• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Fintech

Bitcoin Hits A New Record, Trading At $8000; A Threat To Physical Currency?

Uloma Mary Omolaiye by Uloma Mary Omolaiye
November 21, 2017
in Fintech
Share on FacebookShare on Twitter

The digital currency hit an all-time high record on Monday trading at $8000, making it smash over a 50% hike in eight days.

You will recall that after the crypto had its last spontaneous spike, experts in the crypto business speculated that the US government will begin to crack down on bitcoin, which may ultimately lead to a drastic reduction in its value. Investors were advised against having too much hope on the digital currency. However, once again, bitcoin has failed to prove as disruptive as had been feared.

This spike came after the US payments company, Square Inc. announced that the cash app could now be used to trade in bitcoins freely.

Certain regions in Asia have started to crack down on Bitcoin due to a withdrawn support from banks and other financial institutions. Many dealers have moved their operations to European countries, where laws are considered fair and accommodating. However, this may not last for long, seeing that this may be a threat to the value of the physical currency.

Here in Nigeria, numerous bitcoin doubling schemes have emerged under the guise of investing in bitcoin. As the country continues to contend with hard times, Ponzi schemes appear to be the saviour, with unsuspecting victims, promised ridiculous amounts and returns in bitcoin.

At Luxembourg, 1 Bitcoin was valued at $8197.81, within a few days after a formal announcement and has soared by almost 50% since the last spike on November 12.  

Nigerian dealers in bitcoin have increased albeit prior warning from the Central Bank of Nigeria. Nevertheless, I personally think that the CBN has not declared its stand on trading with digital currencies. One time, it’s speaking against it, another time, it’s supporting the move to set up a blockchain industry committee. Whatever the stance it takes, it has publicly agreed that it cannot stop the use of bitcoin. Many youths have resorted to trading bitcoin as their means of survival in the harsh economy.

Bitcoin keeps proving that its value cannot be undermined. The US government has threatened to begin a crackdown on the digital currency, China and some other Asian countries have begun a crackdown, yet, bitcoin keeps failing to prove disruptive. Could blockchain technology be a threat to physical currency?

Related Posts:

  • Chromebook
    June Was Bitcoin's Worst Month On Record After The…
  • Central African Republic, The First To Legally Adopt…
  • Amid Ongoing Crypto Market Decline, America's Fast-food Company Chipotle Is Now Accepting Cryptocurrency As A Means Of Payment
    Amid Ongoing Crypto Market Decline, America's…
  • bitcoin-digital-economy
    June Was Bitcoin's Worst Month Ever, It Was Really Bad
  • Bitcoin Lost More Than $150 Billion Over The Weekend, Currently Trading Below $25,000
    Bitcoin Lost More Than $150 Billion Over The…
  • The Crypto Market Is Currently In A Turmoil But For Some, This Is An Opportunity. So Should You Buy The Dip?
    The Crypto Market Is Currently In A Turmoil But For…
  • Chromebook
    Bitcoin Hits Lowest Level Since June, Market Cap…
  • Popular Bitcoin Family Reveals They’ve Had Bitcoin Losses Of Up To $1 Million This Year
    Popular Bitcoin Family Reveals They’ve Had Bitcoin…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: bitcoincryptocurrencydigital currencyfinance
Uloma Mary Omolaiye

Uloma Mary Omolaiye

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know May 8, 2025
    • Netflix Unveils AI‑Driven TV App Overhaul May 7, 2025
    • OpenAI Reverses For‑Profit Pivot, Non-profit Retains Control May 7, 2025
    • Airtel Africa & SpaceX to Bring Starlink to Underserved Areas May 6, 2025
    • Zone’s Blockchain Network Adds Accelerex & ITEX May 6, 2025
    • Google Can Train Search AI on Content Without Publisher Consent May 5, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (243) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (439) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (241) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (200) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know

    Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know

    May 8, 2025
    Netflix Unveils AI‑Driven TV App Overhaul

    Netflix Unveils AI‑Driven TV App Overhaul

    May 7, 2025
    OpenAI Reverses For‑Profit Pivot, Non-profit Retains Control

    OpenAI Reverses For‑Profit Pivot, Non-profit Retains Control

    May 7, 2025
    Airtel Africa & SpaceX to Bring Starlink to Underserved Areas

    Airtel Africa & SpaceX to Bring Starlink to Underserved Areas

    May 6, 2025
    Zone’s Blockchain Network Adds Accelerex & ITEX

    Zone’s Blockchain Network Adds Accelerex & ITEX

    May 6, 2025
    Google Can Train Search AI on Content Without Publisher Consent

    Google Can Train Search AI on Content Without Publisher Consent

    May 5, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok