El Salvador, San Salvador –The president of El Salvador, Nayib Bukele, says cryptocurrency Bitcoin will soon rebound despite its current slide in value.
Mr Bukele gave the assurance on Thursday while announcing that the country has purchased a total amount of 80 bitcoins at the rate of $19,000.
The El Salvador leader has faced growing criticisms from citizens as the value of bitcoin continues to experience a dip in its value.
The country has invested hugely in the cryptocurrency and even made Bitcoin its legal tender in September 2021, alongside the U.S. dollar.
More than 2,000 Bitcoins have been purchased by the Central American country over this period.
“Stop looking at the graph and enjoy life,” Mr Bukele advised investors via Twitter. “If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”
El Salvador last year April became the first country to acquire Bitcoin as a means of legal tender; this paved the way for other countries to follow suit.-■
ELON Musk has announced that he has secured $US46.5 billion ($63 billion) in funding for the purchase of Twitter, increasing pressure on the company’s board of directors to reach a deal.
Musk unveiled a bid to purchase the social networking site last week, offering $US54.20 per share, or almost $US43 billion in cash. His first statement did not specify how he planned to fund his purchase.
As reported on Thursday in papers filed with US securities authorities, Tesla CEO Elon Musk said that the money will come from Morgan Stanley and other banks, with part of it backed by his substantial stake in the electric vehicle manufacturer.
An official response from Musk has not been received by Twitter, which has implemented an anti-takeover mechanism known as a poison pill, which may make a takeover effort prohibitively costly.
On Thursday, the business said that it had received Musk’s modified proposal as well as “additional information on prospective finance,” and that its board of directors was “committed to undertaking a thoughtful, complete, and deliberate examination.”
Musk, who owns approximately 9% of Twitter’s stock, has indicated that he is considering a tender offer, in which he would attempt to persuade other shareholders to pledge their stock to him at a specific price on a specific date, bypassing the board of directors. Musk has previously stated that he is considering a tender offer.
In the event that a sufficient number of shareholders agree, Musk may use it as leverage to persuade the board of directors to remove the poison pill defense against his bid.
Musk, on the other hand, hasn’t determined whether or not to do so. The “poison pill” defence, which was accepted by Twitter’s board of directors last week, may render a takeover bid prohibitively costly. If someone were to purchase a 15% interest in the firm, it would result in a massive dividend distribution to shareholders, which may cause Twitter to go bankrupt.
Barclays, Bank of America, Societe Generale, Mizuho Bank, BNP Paribas, and MUFG are among the other financial institutions that have contributed to Musk’s finance. Morgan Stanley is one of Twitter’s largest stockholders, ranking third after Vanguard Group and Elon Musk in terms of value.
Musk’s documents state that $US13 billion in financing came from Morgan Stanley and other banks, that up to $US12.5 billion would be loans secured by his Tesla stock, and that he has committed $US21 billion in equity, “directly or indirectly,” from himself, though he did not specify where the funds would come from.
According to the filing, the equity commitment may be lowered as a result of contributions from others or the assumption of new debt.
According to Forbes, Musk is the world’s richest individual, having amassed a fortune of almost $US279 billion. Much of his wealth, though, is invested in Tesla shares — according to FactSet, he owns approximately 17 percent of the firm, which is valued at more than $US1 trillion — and SpaceX, his privately-owned space enterprise. It’s not known how much money Musk has on hand.
Tesla enables senior officers to use their company’s stock as collateral for loans, but the amount of money they may borrow is limited to 25 percent of the value of the stock pledged. Musk has 172.6 million shares, which are worth $US 176.47 billion, according to Forbes.
According to a Tesla proxy statement, a little more than 51 percent of his stock has already been pledged as a kind of collateral. That implies Musk could use the remaining share to borrow around $21.5 billion, which is a significant amount of money.
Musk’s recent step, according to Donna Hitscherich, a finance professor at Columbia University, demonstrates that he is “ratcheting up the seriousness of purpose” by lining up important institutions that may fund his bid for the company.
