Two days after the Central Bank of Nigeria (CBN) banned cryptocurrency, the Tesla founder, Elon Musk, has thrown his weight behind Bitcoin.
There have been debates about the legality of cryptocurrencies which include Bitcoin, dogecoin, Litecoin, Ethereum, and many others.
The controversy surrounding cryptocurrency transactions has led to a face-off between the regulators and private investors across the world.
However, Nigerian investors have no received support from an unlikely quarter in their bid to convince the country’s financial regulator on the advantage of cryptocurrency to Nigeria’s economy.
Musk purchased $1.5 billion Bitcoin two days after the CBN placed restrictions on the cryptocurrency transactions in the country.
CBN had claimed that credible investors don’t engage in cryptocurrency investment and the development has thus proved the apex bank wrong.
Musk is one of the richest men in the world with $185 billion worth of assets.
His acquisition of Bitcoin through Tesla drove the value of the currency close to $45,000 on Monday, before settling at $44,207.95.
Musk got the idea to acquire a large sum of Bitcoin following a piece of advice from Micro Strategy Founder, Michael Saylor, who told the Tesla founder to add Bitcoin to the company’s balance sheet.
Since the news of Tesla’s investment in Bitcoin was made public, traffic on the largest cryptocurrency exchange platform, Binance, has increased tremendously.
According to Think markets’ analyst, Fawad Razaqzada, Tesla’s decision is “probably one of the biggest developments for the cryptocurrency industry.”
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