Topic: Bitcoin and Cryptocurrency still being discussed in Nigerian Television (Read 284 times)

It will shock you when you get on social media, especially on Facebook, to read the vituperation of some Nigerians on Bitcoin. You would wonder the level of ignorance these ones spew. The amusing thing is that from the way they write you would know they are educated but this part of cryptocurrency still eludes them. They classify Bitcoin as a ponzi scheme and think the ban on it by the CBN is a welcome development... LOL.


Yes, Channels TV has the best business and financial reporters among the rest of the Nigeria stations. I became a fan when Boson Omofaye handled that daily business morning show before Nancy came on board and then left for AIT. However, the sad thing is that some times John Momoh (CEO of Channels) allows himself to be a willing tool in the hands of politicians (let's not go there now, anyway.). I actually got elated last December when I spotted that Zugacoin advert almost everywhere in my state. Not that I believed what the owner of Zugacoin said the coin would do (I actually didn't have the patience of going through its WP because I felt it would end as a ponzi) but I knew its publicity will further draw the attention of many to the real crypto industry. Surprisingly, Zugacoin is listed on both CMC and CG though with conflicting price feeds. Zugacoin owner presented himself as a clergy and in Africa religion is the opium. People easily listen to priests than experts.

Are you from that country?

There is a likely that such news are really political and there must be a reason why they're putting their eyes on bitcoin instead of other concerns that they should tackle.

Nigeria is one of the countries to have the huge volume that influx to the market and no matter what happens, citizens will find their ways to keep going.

This will persist for some more time considering that two sides of the coin have already appeared in the Nigerian government, one being in favor of bitcoin while the other doesn't. CBN cannot seem to justify the ban that was handed down to bitcoin transactions, and doesn't seem to care less about the feelings of other parties and officials involved in the matter. Also, the statement from the government itself that they do not discourage crypto trading while still actively closing bank accounts that had some taint of bitcoin trades in them is outright deceitful. I just hope that they will review this extensively before they pass down decisions abruptly to avoid confusions just like what they have there right now.

@milani if you check all the countries that somehow place ban on crypto currency or related transaction you'll see they have the same thing in common (corruption, communism, abuse of power etc) which show their negative stance about crypto is because of political ambitions.

More so many of those acclaimed CBN experts don't really understand Bitcoin and blockchain technology they just make statement blindly while looking at negative side of using cryptocurrencies especially in money laundering etc having forgotten that money laundering had been existence before cryptos.
A sensible or working CBN will tap all the potentials attributed to the adoption of cryptocurrencies and find ways of taxing al itl transactions as well as monitoring it illegal use by collaborating with the relevant stakeholders and agencies involved in it.

In my opinion there is an enough amount of people who prefer rather to be against crypto instead of deep learning the crypto nature, a d mostly the reasons to such attitude are political motives or just zero knowledge about crypto at all. Nigeria is not the exception, and all those processes there nowadays with Bitcoin and crypto are because of some political decisions.

I think the ban on bitcoin and crypto was just political. I know the next regime would unban it, even one of the opposition party member Atiku denounced the ban. So either way, crypto would have its way soon

If they are concerned about security, then let them regulate crypto in their country. They will create a license similar to the MSB that binance and ownr received. After all, this will calm many people and reduce the risks.

Lol, who would tell them that they are doing it wrong! Its really amazing how a single move to put a stop to something would end up promoting it to new heights. Ways bitcoin archive unpaid or solicited publicity.  I don't know if we need more of these across all countries for the government to come to there sense about decentralisation and how much they are actually helping. I'm just glad the Nigerian government are now taking back there statement on the ban on cryptos and gradually accepting the inevitability of the bitcoin revolution. Lets allow bitcoin to help us build a better world where fait operates the hard copy currency and bitcoin attains its software limitation.

Actually we should thank the Nigerian central bank for giving free publicity for Bitcoin, and making it popular in a country of 200 million people. The same thing has happened in my country (India) as well. Three months back, the government proposed a law, to make ownership of Bitcoin a criminal offense. And the results are there for everyone to see. The number of registered users to various Indian exchanges have just rocketed ever since that announcement was made.

I think if the people behind these broadcast were against bitcoin and cryptocurrencies, I think that they are going to shoot their foot in this scenario because they are broadcasting in television and television is never out of fashion when it comes to disseminating information and making people curious about something so this broadcast is only going to make their population get curious about bitcoin not to mention that they really did a good job doing a detailed analysis.

People in African regions do really have the guts to understand and explore bitcoin to change their lives.

Also the some of the governments their are focusing their attention on how they will make it effective and beneficial for their economy, investors, and its people. Nigerian people really want to eliminate or escape poverty or inflation and bitcoin is one of the tools for it. There are a lot of opportunity in bitcoin and I'm glad that Nigerian government is concern about that.

Just like what you've said, i'm also hoping for more countries to engage with bitcoin's importance in the market and in the future.

