Bitcoin Is at a Tipping Point, Could Become Preferred Currency for International Trade – Citigroup

Esan Bolaji
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Bitcoin Is at a Tipping Point, Could Become Preferred Currency for International Trade – Citigroup

Citigroup says bitcoin is at a tipping point and the cryptocurrency could become “the currency of choice for international trade.” The global financial firm wrote in a report that “we could be at the start of massive transformation of cryptocurrency into the mainstream.”

Bitcoin Is at the Tipping Point, Citi Says

Citigroup’s Global Perspectives & Solutions (GPS) team released a 108-page report Monday entitled “Bitcoin At the Tipping Point.”

Bitcoin Is at a Tipping Point, Could Become Preferred Currency for International Trade - Citigroup Brandspurng

The Citi GPS report explains that “the biggest change with bitcoin is the shift from it being primarily a retail-focused endeavour to something that looks attractive for institutional investors.” The firm attributes the change to “Specific enhancements to exchanges, trading, data, and custody services” that are “increasing and being revamped to accommodate the requirements of institutional investors.”

Highlighting “the advantage of bitcoin in global payments, including its decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability,” the report details:

These attributes combined with bitcoin’s global reach and neutrality could spur it to become the currency of choice for international trade.

The report also explains that bitcoin has seen three different stages of focus so far: technological oddity, censorship-resistant money, and digital gold. It further predicts that we will soon see a fourth stage of focus as bitcoin transitions to becoming an international trade currency.

“This would take advantage of bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability,” the Citi report describes.

While pointing out a number of remarkable developments in bitcoin over the past seven years, the report outlines a few obstacles in the cryptocurrency’s way to becoming a globally-used “trade currency.” Among them are marketplace security — including tether’s role to bitcoin — the environmental impact of mining, and institutional concerns, such as capital lock-up, insurance, and custody limitations. The report adds:

There are a host of risks and obstacles that stand in the way of bitcoin progress. But weighing these potential hurdles against the opportunities leads to the conclusion that bitcoin is at a tipping point and we could be at the start of massive transformation of cryptocurrency into the mainstream.

“Bitcoin’s future is thus still uncertain,” the report additionally asserts, reiterating that “developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion.”

eSports & Games Streaming to be Worth $3.6B Globally by 2025, as Sponsorship Drives Future Growth

Esan Bolaji
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eSports & Games Streaming to be Worth $3.6B Globally by 2025, as Sponsorship Drives Future Growth

8th March 2021: A new study from Juniper Research has found that the global eSports and games streaming industry will be worth $3.5 billion by 2025; rising from $2.1 billion in 2021. This represents a growth of 70% over the next four years. eSports is the live streaming of games, often featuring professional gamers, and games streaming include the streaming of gameplay content to audiences in a casual environment.

The new research, eSports & Games Streaming: Emerging Opportunities & Market Forecasts 2021-2025, predicts that the market value will be driven by subscription spend to streaming platforms and advertising spend over streams.

Esports Sponsorships to Hit $584 Million in 2020, 61% of the Global Gaming Industry Revenue
Esports Sponsorships to Hit $584 Million in 2020, 61% of the Global Gaming Industry Revenue – www.wordpress-1516176-5827464.cloudwaysapps.com

However, it urges stakeholders to invest in other revenue-generating areas, including broadcasting rights and live event ticket sales, and establish high-value sponsorship deals to maximise the market value of eSports in the future.

eSports Requires Global Strategies

The research anticipates that there will be over 1 billion eSports and games viewers by 2025; growing from 800 million viewers by the end of 2021. This represents 1 in 9 of the global population. Whilst it forecasts that the Asia Pacific region will represent over 50% of these viewers by 2025, it identifies Latin America as a key region set for growth over the next four years.

By 2025, the research predicts that there will be over 130 million eSports and games streaming viewers in the region.

In turn, report co-author Saidat Giwa-Osagie remarked:

‘Successful streaming platforms will be those that can cater to the differences in geographical regions, by including locally popular streamers and games titles into eSports events.’

