The controversy surrounding the estate of former Access Bank CEO, Herbert Wigwe, has taken a new turn as his sister, Joyce Wigwe, publicly accused his longtime associate, Aigboje Aig-Imoukhuede, of attempting to “manipulate” Herbert Wigwe’s will and obstructing transparency in the legal proceedings.

Joyce has also raised suspicions of foul play regarding the circumstances leading to her brother’s tragic plane crash.

In an interview with TV360, Joyce detailed what she described as questionable actions by Aig-Imoukhuede in the handling of her brother’s estate, including an alleged lack of transparency in the reading of the will, unexplained discrepancies in legal filings, and undue influence over key family members.

 

Claims of a Secretive Will Reading 

Joyce Wigwe claimed that the reading of Herbert Wigwe’s will was conducted under dubious circumstances, with key family members deliberately excluded.

“It later became clear that there had been ongoing discussions about Herbert’s will, but we were only informed in September that a will existed and was going to be read,” she said. “However, my father was deliberately sent abroad by Aig Imoukhuede just before the reading.” 

  • According to her, their 90-year-old father, who was receiving medical treatment in Austria, was caught off guard when he received a message from Aig-Imoukhuede stating, “We’re about to read the will.” The news came as a shock, as no other family member had been informed of the will’s existence before that moment.
  • Joyce alleged that her father, already in a vulnerable state, immediately contacted Herbert’s younger brother, Emeka Wigwe, who was equally surprised. When Emeka questioned Aig-Imoukhuede about why he and Joyce had been excluded from the reading, he received no clear response.

Emeka, deeming their exclusion highly irregular, refused to participate believing that the family deserved proper representation. Despite these objections, the will was read in their absence.

What she explained 

Upon finally obtaining a copy of the will through legal means, Joyce said the family was alarmed by numerous irregularities.

The will was only three pages long—an extremely unusual length for an estate of this magnitude,” she said. “It referenced a trust but failed to list any trust assets, there was no detailed breakdown of beneficiaries, and no supporting documents were attached.” 

  • Another troubling discovery was the existence of an 18-page version of the will filed in Florida, while only a three-page version had been submitted in Nigeria.

“Why wasn’t the full document filed in Nigeria?” Joyce questioned.

  • Further investigations revealed that a legal settlement had taken place in Florida, where Betty Blanco—originally named as a personal representative—was paid millions of dollars to step aside. The family, she said, had not been informed of this payout.
  • When the document was later filed in Nigeria, Blanco’s name was removed, and another individual, Uche Wigwe, their cousin, was next in line instead.

“We also discovered that the document had been filed for probate in Lagos, raising further concerns about its authenticity and completeness. It became clear that there was an attempt to manipulate the estate process without proper disclosure to the entire family. 

“Upon checking the records, we found that the will was dated sometime in 2013. To determine whether it had been officially lodged, we visited the Florida court. If Herbert had intended for the will to have general applicability, especially since his primary domicile was in Nigeria, he would have filed it in Lagos. However, it wasn’t lodged there.”

Her suspicion of foul play concerning Herbert’s death 

In addition to concerns over the will, Joyce raised questions about the events leading up to Herbert Wigwe’s untimely death in a helicopter crash in the U.S. earlier this year.

“We also cannot ignore how all of this started. Herbert was not a major Super Bowl fan—he was more of a polo fan. What exactly made him take that trip? Who organized it? Why was a company that had previously been deemed negligent chosen for the travel arrangements?” 

  • According to Joyce, Aig-Imoukhuede was responsible for organizing the trip. She demanded to know why a company with a history of safety concerns had been selected, hinting at potential negligence or undisclosed motives.

“We understand that Aig ihmoukede was responsible for organizing the trip. Why did he select a company that had already been flagged for negligence?” 

  • One of the most contentious aspects of the dispute is the guardianship of Herbert Wigwe’s daughter, Tochi. Joyce expressed deep concerns about the decision to entrust the management of the estate to a 25-year-old, arguing that such a role requires significant legal and financial expertise.