“If you’re looking for funding, they are the obvious suspects,” she said. “However, it is moving in the direction that he may be able to make good on his intentions if he goes ahead and launches the tender offer.”
Following the announcement of the funding, Twitter’s stock price jumped marginally to $US46.95 in late-afternoon trade on Thursday. The stock is now trading at $US7.25, which is 13% below Musk’s offer.
In the filings, it is stated that Musk “is attempting to negotiate a formal deal for the purchase of Twitter… and is willing to initiate such discussions immediately.” Tender offers are attempts to persuade other shareholders to commit their shares in exchange for cash at a certain price and on an established date.
In the event that a sufficient number of shareholders agree, Musk may use it as leverage to persuade the board to abandon the poison pill defense. Musk hinted at the prospect of a tender offer in a series of tweets this week that included the term “tender” many times.■
<SUNBIGHT>~Internet~Nkwo~22nd April 2022 @ 23:14 WAT~India Today
Responding to a Twitter user over the weekend, Twitter co-founder and former CEO Jack Dorsey said referred to the board as “consistently the dysfunction of the company”.
TWITTER co-founder and former CEO Jack Dorsey has finally opened up on Elon Musk’s offer to buy Twitter for $43 billion. Last week, the Tesla CEO proposed an offer to buy the microblogging site for $54.20 per share in cash.
The board of directors has issued a new “shareholder rights plan” to block Musk’s offer, which comes as a major setback to the billionaire’s efforts to take full control of Twitter.
Dorsey stepped down as Twitter CEO last year, handing over responsibilities to Parag Agrawal. Responding to a Twitter user over the weekend, Dorsey said referred to the board as “consistently the dysfunction of the company”. He remains a board member till next month with his 2.2 per cent share.
Dorsey also agreed with venture capitalist Gary Tan that a badly run board “can literally make a billion dollars in value disappear”. When another Twitter user asked him if he was allowed to speak publicly on the matter, he clearly said “No”.
Musk recently said, “with Jack departing, the Twitter board collectively owns almost no shares!” “Objectively, their economic interests are simply not aligned with shareholders,” he also said.
Last week, Musk proposed an offer to buy 100 per cent stake in Twitter for 43 billion, which is $54.20 per share. And all of it in cash. In a filing with the U.S. Securities and Exchange Commission, Musk said, “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
He also said that the microblogging site has “extraordinary potential”, which he wants to unlock. Twitter’s board of directors later issued a new “shareholder rights plan” to block Musk’s offer.
Speaking at the TED 2022 conference in Vancouver last week, the Tesla CEO said he has plan B if Twitter doesn’t accept his offer. He hasn’t revealed details of his next move yet.■
<SUNBIGHT>~Cryptocurrency~Orie~12th April 2022 @ 16:25 WAT~PeoplesGazette
THE Non-Fungible Token of the Coffin Dance meme has sold for $1,047,806 (327 ETH).
On Saturday, the winning bid was announced on Twitter.
“327 ETH winning bid!!! $1,047,806. Congrats to @nanaotafrija & the bidder,” Twitter user @Luke360 said.
The token is issued in partnership with the Ukrainian community, where 50 per cent of the proceeds will be donated to support Ukrainian charities in light of the war with Russia.
The meme was released by the lead pallbearer, Benjamin Aidoo, and Matthew “DigiNeko” Ordrick, who uploaded the video on YouTube.
“Congratulations to the official owner of Coffin Dance world fame @3fmusic We would like to say thank you to everyone who supported our NFT, especially guys from the @Bads_Zlodei: Dmitry Makarov, Eugene Lapitsky, Mykhailo Vatazhok,” Mr Aidoo tweeted.
The Coffin Dance meme originated from a video of the Ghanaian group of pallbearers based in the Greater Accra Region of southern Ghana. The leader pallbearer is Benjamin Aidoo, and the group garnered worldwide attention in 2020.
