Programme: City Talks with Reuben Abati

Time: 12:00

Guests: Marcel Okeke

Economist and public affairs analyst

Topic: Budget approval, telecom tariffs and CBN charges

Date: February 15th, 2025

Join Zoom Meeting

https://zoom.us/j/92877141732?pwd=VEJWb29OL2VVekZUTHRpdWYxK0xxZz09

Meeting ID: 928 7714 1732

Passcode: 600206

Pa Ayo Adebanjo Was an Inspirational Obideient

The news of the demise of the chieftain of the Pan Yoruba Socio-political Organization Afenifere, Pa Ayo Adebanjo, struck us like a cyclone, still in sadness and great shock. 

Pa Adebanjo is one of the pillars that the expectant New Nigeria is standing on. His legacies and pluck etched his name on the annals of history as a great countryman, with indelible proofs of patriotism and heroism.

Pa Adebanjo will forever be remembered as that selfless leader who sacrificed his lifetime as an upholder and proponent of true democracy and the Rule of Law. His commitment and steadfastness in leadership craftsmanship are reflected in the monumental achievement of the Afenifere organization. 

Myself and the OBIDIENTS extend our condolences to his family, his friends, the good people of Ogun State, the Afenifere Organization and everyone he has left a lasting impact on their lives in our Nation.

It is our earnest desire that more people like Pa Adebanjo are birthed in our democratic space who will uphold the unity of our Nation and are willing to work tirelessly for the progress of a united victorious front as One Blessed Nation, our differences regardless.

With the likes of Pa Adebanjo on a united front, despite the dividing lines of language, race and religion, A New Nigeria is POssible.

May his soul rest in peace

Dr. Yunusa Tanko 

National Coordinator 

OBIDIENTS Movement

Hardly is it suspected that the non-physical defines undercurrents that eventually lead to the physical either as condensation or as pressure. Unaware of the undercurrents we simply conclude that what we do not see or feel does not exist. We have scientists to thank; with their microscope the world now knows that there are living organisms bitterly fighting themselves in a drop of water. Water itself is a combination of molecules of hydrogen and oxygen. The place of heat cannot be overlooked. We boil water, after a while we open the lid of the pot, and what do we find on that lid? Water! Geographers tell us that when hot air rises to a cooler region, we have what they call conventional rain. There is no need to go into the subject of heat today beyond stating that without heat there is no motion. Where there is no motion there is no life. A characteristic of the human spirit is that it is magnetic and there is the Law of Attraction of Homogeneous Species with its inherent and power of motion. The sun is a star composed of spirit motes the concentration of which gives rise to electro-magnetic waves called sunlight. It is also the splitting of these spirit motes which stream down from beyond what is proverbially known as Paradise and form atoms even found in cell molecules of our body. It is the animating influence of the human spirit on the cell molecules that keeps a person away from cancer if it is not dimmed through crass pursuit of materialism or power.

What I am getting at is that a great many believe that what they cannot feel or see even with the aid of modern day scientific gadgets does not exist. Some, who believe that there is more to life than meets the eye, as it is said, do not know enough about the Beyond that it is vast, indeed defined as all that cannot be perceived by earthly means. As I did state last week, what most modern priests, clerics and scholars have been unable to grasp is that Creation has a structure, and they may need to seek clarity on concepts and pictures as well. The Primordial Creation is the highest, yet there is the Divine Realm which is not part of Creation. And separating the Divine and the Throne of Grace of the All-Highest, Most High God is an ocean of flames which only the Lord Jesus Christ and the Holy Spirit can cross. This is because their radiations which brought about the flames are the same as the Most High bears. They are parts of Him. The real Creation is the Spiritual Realm, the vastness of which is beyond the contemplative faculties of man to survey or comprehend. The densest part of the subsequent Creation is where the earth has its place. The Ethereal World which we call the Beyond is bigger in size and vastness than this physical world. It has its own gradations and sections.