Joyce further stated that Tochi needed permission to even speak to family members and asked why Aig-Imoukhuede, if he genuinely cared about the children, would prevent them from receiving the best possible advice and support.

What people are saying 

Following Dr. Joyce Wigwe’s revelations, the interview sparked widespread discussion online, with many questioning the circumstances surrounding Herbert Wigwe’s estate and the guardianship of his children. Social media users expressed deep concerns over the alleged exclusion of immediate family members from critical proceedings and raised suspicions about the role of Aigboje Aig-Imoukhuede in managing the late banker’s affairs.

  • A user identified as @Uchekc remarked on what he perceived as manipulation, particularly regarding Herbert Wigwe’s daughter, Tochi:

“The Tochi of a girl is being manipulated against her family members. This interview is mind-blowing, and without even listening to it, I already knew something was fishy. Why are the minors being kept away from their immediate relatives? How could Aig go to Isiokpo without paying homage to Herbert’s parents? What are they hiding or trying to hide from his parents and siblings?” 

  • Another commenter, @judeumeh5390, echoed similar concerns, arguing that the Wigwe family, rather than external parties, should be entrusted with the management of Herbert Wigwe’s legacy:

“This woman and her parents are absolutely right. The family is more than capable of handling this situation better than any friend or outsider. This is purely a family matter, and as Herbert’s father, his rights should be respected. No one knows if he has been offering guidance all along, but it seems the advice is being ignored. Unfortunately, many wolves disguise themselves as sheep, and only time will reveal their true nature. Friends can betray even when someone is alive—what more when they are gone? Transparency is needed in this case.” 

  • Dr. Joyce Wigwe’s advocacy also found support from @drtrishmd, who commended her for speaking out:

“Thank you for shedding light on this issue. It has been a truly difficult experience, but Dr. Joyce has handled herself remarkably well. She is asking the right questions and should naturally be on the same side as her niece. However, the other side has strategically turned her into a pawn. May truth prevail.” 

  • Meanwhile, @Bori-e4t questioned the apparent shift in Tochi’s relationship with her grandparents, implying that external influences may be at play:

“Why would a child suddenly turn away from her grandparents? The way Aig is handling this situation is highly suspicious.” 

Some context 

The family initially requested that legal proceedings surrounding the estate remain private to protect the children from public scrutiny. However, their request was denied, with the opposing party insisting on making the proceedings public.

Joyce Wigwe insists that the family is not trying to take anything from Tochi but merely wants transparency and accountability. She argues that, given the scale of Herbert Wigwe’s estate and the financial complexities involved, a more structured and informed approach is necessary to protect the best interests of his children.

What we know 

Earlier reports suggested that Pastor Shyngle Wigwe, the father of the late Herbert Wigwe, had become embroiled in a legal battle over a share of his son’s estate.

It was alleged that he had filed a caveat at the Probate Registry, seeking to challenge the distribution of Herbert’s wealth, which had been exclusively designated for his children. However, this recent interview by Joyce Wigwe strongly refuted these claims, stating that her father’s priority has always been to ensure fairness and transparency in handling Herbert’s estate.

In light of these unfolding events, former Access Bank CEO Aigboje Aig-Imoukhuede—who has been accused of tampering with Herbert’s will and withholding vital information from the family—is yet to release an official statement addressing the allegations.

Backstory 

Herbert Wigwe, the former CEO of Access Bank, tragically passed away in a helicopter crash on February 9, 2024, at 57 years old. The fatal accident occurred near Halloran Springs, California, killing him, his wife, Chizoba, their son, Chizi, and business associate, Abimbola Ogunbanjo, former chairman of the Nigerian Exchange Group (NGX).

The helicopter, identified as an Airbus EC130, was en route from Palm Springs, California, to Boulder City, Nevada, when it crashed under mysterious circumstances. Reports initially suggested that the poor weather conditions and pilot error might have contributed to the crash.

[Nairametrics]

Veteran Nollywood actress, Ayo Adesanya, has opened up on how her abusive marriage negatively affected her.

Speaking in an interview with Chude Jideonwo, the thespian disclosed that the abuse she experienced in her crashed marriage turned her into an alcoholic.

