Do you know Bitcoin Shoots Into 2020 New Year With 9,000,000%?
Bitcoin as muted skeptics with 9,000,000% shoot to the top into the new year as ‘big tech’ firms affirm dominance with blockchain policies. The Federal Inland Revenue in Nigeria inadvertently pushes use case for Bitcoin with Tax Clearance Certificate while France’s regulators approve the first ICO visa.
The continuous rise of Bitcoin in the past decades leaves many in habitual doubt with more questions and answers as the cryptocurrency outrun the performance of other assets. Trading within, $7,200 Bitcoin has posted profits of over 9,000,000% since July 2010. The cryptocurrency, designed to bypass banks and government agencies after the financial crisis of 2008, continues to exceed expectations as it crosses 10 years with not only higher gains but also zero successful hacks to its infrastructure.
President of Financial Insights and an adjunct professor at William & Mary in Williamsburg, Virginia, Peter Atwater, says, “Bitcoin really captured that wild technology enthusiasm that ‘this time is different,’”
Within the same period, the S & P 500 tripled. Its growth, while relatively impressive, pales in comparison to Bitcoin’s growth. The best-performing stocks in the Russell 3000 are up 3,000%. Gold is up 25%.
Executives of listed companies are trying to get in on the Bitcoin action with the CEO of Twitter, Jack Dorsey, establishing Square Crypto to increase the adoption and effectiveness of Bitcoin as a household currency.
Jack Dorsey plans to travel to Africa for three to six months of the year in order to find out how Bitcoin could increase access to finance and financial freedom in the region.
In connection with its demand for bank account holders in Nigeria to obtain tax clearance certificates, the Federal Inland Revenue Service is offering a 30 days grace period for compliance.
Muhammed Nami, the new executive chairman of the Federal Inland Revenue Service, says the exercise begins from January 2 to January 31, 2020. The exercise is intended to ease the difficulties that FIRS has experienced in ensuring that taxpayers meet obligations to present tax clearance certificates.
“The Service may not hesitate to use enforcement activities such as the imposition of a lien on bank accounts of such defaulting companies to recover any outstanding debts when it discovers that the taxpayer has misled the Service in her duty to observe tax compliance.”
“The issuance of TCC to ease the burden of taxpayers is in line with the provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011,”
The recent actions by FIRS bring to light the efficacy of Bitcoin as an alternative to traditional banking and finance which throughout history has been riddled with covert coercion and other practices.
Google and Apple decide on Ethereum adoption with policies. Ethereum Metamask celebrates a good start to 2020 with the reversal of a Google Play store ban. Users are now able to download the Ethereum browser extension through Google. Meanwhile, Apple threatens the removal of blockchain applications.
As of December 2019, the Google Play app store stopped listing Metamask’s Android client, thus preventing people from downloading the application to manage and transfer their cryptocurrencies, browse the Ethereum blockchain from their browser, and run Ethereum decentralized applications.
Apple, implemented similarly concerning restrictions on the use of blockchain technology. In order to comply with Apple’s DAPP functionality, it has to remove DApp browser functionality.
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