Rising viewership will create greater levels of competition between content streaming platforms, including Twitch and YouTube. In turn, these streaming platform providers must promote their content to new audiences.

Aligning eSports events with other industries, such as the entertainment industries, will provide these streaming platforms with opportunities to attract new users.

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

The First Batch of Vaccines and Time to Look Ahead with Hope – FBNQuest

FBNQuest
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The First Batch of Vaccines and Time to Look Ahead with Hope – FBNQuest

As a batch of almost four million doses of the AstraZeneca (AZ)/Oxford University vaccine for COVID-19 arrived in Abuja on 02 March 2021, we can start to look tentatively ahead to the new normal. Drawing on the experience of countries where the rollout of vaccinations is more advanced, we can give some pointers as to the benefits and the pitfalls. The first on a personal level is that, while no injection for any condition is 100 per cent effective, the shot in the arm provides a psychological boost to the individual.

The First Batch of Vaccines and Time to Look Ahead with Hope - FBNQuest
President Buhari, Osinbajo take Oxford-AstraZeneca vaccine for live TV | www.wordpress-1516176-5827464.cloudwaysapps.com

The National Primary Health Care Development Agency has set out the regulatory and monitoring measures to be taken as well as produced a draft on the priorities and timetable for vaccination. The age profile of Nigeria is very different from that of advanced economies, which has kept it much lower in the tables of fatalities adjusted for the size of the population.

Its median age is 18 years, and more than 8 per cent of Nigerians are below the age of four. In the US the median age is 38 years, and the population below the age of 18 was lower in 2019 than it had been in 2010. In the UK 15 per cent of the population is aged over 70 years.

The priority list in Nigeria therefore looks very different. Another area to look out for is the definition of ‘key workers’ for priority vaccinations beyond frontline health employees. Should the police, refuse collectors and others in daily contact with the public be included? Another sensitive area, and one that the media is likely to pursue, is preferential treatment for the well-connected.

We should all be looking forward to life post-COVID-19 (or at least with contained COVID-19) even though this batch through the COVAX initiative is relatively small. It is essential to look through the tunnel for the light at the end of it, however distant, for morale-boosting and emotional health.

COVAX aims to distribute 237 million doses of the AZ vaccine by the end of May 2021, of which Nigeria is to receive 13.7 million doses. By end-year, its target is an ambitious two billion. Additionally, the African Union’s COVID-19 task force, chaired by Econet’s Steve Masiyiwa, is releasing its first batch of one million AZ doses.

Elsewhere, there is a surplus in some countries. The UK government says that it has secured 440 million doses of different vaccines, which gives each inhabitant two courses each of two doses plus two boosters. Some of the excesses could well be made available to other governments. Such an exercise of soft power would mirror the distribution of vaccines already launched by China, India and Russia.

Nigeria will likely lag most advanced economies in terms of whatever passes for full vaccination. (The concept is as mysterious as full employment, which does not mean that everyone of working age has a job). On arrival, the drivers underpinning its recovery will be different from theirs.

The fiscal resources available to the FGN are a fraction of those that G7 governments can tap; so no furlough schemes, no payments to the self-employed and much more limited programmes of public works to lift the economy out of recession. Also, the pent-up demand from people obliged to work from home and unable to splash the cash on holidays and restaurants will prove significant in the advanced economies, much less so in middle- and low-income countries.

Written by Gregory Kronsten

Head, Macroeconomic and Fixed Income Research, FBNQuest

Ownable Opportunities For Nigeria In The Global Rubber Industry Due To The Pandemic

Ayo Akinfe
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Ownable Opportunities For Nigeria In The Global Rubber Industry Due To The Pandemic

Is Nigeria aware of the fact that this coronavirus pandemic has opened up unprecedented opportunities in the global rubber industry?

I often wonder if there is any agency in Nigeria monitoring global product development. What I have in mind is a body of intelligent men and women who follow demand and supply fundamentals and then make sure Nigeria reacts to them accordingly.