 

Adesanya narrated how her ex-husband stopped her from acting and threatened to pluck out her eyes with a knife.

The actress said she was abused for 10 years and could not leave because of the shame of people saying she couldn’t keep a man.

She said, “Anywhere my ex-husband saw me, he would beat me.

“He beat me so much that I became an alcoholic. But I couldn’t leave because of the shame of people saying I couldn’t keep a man.”

Meanwhile, Nigerian media personality, Daddy Freeze, has defended Nigerian singer, Damini Ogulu, professionally known as Burna Boy, over the ongoing Lamborghini saga with popular socialite, Sophia Egbueje.

Naija News reports that Sophia, in a leaked audio online, called out Burna Boy for failing to fulfil his promise after sleeping with her.

She claimed that the Grammy award-wining singer promised her a Lamborghini in exchange for sex.

Amid the controversy the issue had generated online, Burna Boy released a mocking video, questioning why a certain individual is angry over his failure to buy a Lamborghini.

However, reacting to the drama in a video via his Instagram page on Friday, Daddy Freeze backed Burna Boy for scoping Sophia to get intimate with her.

He advised women to stop selling their bodies in exchange for a Lamborghini.

He said, “Women, please stop selling your body for a Lamborghini. And please, men, una no get action? Una no fit talk to women? Which one is Lamborghini?”

“Una wan sleep with a woman and she’s requesting a Lamborghini in exchange. Burna Boy, correct guy, you try. Burst them. The government needs to look into this. It cannot be okay for a girl to believe that she can get a car or a house by sleeping with a guy.”

Captioning the video, he wrote: “Lambo Lamba. Burna did well. Never press money when you can scope. The government needs to step in and stop this sex-for-Lambo-style drama.”

[NaijaNews]

Chairman, Governance Advisory Council (GAC) in Lagos State, Prince Tajudeen Olusi, has opened up on the controversy in the Lagos State House of Assembly.

Speaking for the first time since the removal of Mudashiru Obasa as Speaker and election of Mojisola Meranda on January 13, 2025, the APC leader stated that whereas the lawmakers have no absolute powers to remove or install their leaders, neither the GAC nor the party was consulted.

Daily Trust reports that both Obasa and Meranda are now laying claim to the Speakership of the House of Assembly.

The GAC is the highest decision making organ of the APC which has held series of meetings with the aggrieved lawmakers since the crisis started.

Speaking with newsmen, Olusi said, “Members of the GAC are not members of the Lagos State House of Assembly to allegedly be behind the removal of Obasa. It can’t be true.

“We read it also that morning. The lawmakers carried it out without consulting the party and those of us in the GAC. That is our position.

“We invited all of them and insisted that all of them are products of the party. They lodged their complaints and we listened to them.

“I blamed them for one thing and that is for not lodging the complaints earlier before the party. It is for the party to decide, they (lawmakers) have no absolute power to remove and install their leaders.

“Nobody can become a member of the House of Assembly unless sponsored by a political party and the sponsors are the inspectors.”

He however added that discussions were ongoing to resolve the crisis.

“The problem is the speaker (Obasa) and his colleagues which had led to his removal. It is a disputer among them.

“Currently, there is a high powered committee of the party led by Chief Bisi Akande and members, including Aremo Olusegun Osoba, and former APC National Vice Chairman, South-west, Chief Pius Akinyelure and others,

“They are working and making efforts to resolve the matter. I know they are in consultation with the House of Assembly, Obasa and the other Speaker, Mrs Mojisola Lasbat Meranda.

“Those of us in the GAC and the Chairman of the Party, Pastor Cornelius Ojelabi are doing all within our power to assist the committee,” he added.

[Daily Trust]

The battle between the Abia State chapter of the Peoples Democratic Party, PDP,band the National Chairman of the Board of Trustees, Senator Adolphus Wabara, has taken a legal dimension as the Abia State High Court sitting at Obehie, Ukwa West LGA, has stopped the enforcement of the suspension of the former Senate President as BoT Chairman.

