PundiX Moves Into Nigeria, With First Bitcoin-Fiat Transaction in Africa on Its Platform

In one small step toward wider adoption of cryptocurrencies, a small business in Nigeria claims to be the first in all of Africa to trade bitcoin for Nigeria’s national currency, the Naira, using PundiX’s (NPXS) in-house hardware Point of Sale terminal (XPOS).

PundiX released a short video of the event on their social media platforms. The firm completing the transaction is listed on one commercial website as an “Agriculture Importer”, and the transaction was accomplished using both PundiX’s crypto-debit card, the Pundi XPASS, and the XPOS together.

PundiX’s line of products are designed to facilitate and streamline the purchase of goods and services using cryptocurrencies, in physical shops and points of sale. The crypto-company is based in Singapore and has more than 150 employees as of August, 2018, according to their website.

Africa is Ripe for Crypto Adoption

Michael Lawal, Business Development Manager at PundiX and featured in the short video, laid out his case for cryptocurrencies -- and PundiX -- in Africa in a Medium article. He points to high inflation rates in African countries, high volumes of remittances coming into the continent from abroad, and Africa’s already-completed “mobile payments revolution” (probably having in mind services like M-Pesa, the very successful Vodafone-owned micropayment mobile-phone platform) as arguments for cryptocurrency adoption in Africa in particular.

The status of acceptability of cryptocurrencies and crypto-assets in Nigeria has been uncertain. CryptoGlobe reported earlier this year that the Central Bank of Nigeria warned the country’s banks from using or transacting with any cryptocurrencies, although there seems to be no explicit illegality in doing so.

In Africa more broadly, BitPesa, a Kenya-based digital asset exchange and payment service, recently partnered with prominent Japanese financial services company SBI Group to facilitate payments between Japanese and African entities. The partnership hopes to leverage the speed and independence of cryptocurrencies as a medium of exchange between Japanese yen and various African nations’ currencies, instead of more regulated and restrictive global reserve currencies like dollars or euros.

PundiX will attend the Blockchains for Sustainable Development conference, hosted by the UN Conference on Trade and Development, later this month. Some heavy hitters in the crypto industry will be in attendance, such as Binance’s Changpeng Zhao (“CZ”), as well as representatives from IBM, UNICEF, and the European Parliament among others.

Bitcoin’s Price Should Now Be Over $100,000, According to John McAfee's 2020 Prediction

Francisco Memoria

The price of bitcoin should now be of over $100,000 to follow the price prediction of eccentric cybersecurity expert John McAfee, which claimed it would be at $1 million by the end of 2020.

According to a website tracking the performance of the flagship cryptocurrency against McAfee’s prediction, BTC is currently down by 90% against where it should be to follow the price prediction.

Currently, one bitcoin is changing hands for around $10,150, but according to McAfee’s prediction it should be at around $102,500.

A graph of BTC's price vs. McAfee's predictionSource: Bitcoin Price Prediction Tracker

McAfee’s prediction was made back in 2017 when the cryptocurrency was trading at little over $2,200. The website adds BTC had to steadily grow at a rate of 0.484% a day to get to $1 million. The initial prediction foresaw a $500,000 bitcoin by the end of 2020, but McAfee revised it as his initial modes “predicted $5,000 at the end of 2017.”

BTC got a high of nearly $20,000 before the end of 2017, but soon started dropping. Over 2018 it went down to a $3,200 low before recovering in what has become known as the “crypto winter.” McAfee has been standing by his $1 million price prediction as time goes on, despite the 2018 bear market.