As we all must have experienced it while in the air, on a flight cruising 35, 000 feet above sea level, that is from the ground, neither trees nor human beings are seen looking down from that height until the aircraft begins to lose height in descent preparatory to landing. It, therefore, cannot be difficult to grasp when it is said that the earth with all its 7.8billion inhabitants is no more than the tip of a fountain pen in relation to our universe. From all this we should begin to have an idea of how far from this earth Paradise is, and how farther still the abode of the Holy Spirit is, at the summit of Creation where He is the eternal Mediator through Whose Power the entire Creation is governed as the Will of the Most High while the Lord Christ governs the Divine Realm after re-uniting with His Father following the brutal end of His Ministration of Love on earth—Both working at the behest of the Father Who is in Them and They in the Father as Trinity. With this vastness alone, it becomes imperative to understand the nature of the Creator, the Almighty Creator of all. Many see Him as no more than an old King in the neighbourhood, at most some distance high up beyond the clouds–even when astronauts have revealed that the moon is about 400, 000 miles away from the earth. Thus, I stated last week that the old knowledge can no longer suffice; it is limited. At the time we were infants we were given only what infants needed and should be aware of at their level. The elemental beings also called Nature Beings, for example, were the teachers of our forebears. Today we know that rocks are composed of chemical compounds which are made in themselves of protons, neutrons and electrons. These are radiations tapped by the Nature Beings in their weaving from Light Rays precipitation. The Law of Motion demands of us that we grow and deliberately, too, from time to time, re-examine our belief systems, religious or spiritual, and summon the courage to throw out of the window those that belong to the age of ignorance, primitive and pervasive superstition. The knowledge of the building blocks, of the developmental stages would necessarily remain. No one would forget he started from a primary school.

Now I want to recall what I wrote in this column in November, 1993, captioned The age of knowledge. It goes as follows:

Knowledge is power, it is often said. And when the man of knowledge comes we rise in salutation, paying him generous homage. His intellect, generally regarded as the seat of that knowledge, is praised. We look at him in admiration. The man of knowledge is celebrated from land to land, from one end of the world to the other. The man of knowledge is he who has read far and wide. He has read the Life of Rousseau. He has studied Alchemy. He has read about Apollonius Hipparchus. He is familiar with Sophocles, Socrates, Plato, and Aristotle. He has read T. S. Eliot; Wole Soyinka; William Wordsworth; Achebe; J.P. Clark. He is familiar with John Kenneth Galbraith’s The Age of Uncertainty and the later work, The Affluent Society. The man of knowledge is one who has read Flora Nwapa. He speaks about Vincent Ike with uncommon familiarity. About Amos Tutuola’s Palm Wine Drinkard. And about Femi Osofisan’s Women of Owu, Morountodun and Once Upon Four Robbers. The library of the man of knowledge is filled with Niyi Osundare’s works and Odia Ofeimu’s. He is he who has grappled with Segun Sofowote’s English As She Is Spoke which Alfred Opubor described as, in his words, “a confident road map, produced by a teacher who has earned his stripes in the heart of the Nigerian battlefield for language excellence.”

The man of knowledge is one who has read, digested and made the content of William Shakespeare’s works his own. He is familiar with the thought of Heracleides of Heraclea Pontica that the earth turns on its axis and that Mercury and Venus revolve round the sun. He is familiar with Archimedes of Syracuse of “Give me where to stand and I will move the earth” fame. He has read about Herophilus and his discovery of the nerves and differentiation of cerebrum and cerebellum. He has read about Pythagoras and Plato as the fathers of geometry who, it was reported, brought its development to such a stage that the inscription over Plato’s Academy could not but read: “Let none enter who knows not geometry.”

He is regarded as a man of knowledge who speaks as if he was an eyewitness to the French Revolution. He is familiar with the Thoughts of Karl Marx and The Selected works of Mao Tse-tung. He has read Awo’s many books and Zik’s Odyssey. He is familiar with the work of Mozart. He is conversant with the work of Handel. He is one who asked if he had read Winston Churchill’s Second World War, Alone,” he speaks in the affirmative. Has he read Okigbo, the poet? A man of knowledge is one who has read Nelson Mandela’s Long Walk to Freedom. He is said to be one, in the words of one-time action Governor of Lagos State, Lateef Jakande, (LKJ), who reads everything in print and who knows something about everything and everything about something.