Justice L.T.C. Eruba, who presided over the matter between Adolphus Wabara and Abraham Amah, restrained Abraham Amah from laying claims to the Abia State chairmanship of the PDP and also restrained him from enforcing the said suspension of Wabara.

In the suit marked HUK/8/2025, Wabara is seeking the order of the court to restrain the defendant from enforcing the purported suspension.

Granting the prayers of the claimant, the court ordered: “The defendant is restrained from enforcing the suspension of the claimant/applicant from the Peoples Democratic Party, or in any way affecting his position as the Chairman, Board of Trustees of the PDP till the motion on notice is determined.”

Amah, while announcing Wabara’s suspension, accused the BoT Chairman of anti-party activities, citing praises for Governor Alex Otti’s performance as one of Wabara’s alleged sins.

Meanwhile, a group, PDP Frontiers for Change and Progress, has denied the claims made by a former Commissioner for Information, Abia State, John Okiyi Kalu, where Okiyi alleged that Adolphus Wabara held a secret meeting with Governor Alex Otti in London to discuss Otti’s possible defection to the PDP.

The National Coordinator of the PDP pro-group, Mr Emeka Yellow Ikpegbu, challenged the former commissioner to provide evidence of the alleged Wabara-Otti London meeting.

 
 
 
 
 

The H-1B visa programme plays a key role in the U.S. job market, enabling companies to address labour shortages in specialized fields requiring foreign workers.

It was created to help tech firms in the United States address labor shortages, allowing them to temporarily hire nonimmigrant workers to fill roles related to areas like computer programming or engineering.

Today, the nation’s largest companies continue to use the H-1B visa program, gathering some of their employees from other countries to curate a workforce that matches their needs.

Here is a list of top U.S. companies that sponsored H-1B visas:

1. Amazon

As a leader in e-commerce and cloud computing, Amazon continues to expand its workforce globally. The company emphasizes diversity and inclusion, operating 11 employee resource groups and making significant contributions to social justice organizations. In 2024, Amazon had 9,265 H-1B visas approved.

2. Infosys

With a workforce of over 323,000, Infosys remains a dominant player in digital services and IT consulting. The company promotes cross-cultural collaboration through initiatives like Culture Chat. Infosys secured 8,140 H-1B visa approvals in 2024.

3. Cognizant

A major force in digital solutions, Cognizant employs over 340,000 professionals worldwide. Due to its global presence, the company has a strong history of H-1B sponsorship, receiving 6,321 approvals in 2024.

4. Google

As a tech giant with employees across six continents, Google continuously strengthens its diversity and inclusion efforts. In 2024, the company had 5,364 H-1B visa applications approved.

5. Tata Consultancy Services (TCS)

With over 601,000 employees worldwide, TCS is a global IT powerhouse. The company actively promotes inclusive hiring practices, particularly in Latin America, and had 5,274 H-1B visa approvals in 2024.

6. Meta

Meta, the parent company of Facebook, Instagram, and WhatsApp, continues to attract global talent. In 2024, Meta had 4,844 H-1B visas approved.

7. Microsoft

A leader in software and cloud computing, Microsoft has been enhancing its diversity initiatives over the past decade. The company secured 4,725 H-1B visa approvals in 2024.

8. Apple

Apple has ramped up its diversity efforts, launching the $100 million Racial Equity and Justice Initiative. The company had 3,873 H-1B visa approvals in 2024.

9. HCL Technologies

With offices in 60 countries and over 220,000 employees, HCL Technologies is a strong advocate for workplace inclusion. In 2024, HCL America had 2,953 H-1B visa approvals.

 10. IBM

As one of the oldest names in tech, IBM continues to foster international talent. The company employs professionals from various global regions and had 2,906 H-1B visa approvals in 2024.

11. Cisco

A Silicon Valley staple, Cisco operates on a global scale, with over 90,000 employees worldwide. The company had 1,330 H-1B visa approvals in 2024.

12. Capgemini

A Paris-based IT leader with a strong global footprint, Capgemini employs more than 300,000 people across 50+ countries. In 2024, the company secured 2,795 H-1B visa approvals.