In March 2020, the group became an Internet meme when the video was uploaded with Tony Igy’s EDM song “Astronomia.” The meme is often associated with the COVID-19 pandemic.■
PLENTY of celebrity and tech icons have hopped on the Bitcoin train. Don’t count Bill Gates among them.
In a resurfaced interview from February 2021, the billionaire Microsoft co-founder told Bloomberg Technology that he was wary of the frenzy over Bitcoin, particularly because the value of the cryptocurrency could be swayed by something as simple as a tweet from Tesla CEO Elon Musk.
“Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down,” Gates said. “I do think people get brought into these manias who may not have as much money to spare, so I’m not bullish on Bitcoin.”
He added, “If you have less money than Elon, you should probably watch out.”
Musk — the world’s richest person, with a net worth of $233 billion, according to Forbes — is notably a Bitcoin fan, tweeting about it as recently as Wednesday morning. But Gates said his fellow tech billionaire was merely an example of why he’s turned off by everyday Bitcoin use.
Specifically, Gates said, he’s primarily concerned about the lack of regulation around the cryptocurrency. He highlighted two of the main risks associated with Bitcoin and other forms of cryptocurrency: They’re decentralized, and they can be highly volatile.
″[Bitcoin] happens to promote anonymous transactions,” Gates said. “They’re not reversible transactions.”
Gates said that the Bill and Melinda Gates Foundation actually “does a lot in terms of digital currency,” but only when “you can see who is making the transaction.” He said “digital money is a good thing,” especially when it comes to funding poorer countries and getting “money out to their citizens very, very efficiently.”
The good news for Gates is that regulation may be coming. On Wednesday, President Joe Biden signed an executive order encouraging federal agencies like the U.S. Treasury to develop new crypto-related policy recommendations — with an eye on addressing consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation.
Those are important areas: Crypto experts often warn that altcoins, in their current state, are at a high risk for fraud — and that they can gain and lose value very quickly, making them deeply unreliable as investments.
“Be very careful about how much you allocate and understanding what you an tolerate,” Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth, told CNBC Make It last year. “Because if 80% of your net worth is tied to bitcoin, and it goes down 30%, that’s rough.”■
JEFF Bezos wants a moon landing, Elon Musk is planning a mission to Mars and Sen. Bernie Sanders, doesn’t appear to be impressed by any of it.
On Wednesday, at a meeting of the U.S. Senate Committee on Budget, Sanders raised an issue that’s been a regular part of his political platform for many years: wealth distribution.
“Anyone who thinks we do not have an oligarchy right here in America is sorely mistaken,” he said. “Today in America, multibillionaires like Elon Musk, Jeff Bezos, Richard Branson are off taking joy rides on their rocket ships to outer space.”
Sanders appeared to be citing the three billionaires’ spaceflight companies: SpaceX, Blue Origin and Virgin Galactic, respectively. All three U.S.-based businesses have played a large part in redefining — and even reviving — national conversations around modern space exploration.
Musk, Bezos and Branson have each poured large sums of their own money into those companies: Bezos, for example, spends $1 billion of his own Amazon stock per year on Blue Origin. But while his brief trip to space in a Blue Origin rocket last July could be deemed a “joy ride,” it’s doubtful that he’d call his spending frivolous.
Rather, Blue Origin’s mission statement defines the company’s goals as essential to humanity’s future survival, emphasizing that “in order to preserve Earth, our home, for our grandchildren’s grandchildren, we must go to space to tap its unlimited resources and energy.”
Musk, SpaceX’s founder and CEO, similarly told Time magazine in December that his “goal overall has been to make life multi-planetary and enable humanity to become a spacefaring civilization,” thus preserving the planet. In October, SpaceX was valued at $100.3 billion following a secondary share sale.
To Sanders, those plans are more displays of opulence than humanity-enriching endeavors, especially considering “over half of the people in this country are living paycheck to paycheck,” he said.
“In our country, the two wealthiest people now own more wealth than the bottom 42% of our population,” Sanders added, referencing reports that Bezos and Musk own more wealth than a combined 130 million Americans.