Ownable Opportunities For Nigeria In The Global Rubber Industry Due To The Pandemic Brandspurng

For instance, the global rubber industry was valued at $40.77bn in 2019 and was projected to reach $51.21bn by 2027. However, with this pandemic, the medical sciences sector is in desperate need of rubber products, so demand may balloon to $60bn in 2020. Nigeria is one of the few countries on earth where you can mass-produce rubber. Why has a task force not kicked into action?

Natural rubber is used in the production of clinical products such as surgical gloves, rain boots, overalls, some components of goggles, respirators, pacemakers, hospital mattresses, pillows and seat cushions used by medical personnel in the fight against Covid-19. In addition, as the manufacturing of these products is stepped up, the rubber will be needed to make reinforced products such as drive belts, air brake diaphragms and conveyors on revolving or stationary drums.

Already, the rest of the world had latched on to what is going on with countries like Thailand, Indonesia and Vietnam certain to dramatically expanding their output. Natural rubber production worldwide in 2019 totalled 13.6m tonnes, a huge increase from the 6.8m tonnes produced in 2000 and make no mistake about it, the 2021 figures will probably double. However, Nigeria is fast asleep once more.

Thailand produces 5.5m tonnes of rubber a year, Indonesia’s output is 3.8m tonnes, while of Vietnam is 1.3m tonnes. Unfortunately, Nigeria only produces a paltry 150,000 tonnes or so. To add insult to injury, the bulk of this is exported in raw form, with no added value.

At the most recent China-Africa trade Forum, Zhou Pinjiang, the Chinese ambassador to Nigeria said that China’s imports from Nigeria in 2019 increased by more than 70%. Why have we not reached out to him and said we will quadruple the volume of rubber gloves, syringes, respirators, etc we export to China. All we want is for the Chinese to open a manufacturing plant in Nigeria and we will guarantee it is supplied by drastically increasing rubber output and acreage.

Rubber is grown in Edo, Delta, Cross River, Akwa Ibom, Bayelsa, Rivers, Lagos, Ogun, Ondo, Osun, Ekiti, Oyo, Imo, Abia, Ebonyi, Anambra and Enugu states. I am waiting for the governors of one of these states to set aside 1,000 square kilometres of land for dedicated rubber production and to offer farmers incentives like hybrid seedlings, interest-free loans, 50-year land leases, etc.

Are any of these state governments aware of the fact that natural rubber production is considered one of the most profitable agro-industrial ventures globally? Rubber is rated as the world’s fourth most important natural resource after air, water and petroleum.

(9) Were Nigeria governed by forward-thinking people, by now, one state governor would have signed a personal protection equipment (PPE) supply contract with say the British National Health Service. Imagine guaranteeing the supply of say 10m surgical gloves over the next five years.

There is always opportunity in adversity. Covid-19 is no different as it has opened up huge markets in sectors like pharmaceuticals, online conferencing, rubber, medical equipment manufacturing etc. However, Nigeria has not generated $1 from any of these sectors. Do we really have the moral right to complain when the Caucasian looks down on us as sub-human?

Written by:
Ayo Akinfe, born in Salford, Manchester, is a London-based journalist who has worked as a magazine and newspaper editor for the last 20 years. Ayo attended Federal Government College Kaduna and obtained his first degree in history from the University of Ibadan.

Naira Strengthens Against the Greenback at the Parallel Market…

Esan Bolaji
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0
Naira Strengthens Against the Greenback at the Parallel Market…

In the just concluded week, Naira appreciated against the USD at the parallel (‘black’) market by 0.41% to close at N480.00/USD.

However, Naira weakened against the greenback at the Investors & Exporters window by 0.18% to close at N411.00/USD as the external reserves moderated by 0.63% w-o-w to settle at N34.87 billion as of March 4, 2021.

Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets Brandspurng
Afolabi Sotunde Illustration Naira

Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for Invisibles.

Meanwhile, Naira closed flat against the USD at the Bureau De Change at N475.00/USD.

Elsewhere, the Naira/USD exchange rate appreciated for all of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months rates rose by 0.30%, 0.23%, 0.20%, 0.24% and 0.79% respectively to close at N413.76/USD, N417.33/USD, N420.33/USD, N428.77/USD and N440.01/USD.