13. Accenture

Serving clients in over 120 countries, Accenture is a key player in IT consulting. The company had 2,157 H-1B visa approvals in 2024, according to the U.S. Citizenship and Immigration Services.

14. Ernst & Young (EY)

A global consulting and auditing firm, EY is a champion of diversity and inclusion, earning international recognition for its efforts. The firm continues to support global hiring initiatives through H-1B visa sponsorship.

15. MobilityWare

A mobile gaming company known for its card and puzzle games, MobilityWare employs professionals across various fields and regularly sponsors H-1B visas for its workforce.

16. Oracle

Since its inception during the 1970s, cloud technology provider Oracle has become an international household name. Presenting an employee base that exceeds 160,000, the company hosts a range of diversity and inclusion initiatives and focuses on strengthening its international standing. Oracle is one of many tech powerhouses that sponsors H-1B visas, and received approval for 2,070 H-1B visas in 2024.

17. Capgemini

IT innovator Capgemini may not be a Silicon Valley original, but the Paris-based company has undoubtedly made an impact on the world’s tech scene. The company boasts over 300,000 employees across more than 50 countries, making it a global tech leader. In 2024, the company had 2,795 H-1B visas approved.

18. Qualcomm

Networking business Qualcomm has earned a reputation as one of the tech world’s most impactful companies. With over 170 offices in almost 30 countries, the company has begun amplifying its diversity and inclusion initiatives and has even established a Diversity Task Force to keep track of these measures. It received approval for 1,122 H-1B visas in 2024.

19. Accenture

IT services company Accenture has broadened its global reach since its founding in 1989. The company serves clients in more than 120 countries, making it a truly international organization. Accenture has a history of sponsoring H-1B visas, winning approvals for 2,157 visas in 2024, according to the U.S. Citizenship and Immigration Services website.

20. JPMorganChase

JPMorganChase serves clients in areas like investment banking, wealth management and financial technology. With a workforce covering 65 countries, JPMorganChase touts that 49 percent of global new hires are women and 58 percent of U.S. new hires are racially or ethnically diverse. The company supports its workforce with programs dedicated to employees who are Black, Hispanic or Latino, military veterans and living with disabilities. 

[TheNation]

Former presidential candidate Peter Obi has urged the Federal Government to prioritise improving existing road infrastructure in the country over building new ones.

Obi disclosed this in a post on X.com on Saturday, citing the tanker explosion that occurred on the Ilorin-Jebba expressway in Kwara State on Friday.

PUNCH Online reports that a preliminary investigation revealed that the tanker, which was conveying 33,000 litres of petrol, colluded with a truck that was loaded with fertilizer, causing a fuel spill that ignited the fire.

In his post, the former Anambra State governor stated that a greater percentage of road accidents are “caused by the deplorable condition of our road infrastructure.”

 

He wrote, “The tragic collision on February 28, 2025, along the Ilorin-Jebba expressway in Kwara State, which claimed over 60 lives, is a heartbreaking reminder of the urgent need to prioritize the reconstruction of existing road infrastructure across the country, improve road safety, and regulate the transportation of hazardous materials, rather than embarking on new road infrastructure that might never be completed.

“The alarming frequency of such road traffic accidents demands immediate and decisive action to prevent further loss of innocent lives.

 

“I recently visited the site in Suleja, where over 100 people were burnt—a tragedy resulting from the poor state of the roads.”

Obi added that during his recent trip to Kafanchan, over three and a half hours were spent “navigating dangerous, death-trap roads, further underscoring the urgent need to improve existing road infrastructure.”

In his post, Obi extended his condolences to the victims’ families, urging the government and citizens to unite in building safer roads.

He wrote, “As we mourn this loss, I extend my condolences to the families and the good people of Kwara State. May God Almighty grant eternal rest to the departed and provide strength and comfort to their grieving loved ones.

“Through collective responsibility and unwavering commitment, we can prevent further senseless tragedies and work toward building a safer, more secure nation for everyone.”

[Punch]

Senator Natasha Akpoti-Uduaghan, representing Kogi Central, has called on Mrs. Unoma Akpabio, wife of Senate President Godswill Akpabio, to refrain from involving herself in the ongoing sexual harassment and intimidation allegations against her husband.

