{"id":3442,"date":"2023-12-31T07:56:45","date_gmt":"2023-12-31T07:56:45","guid":{"rendered":"https:\/\/ethereumcode.io\/bitcoin-etf-craze-nigeria-crypto-update-africa-industry-rebirth\/"},"modified":"2023-12-31T07:56:45","modified_gmt":"2023-12-31T07:56:45","slug":"bitcoin-etf-craze-nigeria-crypto-update-africa-industry-rebirth","status":"publish","type":"post","link":"https:\/\/ethereumcode.io\/bitcoin-etf-craze-nigeria-crypto-update-africa-industry-rebirth\/","title":{"rendered":"Experts Predict Bitcoin ETF Craze and Nigeria’s Updated Crypto Position to Fuel Africa’s Industry Rebirth"},"content":{"rendered":"
Enthusiasm towards cryptocurrency in Africa is set to receive a significant boost, aided by the U.S. Securities and Exchange Commission’s assumed endorsement of Bitcoin exchange-traded funds<\/strong> and Nigeria\u2019s reversal of an order that previously barred the cryptocurrency sector from joining the banking ecosystem. Another keenly anticipated event, the Bitcoin halving, predicted to take place sometime in April 2024, is poised to be impactful in steering the course for the dominant cryptocurrency in 2024.<\/p>\n The initial half of last year was laden with challenges like business failures and increased regulation for the African crypto and blockchain industry. However, with fresh hopes, the industry seems ready to kick-start 2024 on a brighter note. This renewed optimism is most pronounced in Nigeria.<\/p>\n Under the leadership of the new Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, there has already been an easing of some controversial policies. A strategic shift away from the era of former CBN governor, Godwin Emefiele, is visible through the decisions made under Cardoso, such as devaluing the local currency and lifting currency restrictions. The critical breakthrough was the recent lifting of restrictions associated with crypto assets imposed in February 2021.<\/p>\n In East Africa, Kenya, one of the top five African crypto markets, is showing significant potential in the crypto space despite its recent crackdown on Worldcoin. Meanwhile, South Africa, an African state witnessing massive crypto activities, has started establishing a regulatory framework for Virtual Asset Service Providers (VASPs). Further, Angola’s recent implementation of cryptocurrency legislation is seen as an essential milestone, providing renewed optimism to users and potential service providers. In addition, Africa\u2019s first-ever gold-backed digital currency was launched by Zimbabwe.<\/p>\n Even though there have been considerable developments in the African space, SEC’s impending approval of spot Bitcoin ETFs is expected to trigger another bull run. This could result in high capital inflows. Still, some experts believe the benefits are likely to be short-term. They anticipate significant institutions to control the narrative around the leading crypto asset.<\/p>\n The Bitcoin halving event, predicted to take place in April 2024, is expected to be vital again in determining Bitcoin’s path in 2024. It is speculated that the forthcoming bull run will be much more significant and beneficial than previous ones. Approval of Bitcoin ETFs will not only bring credibility to the crypto industry but will also restore user confidence. However, most African crypto users do not show specific interest in SEC’s approval of the ETFs. They are more interested in engaging in a vibrant and thriving market.<\/p>\nThe New Cryptocurrency Stance in Nigeria<\/h2>\n
Momentum Gains in Other Southern African Nations<\/h2>\n
The Impact of Bitcoin Halving and the ETF Craze<\/h2>\n
How Our Ethereum Code App Can Aid This Scenario<\/h2>\n