Data from Federal Reserve System seems to confirm Sanders’ estimates: In 2021′s fourth quarter, the top 1% of Americans owned 32.3% of the nation’s wealth, while the bottom 50% owned 2.6%.
The pandemic only broadened that wealth gap. Musk, whose net worth is $286 billion as of March 31, gained $121 billion in 2021, according to charity organization Oxfam. The organization estimated that the 10 richest people in the world added more than $400 billion to their fortunes last year.
In 2020, Sanders co-sponsored the Make Billionaires Pay Act, which proposed that individuals with more than $1 billion in net assets pay higher taxes to cover the costs and services for public and private health insurance for uninsured individuals for one year, including prescription drugs and care related to Covid-19.
The bill was introduced to the Senate in August 2020, but no further action was taken.
Unsurprisingly, Sanders has also spoken out against private space companies obtaining government funding. Congress is currently considering sending $10 billion to NASA, which would funnel those funds to a private company in a high-value contract for moon landers. On Wednesday, Sanders tweeted his strong opposition to the provision, arguing that companies like Blue Origin and SpaceX don’t need the cash.
“To my mind, if you’re worth $180 BILLION, if you’ve got mansions and a superyacht, if your hobby is trying to go to the moon or Mars or wherever, you’re doing pretty well for yourself,” Sanders wrote. “No, Mr. Bezos, you don’t need $10 billion in corporate welfare to subsidize your space travel.”
The Billionaires did not immediately respond to questions as the time of this publication.■
IN his official Facebook page,Chief Obinna Iyiegbu aka Obi Cubuna, revealed he had a meet with Anambra State Governor Charles Chukwuma Soludo, yesterday.
The Oba-born international businessman posted via his social media as thus:
“We were warmly received today by our state Governor, Prof Charles Soludo. Very passionate about Anambra state,!! He personally jotted down ALL our points and suggestions, personally!!! I can boldly tell Ndi Anambra that “ife ga-adi mma”, again!!! “Aku lue uno” loading!!!
*Entertainment *Real Estate *Industries We are coming!!!💪”
THE Vice President of Nigeria, Professor Yemi Osibanjo, says the Igbo apprenticeship scheme ‘igba boi’ has become the most popular indigenous Nigerian economic institution, globally recognized as the world’s largest business incubator.
The Vice President stated this during the maiden annual National Summit on Igbo Apprenticeship Scheme, organized by Anambra Broadcasting Service in collaboration with the Awka Chamber of Commerce, Industry, Mines and Agriculture, AWKACCIMA, in Awka.
Professor Osibanjo who joined virtually, said the scheme has the full potential to do for the Nigerian economy what similar apprenticeship schemes have done in many parts of the world especially in Germany and India, while describing the event as apt and timely.
Commending the organizers of the event, Prof. Osibanjo expressed hope that the summit will improve the growth and possibilities for the Igbo apprenticeship scheme.
With the theme of the summit Repositioning The Igbo Apprenticeship Scheme For Sustainable Economic Development, the Keynote speaker and Chairman, United Nigeria Airlines, Dr. Obiora Okonkwo recommended that the scheme should be institutionalized.
Dr. Obiora made a case that ‘Ikwado Ogalanya’ should replace the name ‘Igba boi’ and the concept of ‘Apprenticepreneurship’ adopted, adding that the event is apt, following the recent rise in drug abuse, get -rich – quick syndrome and other social vices the youths indulge in.
He said that to reposition‘Igba boi’ as apprenticepreneurship, that the youths who hold the future of Igbo nation must begin to restore those time-honored values which saw the forebears become great entrepreneurs.
Earlier in his speech, the Convener of the national summit and Managing Director and Chief Executive Officer of Anambra Broadcasting Service, ABS, Dr. Uche Nworah and the President of AWKACCIMA, Mrs Caroline Ajuora, said the event is to bring to the fore at this time, the Igbo apprenticeship scheme which could be repositioned to help Nigeria battle various issues including unemployment, banditry, and ethnic agitations among others.