The dispute between the two parties has escalated in recent days, drawing national attention.

The conflict began when Senator Akpoti-Uduaghan refused to sit in a designated seat during a Senate session, citing Order 10 of the Senate Standing Rules.

Tensions heightened after she appeared on Arise News last Friday, accusing Senate President Akpabio of blocking her motions, maligning her character, and intimidating her following her alleged rejection of his sexual advances.

In response, Mrs. Akpabio held a press conference in Abuja, dismissing the allegations as baseless. She emphasized the long-standing cordial relationship between their families, which predated Senator Akpoti-Uduaghan’s marriage.

However, in a letter dated March 1, 2025, addressed to Mrs. Akpabio through her lawyer, Victor Giwa, Senator Akpoti-Uduaghan urged her to stay out of the matter.

The letter, titled ‘Stay Away from Sen. Natasha Akpoti-Uduaghan’s Sexual Harassment and Intimidation Allegation Against Sen. President Godswill Akpabio; To Safeguard Your Sanity and That of Your Family,’ stressed that the allegations were personal to the Senate President and that he should be left to defend himself.

Akpoti-Uduaghan stated that she had endured harassment from Akpabio but was now compelled to speak out.

The letter read in part, “Our Client is not desirous of calling you out into the unfortunate saga concerning her allegations against the Senate President, and wishes that you restrain yourself from delving into the obscene circumstances. While she has tolerated all the harassment from the Senate President, she was constrained to reveal the unfortunate torture and victimization which she has been going through in the red chambers under the hand of the Senate President.”

The Senator further asserted that she had concrete evidence to substantiate her claims and urged Mrs. Akpabio to allow her husband to address the allegations independently.

“Our client has concrete evidence to substantiate her allegations. We will suggest that you leave the defense of the allegations for the Senate President to maintain your sanity and that of your family,” the letter added.

Akpoti-Uduaghan reaffirmed her commitment to defending Nigerian women and upholding family values,

“Our client remains resolute in the defense of Nigerian women and as a family woman, she will continue to maintain our common heritage and family values,” she stated.

[Vanguard]

Bukola Saraki, former senate president, has called for a transparent investigation into allegations at the heart of the clash between Godswill Akpabio and Natasha Akpoti-Uduaghan. 

The fray between Akpabio, the senate president, and Akpoti-Uduaghan, senator representing Kogi central, started over a recent seat re-arrangement in the red chamber.

Akpoti-Uduaghan fought fiercely against her new seat position following the re-arrangement, alleging that the move was an attempt to silence her.

The clash reached a crescendo on Friday after Akpoti-Uduaghan accused the senate president of making sexual advances towards her in his office and residence in Akwa Ibom.

 

“Mine is the case of a student being punished by a lecturer for refusing to sleep with him,” she said.

The allegation spurred reactions from notable Nigerians, including a lawsuit against Akpoti-Uduaghan by Ekaette Akpabio, the senate president’s wife.
 
Others have called for an investigation into the claims made by the Kogi senator.
 
Adding his voice to the debate, Saraki, in a post on social media, said the senate committee on ethics, privileges, and public petitions must probe the allegation tabled by Akpoti-Uduaghan.
 
He added that “both parties must submit to the investigation, fully cooperate with the committee, and stake their claims before it”.
 
‘This is not the first time a Senate President would appear before the Committee to aid it in the conduct of a transparent and open investigation,” the post reads.
 
“I remember during the 8th Senate when a Senator claimed that I imported an official car for my use as Senate President and that customs duty was not paid on the vehicle. Since I knew the claim was false, the matter was referred to the Ethics Committee and I appeared before the committee to testify, in the full glare of the media.
 
“From my testimony, it was clear the Senator who made the allegation got his facts wrong and was only being mischievous.
 
“Also, on the day the committee submitted its report for debate on the floor, I stepped down and allowed my deputy to preside. The transparent manner in which the investigation and the debate on the report were handled assured everybody that there was no case. This is a precedent that the leadership of the 10th Senate should follow.”
 