Nigeria is making it. Nigeria slowly becomes a cryptocurrency country.

Nigeria is still starting or very early for this run.
Especially when some companies will start to enter Nigeria's business, it will become more helpful for the country itself and the people. More people will start using cryptocurrency.

Good to see that national TV covering some alts. 
But this is a good news that from what I've read is that they're no longer imposing a ban, right? An exposure for the other citizens that were watching during that time.

The cryptocurrency business is not only helping Nigerians but the whole adopting countries. You can't compare the price of a bitcoin to the fiat currency of any country. To hodl a bitcoin is a big plus to anybody in the world. This is a new discovery that changes people's lives and play a big role for them. Yes, Nigeria is actively involved in bitcoin and that's why the adoption is increasing daily in Nigeria because a Nigerian is part of a family with cousins, nephews, nieces and in-laws also.

Cryptocurrencies has really been of help to the Nigerian citizens, in the country there is lack of job opportunities for most citizens and crypto had made most of them self employed making them more richer than even the ones working in companies, there involvement of Nigerian citizens in crypto has made the country to be among the top countries which trade cryptocurrencies. If the government really cares about the citizens and the well being of thier Country then there should uplift the ban CBN place on crypto related activities because that's where most of the citizens survives from.

Contrarily it did not cause any price decline in bitcoin if that is what you trying to say, price didn't drop but kept moving. During the announcement, the price was in 40's and now price is in 50's.

It didn't stop anything because there is room for P2P including exchanges like binance.

Their government has no exact statements regarding the banning of bitcoin, only that mainstream media sprouted an exaggerating hearsays towards bitcoin. Most probably those were paid articles that has no further truth and looking on this scenario, many people would loved to hear such opportunities coming from that news.
Definitely, if it caused some minor price to decline that's for sure many hungry investors would tend to buy bitcoin quickly if they find it a good price to purchase with.

Now, I think with the news that has been shown on television as if it was a bombing for the Nigerian country itself, the reason is that after the policy which required every bank to block it, there was chaos in which bitcoiners in Nigeria were aggressively opposed. . they are having trouble opening accounts that have been frozen. On the other hand, CBN is trying to pro-locate Nigeria, on the grounds of avoiding large-scale money laundering activities. The bond market increased and growth became volatile as the cryptocurrency ban continued.

I think you have a good grasp of the thread (DISCUSSING BITCOIN / CRYPTOCURRENCY) and giving detail analysis on a television is the focus and not ban because we know that larger related regulatory sectors are against it and it is not disturbing crypto family. The fact that it is becoming a daily discussed issue like forex, stocks, derivatives or crude is bringing the birds to roost.

It is really nice to see that in some countries people make a detailed analysis of Bitcoin and the other cryptocurrencies. It is an exemplary thing for all other countries and I hope too see the same thing in as many countries as possible. I also agree that it looks like Nigerians really care about cryptos and invest in them. I'm really tired of seeing people who prefer only going against cryptos rather than trying to have a better knowledge.

It is the CBN that ban bitcoin, while we have know Nigerian SEC not in support of the ban, we also overheard the Nigeria Vice President speech in the last summit recently which comments good about cryptocurrencies  in general, except ripple. Bitcoin is not decleard banned by SEC or in court, while very possible the matter will soon be a court case against Central Bank of Nigeria. Even as CBN banned crypto institutions not to make transactions with Nigerian banks, p2p has been of help, if the crypto trading volume in Nigeria increase in 2021 more than 2020, this will not be a surprise.

Not withstanding that the Central Bank of Nigerian (CBN) announced directives to banks to bring down accounts connected to cryptocurrency transaction and banning the operation , cryptocurrency is still a huge discuss. I said it that such decision was in relation to attacking those that financed the #Endsars protest because monies from cryptocurrency were used as source that helped the protest succeed to the level that it did.

But ever since the pronouncement, bitcoin has gained more awareness and before then , the wave of news about bitcoin was minimal even in Televisions

I felt really surprised and good to hear an extensive analysis of bitcoin in a high profile Nigerian television (Channels Television). The station is known to be detailed in analysis. And on there business news, they are known to be thorough in all business ramifications including stocks, bond, derivatives and commodities , forex etc.
And lately I heard them analysing bitcoin, altcoins and in fact discussing ripple law suit with SEC; which was the highest point for me as I stood up gravitating towards the television, to be sure I was hearing ripple law suit by a Nigerian and Nigerian station.. There experts really broke down almost every coin in discuss with a lot of depth. I was really wowed and felt we don't really see what these guys have seen in cryptocurrency. With that analysis, it made me see the need for huge investment as I concluded we are still in early stages of cryptocurrency.




If such analysis can go on in Nigeria, I concluded Nigerians are really investing more than those of us on the forum.

Now, to discuss bitcoin on Nigerian television should be an abomination if the government is serious about it. This is to tell you that announcement is just political. No body talk about it as a banned project but an investment opportunity