In the ages past, the universally accepted knowledge was that stored in stone, skins, trees, scrolls or walls such as Egyptian hieroglyphics. Today, the universally accepted knowledge is that documented in books, and books are kept in libraries. Thus, the man of knowledge today is one who is expected to have waded through libraries. No, I take that again. Today, the universally accepted knowledge is that also stored in the e-books and in the magic, all pervading Internet as well as in links and its portals Mr. Google, Google and its variants—FaceBook, YouTube, Twitter alias Mr. X with Donald Trump as the chief librarian and editor-in-chief. Mr. AI, the thought police of these times, is keeping a watching brief.

Books contain thoughts of the writer who, in the words of Jean Paul Sartre, has chosen to reveal the world and particularly to reveal man to men…his writing has brought about the commonality of language and revealed the world of universalism. Knowledge brings confidence. It engenders a feeling of wellbeing. There is an air of being on top of the world. In the early days, university students were often referred to as the leaders of tomorrow. In testimony to this, in all parts of the world, the men of knowledge have been in power in all countries for upwards of two centuries today. They control influence and privileges.

I remember renowned mathematician Chike Obi pressing hard in 1964, in the First Republic, that a thorough knowledge of Pythagoras’s Theorem should be minimum qualification for Nigerian legislators. He spoke in Parliament. He spoke using the vehicle of his radical, non-conformist Dynamic Party.

Through knowledge, there have been discoveries. The knowledge itself may have derived from observation of phenomena. It has been observed, for example, that energy radiates—although the source of the energy is not generally known. Yet, energy must have a source. Discoveries have brought about great improvements in our lives. Through observations, experimentation, and cognitions, the outworking of life’s principles became established. And these established principles have been used to bring about what they call inventions which have facilitated life. I hasten to state, though, that there are no inventions, there are only revelations because all man needs is already provided in Creation. The invention of electricity by Michael Faraday will live in the hearts of men for all time. The principles of invention have today become widespread knowledge. Subsequent attempts after him have been to polish and perfect his efforts.
Systems, practices and cultures of different peoples are observed and documented to form a body of knowledge. So is the behaviour of man under different circumstances and environments, be it politics, or economic pursuits. Reports of such behaviourial studies abound. In the age knowledge has not lost its innocence, learning mistaken for knowledge and its product, erudition, became a power rated far above wealth. He would have the best women if he could just conjugate in Latin—because it was strongly held, that learning moulds character. Early writers evincing knowledge were courted by kings, by the powerful, and the mighty among men. Learning has been essentially regarded as the route to knowledge. As proof of learning, books have sprouted.

However, if in spite of knowledge, man has not known peace and joy, the secrets of what scholarship is expected to unravel, should the world not spare some moments of thinking of alternatives? Should searching and questioning not have begun bearing in mind that without reservations about what one holds in his hands, he cannot begin to ask questions, the right questions; and without the questions being asked, there can be no answers, and without answers there can be no progress. Should we not ask questions such as Wither our world? The guiding rule of Socrates, reputed to be the wisest man in Greece, stated, “I must first know myself as the Delphian inscription says; to be curious about that which is not my concern, while I am still in ignorance of my own self, would be ridiculous.” If our knowledge does not include revelation about ourselves, how can we address what is in our interest and how do we know our goal? What does our knowledge say about the economy, politics and nation-building—all of which are giving way if we care to see, and if we care to hear? What does it say about Life after Life? Afterall knowledge is about truth and truth is about reality. Thus true knowledge being Truth and Truth being Light illumines, dispersing ignorance and lack of clarity.

If we accept that there is life in the non-physical, we must also accept that beings in the non-physical have knowledge. Does knowledge gained here end with a person’s demise on earth? If the answer is in the negative, it is logical to appreciate the fact that human beings in higher planes, in the Light Region or Paradise must carry higher and richer knowledge. We would know that the closer a Realm is to the Source of Life and Light the higher and more pronounced the motion. Are we not told in Psalms 90: 4 “…for a thousand earth years are as one day in the spiritual’’? We read also in 2 Peter 3:8: “With the Lord one day is a thousand years.” It should stand to reason, therefore, that John the Baptist coming as he did from the Primordial Spiritual Realm, the highest spiritual realm, would have richer and expansive knowledge and capacity to receive directly the message of Revelation of the Light than John the Apostle who was from a lower Realm and was on earth. “Verily I say unto you,” so says the Lord Jesus, “Among them that are born of women there hath not arisen a greater than John the Baptist.” (Matthew 11:11). John the Baptist received the Revelation in the Isle of Patmos and passed it on to a human being on earth, John the Beloved of the Lord, who was spiritually open for it and who translated it into earthly words.