“The due process should be followed in this case, such that where anybody is found to have committed any wrong, the wrong should be pointed out and corrected. Also, the right remedy should be made.”
[TheCable]

Despite Bitcoin's current market slump, some industry leaders express optimism that the world's top cryptocurrency might rebound and eventually hit $2 million in a short timespan, driven by institutional adoption, regulatory shifts, and inflationary pressures.

"Bitcoin’s trajectory has consistently defied expectations, and while a $2 million price by 2030 is an aggressive target, it’s not outside the realm of possibility," Dr. Arman Meguerian, CEO of Bitcoin investment platform Timestamp, told TheStreet Crypto.

Proponents argue that increasing regulatory clarity in the U.S. and Bitcoin’s role as a global store of value make the price jump increasingly likely.

Jagdeep Sidhu, president of the Syscoin Foundation, envisions Bitcoin becoming the backbone of global finance: “It would absorb trillions in value as weaker assets disappear,” Sidhu tells TheStreet Crypto.

The Institutional Bet on Bitcoin

"Bitcoin’s potential path to $2 million by 2030 is fueled by positive regulatory changes, institutional adoption, and its track record as one of the best-performing assets of the past decade," CoinFlip CEO Ben Weiss tells TheStreet Crypto. "With spot ETFs [exchange-traded funds] unlocking new capital and governments shifting toward regulation over restriction, Bitcoin is on the way to becoming a mainstream investment."

Major financial institutions have steadily widened their exposure to Bitcoin in the past year. The approval of spot Bitcoin ETFs last year has also mobilized new capital into the market, with firms like BlackRock and Fidelity leading the way.

"As inflation erodes the dollar’s value over time, price levels that seem unfathomable today may one day be inevitable," says Justin Barlow, Head of Business Development and Investments at Sei Foundation.

If Bitcoin captures even a fraction of gold's market cap, seven-figure prices are a strong possibility in the future, some industry observers say.

"Bitcoin, as digital gold, could potentially reach gold’s market capitalization within the next decade,” Youwei Yang, Chief Economist at BIT Mining, tells TheStreet Crypto. “With gold valued at approximately $20 trillion and Bitcoin currently around $2 trillion, this suggests a possible 10x increase in Bitcoin’s value, bringing it to around $1 million per coin.”

“Bitcoin at its core is all about scarcity,” Chris Kline, co-founder of BitcoinIRA, tells TheStreet Crypto. “Only 21 million [Bitcoin] will ever exist, and 19.5 million are already accounted for. Given its extreme relative scarcity against fiat money and the challenges ahead for nation-states struggling with monetary expansion, a $2 million Bitcoin isn't outlandish.”

However, Kline says the path will be "neither smooth nor direct."

“With each new price level tested, there will be significant volatility as market participants take profits, new entrants establish positions, and institutional capital adjusts its exposure,” Kline says.

"Bitcoin could hit $2 million if it disrupts the U.S. dollar’s petrodollar dominance, driven by its fixed supply and growing institutional interest,” Alan Orwick, co-founder of Quai Network, tells TheStreet Crypto.

“While Bitcoin faces hurdles, especially with the U.S. dollar being so dominant, stablecoins might help Bitcoin eventually take off, and a $1 million Bitcoin price by 2035 isn’t out of the question,” Orwick adds.

Skepticism persists

However, others caution that Bitcoin's potential to reach $2 million is "extremely low," citing factors such as market volatility and structural economic constraints: "Trillion-dollar, volatile, risk-on assets simply do not experience hyper-growth," Ryze Labs founder Matthew Graham tells TheStreet Crypto.

"Even with sovereign wealth funds and corporate treasuries investing, and rampant hyper-inflation in major economies, this target remains highly improbable — and such inflation would also render the nominal price meaningless."

 [TheStreet]

The U.S. Securities and Exchange Commission has been busy over the past few weeks, hinting at a brighter future for crypto companies.

PS: I'll be in San Francisco next week for the American Banker Payment Forum. Say hello.

