Cryptocurrency Bitcoin reached a new peak of $71,000 on Monday, Bloomberg data reports.
The demand for Bitcoin comes amid optimism that the US Federal Reserve will cut interest rates in 2024.
LeadingReporters recalls that the Nigerian government ordered restrictions on Bitcoin activities in the country’s cyberspace on February 21 amid efforts to rescue the Nairaat the foreign exchange market.
The development comes amid a claim by the Central Bank of Nigeria, Olayemi Cardoso, at the 293rd Monetary Policy Committee meeting that $26 billion was funnelled through Bitcoin in one year without a trace.
The statement had elicited a call for Bitcoin and other cryptocurrency restrictions. Bayo Onanuga, President Bola Ahmed Tinubu’s Special Adviser on Information & Strategy, championed the call for cryptocurrency restrictions.
Consequently, on Monday last week, Binance announced it would discontinue all services for Nigeria’s fiat currency, the Naira, amid Nigerian government regulatory clampdown.
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