However, the spot rate remained flattish at N379.00/USD.

In the new week, we expect Naira/USD to stabilise at the I&E FX Window as crude oil prices sustain the bullish momentum.

Local Stock Index Moderates by 1.18% as Equities Sell-Offs Persist…

Cowry Research
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Local Stock Index Moderates by 1.18% as Equities Sell-Offs Persist…

For the fifth consecutive week, the equities market continued its downward spiral amid investors’ apathy in the market given the rising yields in the fixed income space.

Despite the positive FY 2020 earnings and dividend announcement by corporates, the bearish sentiment still dominated the market as the benchmark index fell four times out of the five trading session.

Evolution of Equities Performance Gauges

Local Stock Index Moderates by 1.18% as Equities Sell-Offs Persist brandspurng

Reflective of the lack of investors’ interest, the All-Share Index contracted by 1.18% week-on-week to 39,331.61 points.

The sectoral performance was also weak as four out of the five indices tracked closed in red; the NSE Banking, NSE Insurance, NSE Consumer Goods and the NSE Oil/Gas indices dwindled by 1.94%, 4.99%, 6.30% and 2.16% to close at 375.35 points, 192.00 points, 528.32 points and 259.65 points respectively.

On the positive side, the NSE Industrial index increased by 1.39% to 1,924.58 points.

Meanwhile, trading activity was mixed as total volume and value of stocks traded rose by 8.38% and 44% to 2.09 billion shares and N29.74 billion respectively. However, the total deals traded fell by 1.82% to 24,238 deals.

In the new week, we expect the local equities market to further trade southwards as investors stay on the sidelines to target new support levels, especially in the ZENITH BANK share price that will be marked down by N2.70k.

Popular Nigerian Blogger, Doris Kamuche ‘Adalgbo’ Buried Amidst Tears

Esan Bolaji
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Popular Nigerian Blogger, Doris Kamuche ‘Adalgbo’ Buried Amidst Tears

It was a sad moment at Ukwulu, Dunukofia local government in Anambra state when family, friends and colleagues converged to bid farewell to a renowned Nigerian blogger, Ada Doris Kamuche is popularly known as ‘AdaIgbo’.

The accomplished social media influencer passed away on the 8th of February, 2021 after a brief illness at the age of 36.

GPBN Mourns The Tragic Death Of Its Member, Doris Adaora Kamuche (Ada Igbo) Brandspurng

Popular Nigerian Blogger, Doris Kamuche 'Adalgbo' Buried Amidst Tears Brandspurng1

At the Burial ceremony which took place at her father’s compound on Saturday, 6th March 2021, the Guild of Professional Bloggers of Nigeria, GPBN was on the ground to bid farewell to their departed colleague.

In their condolence message to the family, the Guild prayed for the repose of her soul and encouraged the family to be strong in this trying moment and look up to the Almighty.

Popular Nigerian Blogger, Doris Kamuche 'Adalgbo' Buried Amidst Tears Brandspurng1

“AdaIgbo was one of us, she was resourceful, committed and above all, loving. She was a role model for many and an epitome of love. She will be remembered for her pure heart and willingness to help others even when it’s uncomfortable for her,” Clinton Umeh who led the delegation of the Guild said.

Until her death, Ada Doris Kamuche was the South-East coordinator of the guild, publisher of the popular AdaIgbo blog and the Chief Executive Officer of Ndigbo and Friends, a social media group with over one million members.

CBN Introduces the “Naira 4 Dollar Scheme” for Diaspora Remittances

Esan Bolaji
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1
CBN Introduces the “Naira 4 Dollar Scheme” for Diaspora Remittances

In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country. the Central Bank of Nigeria (CBN) hereby announces the introduction of the “CBN Naira 4 Dollar Scheme’, an incentive for senders and recipients of International Money Transfers.

Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.

Nigeria Saving Interest rates Brandspurng3
CBN Governor, Godwin Emefiele | www.wordpress-1516176-5827464.cloudwaysapps.com

In light of this, the CBN shall. through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by the sender and collected by the designated beneficiary. This incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank or transfer the same into their domiciliary account.