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

New era

The narrative

The crypto industry racked up a number of early wins in the first month (and week) of Donald Trump's second term as U.S. president. The U.S. Securities and Exchange Commission announced it would drop or close half a dozen open investigations and ongoing cases, and asked courts to pause two more.

Why it matters

The crypto industry clearly won big during the 2024 election, and it's only just beginning to see what that means. Questions of how it actually should or shouldn't be regulated are now up in the air.

Breaking it down

Over the last week and change, the SEC filed to withdraw its case against crypto exchange Coinbase, pause its cases against Binance and Tron and informed ConsenSys, OpenSea, Robinhood, Uniswap and Gemini it would close its cases or investigations into those platforms.

These announcements come on the heels of SEC Commissioner Hester Peirce announcing she would head up a new crypto task force at the regulatory agency and publishing a number of open questions to the general public about how securities law might apply to different types of cryptocurrencies and defining how the SEC would oversee this industry. The SEC also withdrew staff accounting bulletin 121, an accounting standard much of the industry hated.

While there are a number of investigations or cases still outstanding, it's clear the SEC has taken a sharply diverging tack under Acting Chair Mark Uyeda from when former Chair Gary Gensler helmed the agency.

Commissioner Hester Peirce said the SEC was now working to develop more policy that would guide the Division of Enforcement's future actions, rather than have these enforcement actions "write regulatory policy."

"We're really trying to get back to using our enforcement division for its intended purpose, and letting the regulatory divisions do the hard work of figuring out how to craft rules, guidance [and] interpretations," she told CoinDesk in an interview. "And then enforcement has a role after that, of course, to enforce the rules that are on the books. But this has just been an area where we've kind of gone about it backwards, and we're trying to right the ship here."

The industry has been taking a victory lap with the withdrawals and dropped cases (and to be clear, it's not just the SEC withdrawing enforcement actions and investigations).

Amanda Tuminelli, the chief legal officer at DeFi Education Fund, a decentralized finance-focused lobbying group, said any groups in the crypto sector should be more confident they would not be sued "for a mere registration violation."

"I don't think that we've won. I won't think that we have won until there are clear final rules on the books that make it clear, that are durable wins that make it clear that the industry is going to be able to innovate and exist for years in the future," she said in an interview.

On the other side of this argument, the SEC — and Congress — are "actively welcoming" chaos from the crypto sector to the broader financial system, said Corey Frayer, the director of Investor Protection for the Consumer Federation of America and a former SEC senior adviser to Gensler.

"The SEC is not just abandoning enforcement actions, it's actively building an unregulated market for crypto assets," he said in an interview.

This could create risk for contagion, he said, referencing FTX and Silicon Valley Bank's collapses. FTX had an issue with leverage (and the various FTX-affiliated tokens, which were used as collateral but lost their value following the exchange's collapse).

"As we’ve learned from prior financial crises, ramping up leverage risks that any single bad bet or any significant move in the value of one asset or intermediary will crash the entire crypto sector," Frayer said.

Congress's efforts may take some time. Earlier this week, lawmakers with the Senate Banking Committee's new digital assets subcommittee convened its first hearing focused on future legislation.

Lewis Cohen, an attorney who's long been active in the crypto sector and a witness at the hearing, said developers had "raced ahead of the legal and policy frameworks designed decades ago."

"Perhaps most critically, this uncertain regulatory environment has left consumers and users of digital assets at risk," he said. "A clear, practical and flexible federal statutory regime is urgently needed to address activity involving digital assets in both the primary and the secondary markets."

Former Commodity Futures Trading Commission Chair Timothy Massad suggested Congress should focus on stablecoins and hold off on any kind of market structure legislation, at least until his former agency and the SEC have had a chance to work on rulemakings and guidance first.

Tuminelli said she was worried that some builders might take these recent signs to mean "it's just open season," even though she expects law enforcement agencies to continue cracking down on outright criminal activity. Other recent incidents, like Bybit's $1.5 billion hack, are also poor signs for the industry.

"We have things like Bybit to worry about, and we do have to worry about national security concerns and things like that," she said. "So there are still going to be compliance issues that people need to pay attention to, even as there is a much greater runway in front of us."

[CoinDesk]