In his speech, the Director General and Chief Executive Officer of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Umaru Radda represented by Mr. Victor Ugwu, commended ABS and AWKACCIMA for the programme, which according to him, serves as a new beginning for repositioning and expanding the laudable scheme for greater improvement of Nigerians economy.
Some of the panelist including the Chief Executive Officer of Komworld Cinemas Mr. Kene Mkparu, the Director, Emeka Anyaoku Institute for International Studies and Diplomacy Unizik, Professor Au Nonyelu, Convener, Ogbako Umunna Nze Akachukwu Nwankpo, Head of Mass communication Department, Chukwuemeka Odumegwu Ojukwu University Igbariam, Professor Angela Nwanmmuo, and Chairman Folio Group, Fidelis Anosike, among others gave their suggestions.
Some of the participants, including Chief Innocent Chialu from Awkuzu and Chief Theophilus Ikenwa from Ideani, commended the organizers of the event saying it will play significant role in the lives of the youths.
The event featured award presentation to Dr. Obiora Okonkwo as a pillar of Igba boi, and United Bank of African for being a proud sponsor of the national summit and other proud sponsors.■
<SUNBIGHT>~Cryptocurrency~Nkwo~5th March,2022 @ 08:35 WAT
CRYPTOCURRENCY is officially mainstream. Approximately 16 percent of all Americans have invested, traded, or used a decentralized, blockchain-based token, which is a number that seems to increase everyday.
The Super Bowl—the singular marquee event for advertisers—was absolutely canvassed with crypto platform ads, picking up ultra high-profile celebrity endorsers in million dollar commercial productions.
At last, a financial apparatus once condemned to the arctic regions of the economy has firmly pried its way into common society.
For those of us who haven’t made the jump yet, crypto appears to be both enticing and terrifying—caught in an uncomfortable place between a pernicious scam and a potential miracle.
There are so many questions worth considering. What happens if you invest money into a coin that crashes? How easy is it to pull money out? Have you already missed the boat? And, a big one lots of people likely don’t even think about: what about tax season?
The idea of navigating any Ethereum holdings in April is terrifying. Which is why I consulted H&R Block’s cryptocurrency tax experts, as well as other financial experts, to help navigate these treacherous waters.
The more you talk to people about crypto, the more you understand that currently, this is a realm filled with hedges, guesswork, and theories. That opens up a lot of room for potential, as well as plenty of exposures.
With so much volatility, many that have remained on the sidelines might wonder why anyone would put their money into these assets.
“If you look at the people with the most wealth, they start to say, ‘How can I diversify [my investments] even further, as not to see as many swings in my portfolio?'” says Marc Russell, a financial adviser. “For the average investor, when you start to think about diversification, I’m starting to think that crypto is a good way to go.
However, you do not want to put everything into crypto, because you do have that volatility.”
Russell, like many crypto agnostics, allocates only 10 percent of his portfolio to individual stocks and cryptocurrencies—essentially the “higher-risk” portion of his balance sheet.
That’s because, as finance folks and H&R Block’s own tax experts explain, crypto is still in its nascent form, and we do not yet know how the decentralized revolution will meld with global economic policy. But it’s likely only a matter of time.
Transactions involving cryptocurrency are taxable. Because tax reporting guidance is in its early stages for cryptocurrency, consumers may have questions about how to ensure they get it right.
For instance, one of the most fascinating things I learned when consulting with H&R Block’s crypto tax specialists is that as of right now, there aren’t any rules preventing investors from taking current tax losses on “wash sales” in regards to digital tokens.
In layman’s terms, a wash sale is when someone sells a security at a loss and immediately buys it back up within 30 days—artificially creating a tax deduction.
This practice is disallowed by the United States Tax Code for other assets. The loss from a wash sale is deferred until the replacement property is disposed of…but those same provisions haven’t carried over into crypto—emblematic of how murky so many crypto parameters are in 2022.
