BITCOIN SET TO EXPERIENCE PRICE EARTHQUAKE: Super Powers are eyeing Bitcoin to revamp their economy

 

-         The bitcoin price has almost doubled over the last 12 months, climbing as Russia gears up for a bitcoin and crypto flip. This could be because Russian Rubble has faced enough sanctions in a lifetime, prompting it to seek alternative in trading. Bitcoin is the best bet.

-         Former U.S. president Donald Trump teases a mystery crypto project that could rival  bitcoin .

-         China About To Trigger A $1.4 Trillion Bitcoin And Crypto Price Earthquake.

 Economists are calling for China to unleash $1.4 trillion worth of "shock and awe" stimulus that could kick start the economy and trigger a "glorious" bitcoin price boom. The latest economic data out of China shows consumer inflation has remained stagnant, with the its consumer price index (CPI) climbing just 0.6% in August from a year earlier, falling short of the 0.8% rise expected by a Wall Street Journal poll of economists and fueling fears of a deflationary spiral. Through the second quarter of 2024, China's GDP grew 4.7% from a year ago, though in real terms, its nominal GDP, which doesn’t factor in inflation, only grew 4%, suggesting broad-based price pressures are weighing on the economy. Last month, Arthur Hayes, a cofounder of bitcoin and crypto derivatives pioneer BitMex who went on to set up the Maelstrom investment fund, wrote in a blog post that he expects China to next year "finally unleash its long-awaited bazooka fiscal stimulus," predicting the China-U.S. "crypto bull market shall be glorious." Meanwhile, bitcoin and crypto entrepreneurs and investors focused on China have said they expect China to roll back its bitcoin ban.

-          In June, crypto investor Brock Pierce predicted it's only a matter of time before China reopens its digital doors to crypto, while Justin Sun, the founder of tron blockchain, called a recent legal ruling in China "very important."

-          "Is China going to open up to crypto? … I'd say it's inevitable," Pierce, a former child actor who cofounded the USDT dollar-pegged stablecoin issuer Tether in Hong Kong a decade ago, told the South China Morning Post. "The question is not so much if, it’s a matter of when."

-          In May, attendees of a Hong Kong bitcoin conference sparked speculation the much-hyped Hong Kong spot bitcoin exchange-traded funds (ETFs) could eventually be opened up to mainland China investors.

-          China's 2021 bitcoin ban that made the trading and mining of cryptocurrencies including ethereum and XRP illegal, triggered a sudden bitcoin price crash at the time.

 

By Jacqueline C Nnadigwe

Enugu State Government Partners with Danish Firm for Local Tractor Assemblage

The Enugu State Government has formed a strategic partnership with a Danish company to begin tractor assemblage in the state, eliminating the need for farmers to import machinery.  

 

Governor Peter Mbah made this announcement on Saturday via his official X (formerly Twitter) account, emphasizing that this initiative will substantially strengthen Enugu’s agricultural sector. 

 

Governor Mbah revealed that 300 tractors would be assembled by the end of 2024, with a goal of reaching 1,000 tractors by the following year.  

“I’m excited to announce that tractor assemblage will commence in our beloved state before the year ends. Through our partnership with a Danish company, over 300 tractors will be assembled this year alone, with a target of 1,000 by next year,” the governor tweeted. 

Governor Mbah also emphasized the state’s comprehensive strategy, which includes the development of Special Processing Zones designed to add value to agricultural products, enhancing their suitability for both local consumption and export markets. 

Additionally, he highlighted the government’s ongoing efforts to improve critical infrastructure, including the construction of paved roads, improved access to farmlands, strengthened security measures, and the promotion of a business-friendly environment.  

These measures are intended to create favorable conditions for attracting both domestic and international investments, contributing to sustainable economic growth in the state. 

What you should know  

§  Over the past few months, the Enugu State Government, led by Governor Peter Mbah, has implemented a series of initiatives focused on revitalizing the agricultural sector. 

§  One of the most notable efforts occurred on Friday, September 13, with the official launch of the Enugu United Palm Products Limited (EUPPL) revitalization project.

§  This project, a N100 billion investment in partnership with Pragmatic Palms Limited, aims to boost the agricultural output of the state by creating 3,500 jobs, reviving 20,000 hectares of palm plantation, and establishing oil mills and refining capacities. 

§  The governor has described the project as more than a business revival, positioning it as a key step in enhancing the state’s agricultural infrastructure and economy.

§  Governor Mbah has framed the initiative as part of a broader strategy to stimulate agricultural innovation and economic growth in Enugu.

§  The project is expected to improve both production and processing capacities in the state, contributing to local employment and the overall development of the agricultural sector.

§  Earlier in August, Governor Mbah announced the distribution of N4.6 billion worth of agricultural inputs and MSME grants to farmers, communities, and IT startups across Enugu State, aimed at supporting food security, agro-industrialization, and small businesses. 

§  The initiative involved providing 12,000 farmers with fertiliser, distributing 51 power tillers, and supplying various agricultural inputs to 1,251 beneficiaries in all 17 local government areas.