In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.

Please note having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021.

Twitter’s Dorsey Auctions First Ever Tweet As Digital Memorabilia

Esan Bolaji
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0
Twitter’s Dorsey Auctions First Ever Tweet As Digital Memorabilia

The first ever tweet on the platform is up for sale after Twitter boss Jack Dorsey listed his famous post as a unique digital signature on a website for selling tweets as non-fungible tokens (NFTs).

Twitter CEO Jack Dorsey’s first Twitter post – “just setting up my twttr”, sent from his account in March of 2006, received offers on March 6 that went as high as $88,888.88 within minutes of the Twitter co-founder tweeting a link to the listing on ‘Valuables by Cent’ – a tweets marketplace.

Twitter's Dorsey Auctions First Ever Tweet As Digital Memorabilia
Jack Dorsey | www.wordpress-1516176-5827464.cloudwaysapps.com

Old offers for the tweet suggest that it was put for sale in December, but the listing gained more attention after Dorsey’s tweet on March 5.

NFTs are digital files that serve as digital signatures to certify who owns photos, videos, and other online media.

Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform and could attract bidders to pay a high price for digital memorabilia. The highest bid for the tweet stood at $100,000 at 0125 GMT on March 6.

Launched three months ago, Valuables compares the buying of tweets with buying an autographed baseball card. “There is only one unique signed version of the tweet, and if the creator agrees to sell, you can own it forever.”

A tweet’s buyer will get an autographed digital certificate, signed using cryptography, that will include metadata of the original tweet, according to the Valuables website. The tweet will continue to be available on the Twitter website.

Listen To The Rhythms Of Zamunda: Music Inspired By Coming 2 America Compilation

Esan Bolaji
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0
Listen To The Rhythms Of Zamunda: Music Inspired By Coming 2 America Compilation

Set 30-plus years after the original film, which captured the hearts of millions around the world, this highly anticipated sequel promises to be an even bigger event than its predecessor. With two albums accompanying the film – Coming 2 America: Music From the Motion Picture and Rhythms of Zamunda… Music Inspired By Coming 2 America – Tiwa Savage, Tekno, Larry Gaaga and Alpha P join a select group of artists from around the continent whose music is also featured. 

Listen To The Rhythms Of Zamunda Music Inspired By Coming 2 America Compilation BRANDSPURNG

Still riding high from the December 2020 release of his debut album, Old Romance – and already boasting an impressive list of collaborators including Davido, Drake, Beyonce and more – the celebrated singer and producer will have not one, but two of his hit songs, Waka Waka featured on the official soundtrack and Skeletun on Rhythms of Zamunda.

Listen To The Rhythms Of Zamunda Music Inspired By Coming 2 America Compilation BRANDSPURNG1

Tiwa Savage graces both soundtracks with the female-empowering single “Koroba” and the hypnotizing “Dangerous Love” taken from her album “Celia”. Tiwa continues to solidify her position as one of the leading artists in the forefront pushing Afrobeats to a global audience.

Rising star, Apple Music’s Artist of the Month, and Headies Rookie of the Year nominee, Alpha P has had a very productive 2020. With the inclusion of his single Jiggy Pop, which features TMXO, in the compilation, it’s clear that he’s only just getting started.

Also appearing on the compilation is the multi-talented producer, songwriter, recording artist, Larry Gaaga with his single Owo Ni Koko featuring Umuogbilibo. Gaaga is perhaps best known for his chart-topping hit, Low, which features Wizkid, and has amassed over 25 million views on Youtube.

The 16-track compilation was curated by CEO, Universal Music South Africa and Sub-Saharan Africa Sipho Dlamini with the support of Universal Music Nigeria, Ivory Coast & Kenya.

This is a Pan-African project that bridges the gap between countries and cultures, Rhythms of Zamunda traces a musical roadmap through Western, Eastern, and South African soundscapes and introduces this synergy to listeners worldwide.

Listen to The Rhythms Of Zamunda:  Music Inspired By Coming 2 America Listen HERE

You can also check out Amazon original motion picture soundtrack listen HERE

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