“The analysis is that wash sale rules apply to stocks and securities by law, but the IRS treats cryptocurrency as property,” says Megan Hurlbert, a Tax Research Analyst at H&R Block. “Because the wash sale disallowance rules are specifically limited to stocks and securities, they do not currently apply to cryptocurrency.”
Frankly, the reporting challenges that digital currency has wreaked upon the tax filing process is truly profound.
The experts at H&R Block pointed out to me literally dozens of potential cryptocurrency transactions that could complicate your tax return.
For instance, if someone pays you for a service in Bitcoin, you will generally report that as wages or business income on your tax return. Then, you will have another reportable transaction when you sell that Bitcoin, at which point you gain or loss would generally be taxed like any other capital asset.
Do you enjoy working the DeFi markets every morning like a stock market? Make sure to keep a record of all of those transactions, because as Hurlbert says, “You need to have reliable records to prove how much you paid for each asset, how long you held the asset and how much gain or loss you incurred on the transaction.
Some exchanges will track most of that information for you, but the ultimate responsibility is yours to have proof of any gain or loss.”
But it does feel like a singularity between fiat currency and blockchain coins is coming sooner than later. In New York City ATMs are equipped with the ability to cash out Bitcoin, and the country of El Salvador just adopted the currency as a nationally accepted tender.
One of the stumbling blocks a lot of people struggle with in crypto is the idea of encapsulating our hard-earned wages in an ethereal, intangible capital asset—rather than, you know, a summer cottage or a pile of Treasury bonds.
The solution to some of these anxieties is the much-hyped metaverse, which is a term at the tip of every Fortune 500 CEO’s tongue lately.
The idea is that in the near future, all of us will be frequently entering a parallel reality, defined by the digital ownership of goods, where cryptocurrency stands as the monetary system of record.
If that horizon comes to pass, suddenly crypto holdings will be rendered far more usable—in a traditional commercial sense—than they are right now. Russell was initially a metaverse skeptic, but lately, he’s found himself buying in.
“There’s a lot of unhappy people in the world. They feel stagnant. They don’t have the job they want, whatever it might be. There’s a lot of wants out there. Imagine being in a world where you get all of that, and you’re essentially playing The Sims with your life,” he says. “When I think about the growth rate of gaming in general—I read something the other day that there are more young boys who play games than those who play football and basketball combined—and if everyone is in [the gaming world,] capitalism will certainly play a part.”
“It goes back to your specific goals. If someone wants to reach their retirement goals, their education goals, or the goals they have for their children, and if they feel like they can reach those goals by investing in the S&P 500, then go for it. But if you want to get more returns, if your goals are more lavish, you have to take on more risks,” he says. “That’s the way I would think about it. If it meets their goals, traditional investing is the way to go. But if they want to reach [different] predefined future goals, then I think it’s fine to take on a little more volatility, a little more risk.”■
<SUNBIGHT>~Ukraine~Eke~18th February,2022 @ 21:47 WAT
UKRAINE has become the latest country to legalise Bitcoin after its parliament approved a bill in its final reading.
On Thursday, the parliament passed the new Law of Ukraine on Virtual Assets with 270 votes.
“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,” Mykhaylo Fedorov, Ukrainian minister of digital transformation, said in a statement.
However, the country has not made the digital asset a legal tender.
The bill details requirements that Bitcoin service providers such as exchanges should abide by and determines fines for violations of the law’s provisions, in addition to determining that the country’s National Securities Commission regulate the cryptocurrency market.
The statement added that the commission would be responsible for issuing permits to Bitcoin and cryptocurrency service providers, carrying out supervision and financial monitoring of the market.
Last September, Ukraine’s President Volodymyr Zelensky had vetoed a similar bill on cryptocurrencies, saying the country could not afford to create a new regulatory body specifically for Bitcoin and cryptocurrency.
However, the bill was returned to the Ukrainian parliament with Mr Zelensky’s suggestion to let existing regulators oversee the sector.
Now, parliament has incorporated his recommendations and passed the amended bill.■