA and Mastercard and he invested $1 billion in Nubank which is a crypto-friendly bank.
This is a huge U-turn for Buffett because he is known as one of the biggest critics of the crypto market. Now that he has made some business moves to that point, you can expect that he will continue to invest in crypto-related projects soon. This was a surprising development but it looks like the new trend for the richest businessmen to join the hype.
They would want to invest in the crypto market because there are many possibilities here. You can use it as an investment tool but you can also use them for everyday functions like paying for goods and services and playing slot games at any online bitcoin casino.
The crypto industry is thriving at the moment
When you look at the crypto industry from top to bottom, you can see that it is thriving, especially with big names like Buffett proving that the industry works.
You can see that even if there are some value dips from time to time, the crypto market is thriving especially with the potential that it has shown over the years. You should look into the crypto market as well if you want to have solid value for yourself.
With assets like Bitcoin and non-fungible tokens (NFTs) in the market, you should expect that the crypto industry as a whole will continue to make waves in the financial world. The NFTs themselves are probably the biggest development over the past few years as they can be a bridge for multiple industries to connect with each other and the crypto market.
Financial technology has been a huge concept that has risen in popularity over the past few years. You should expect that people like Buffett will be sceptical about this at first but when they see the viability of them being used, they will turn into the biggest fans of the concept. Now, fintech is proven to be a success.
This is the right time to invest in crypto
In early 2022, the crypto market took a big dip. Despite that, people should know that this is the right time to invest in crypto. You can buy low and have the potential to grow further in the future. The crypto market is ripe for the picking now. People should try and invest in crypto now because the value will go up soon and it will be a bad move to ignore it given that there are so many possibilities now.
You should look into investing in crypto-based firms because they are ready to make some big moves. These large strides might sound too adventurous for you but you should expect that this will be the best time for you to invest. Buy low and sell high is a big tactic for a business and that plays a role in the rise of cryptocurrencies around the world.
Bitcoin, Ethereum, and other cryptocurrencies have become popular enough to warrant investments and that should be a normal occurrence for people.
He saw the potential
Over the years, crypto has shown that there is potential there for growth. There have been various projects for digital currency and it is also being used for payments in services and activities like betting on a online bitcoin casino game. While Buffett has not explicitly said that he likes crypto, the potential is there and businessmen like him are saying that this is the future.
You should expect that the big corporations will pick up crypto as well. This U-turn from Buffett is encouraging because it will be exciting to see if his Nubank move will pay off in the crypto market’s growth sometime soon.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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