As I did state last week, mankind today have been blessed with so much that they have no excuse standing on the same spot going round in circles, but getting to nowhere in particular.

This piece, updated, was first published on this page in November 1993. It is being rerun because of its relevance in our today’s world that everything, including ideas and belief systems are subject to the Law of Movement. It will be concluded next week—The Age of Knowledge .

...says he was a patriot par excellence

It is with great sadness, that I received the news of the passing into glory of Chief Samuel Ayodeji Adebanjo, my brother, comrade-in-arms and political associate for upwards of 70 years.

His contributions during the struggle for Nigeria’s independence as well as during struggles for the restoration and sustenance of democracy in Nigeria shall remain indelible in the annals of Nigeria’s history. He was an unrelenting ideologue who fought for many noble causes under the auspices of Afenifere where he was once the Acting Leader.

Members of Afenifere family will greatly miss this fallen hero. 

Chief Adebanjo was a custodian of positive values that define progressive politics in Nigeria. As a disciple of the late sage, Chief Obafemi Awolowo, GCFR, SAN, he was committed to the principles of good governance, rule of law and the protection of fundamental rights of Nigerians. His advocacy for the restructuring of 

Nigeria was borne out of the conviction that only a truly federal Nigeria, where justice and fairness are supreme, could fulfill the aspirations of the people.

I pray that God will grant the family the fortitude to bear this great loss

Chief Dr R. F Fasoranti ( OFR)

The Asiwaju Yoruba and The Leader of Afenifere.

Former Abia State Governor, Senator Orji Uzor Kalu, has expressed deep sorrow over the passing of elder statesman and Afenifere leader, Pa Ayo Adebanjo.

In a heartfelt condolence message on Friday, Senator Kalu described Pa Adebanjo as a patriotic leader, a strong advocate for democracy, and a symbol of national unity. 

Kalu, who is the lawmaker representing Abia North Senatorial District and also the Senate Committee Chairman on Privatization and South East Development Commission acknowledged the late statesman’s lifelong dedication to justice, equity, and good governance, noting that his contributions to Nigeria’s socio-political development would remain indelible.

“The passing of elder statesman, Pa Ayo Adebanjo is a great loss to Nigeria. He was a fearless leader who stood for truth and fairness at all times. His wisdom, courage, and commitment to national unity will be greatly missed,” Kalu stated.

The Senator extended his condolences to the Adebanjo family, the leadership and members of Afenifere, and all Nigerians who were touched by the late leader’s legacy. He prayed for strength for the bereaved and for the peaceful repose of Pa Adebanjo’s soul.

A potentially explosive situation is unfolding in Amede Eha-Amufu, Isi-Uzo Local Government Area, Enugu State, as the  Commissioner Ministry of Local Government, Rural Development & Chieftancy Affairs, Deacon Okey Ogbodo and Chairman Isi Uzo Local Government Area, Mr. Obiora Obeagu face allegations of attempting to impose a defeated candidate as Igwe.

The controversy centers on a 2019 election on September 5th, between Chief Simeon Mgborogwu Edeoga and Chief Emeoha Michael Ikechukwu. Chief Edeoga reportedly won with 619 votes, but Hon. Ogbodo and Hon. Obeagu seem to be disregarding the community's mandate.

The Amede community is urging security agencies to intervene, citing a pending court case. They warn that any attempt to disrupt peace will be met with resistance. The community also questions the legitimacy of the election, given the absence of a Town Union Executive for three years.

How can election take place where there is no town union Executive?

Bitcoin mined has crossed the 19.96 million mark, meaning over 95% of Bitcoin in existence has been issued. The largest cryptocurrency could soon experience a scarcity amidst fast-paced BTC withdrawals from exchanges. U.S. President Donald Trump’s plan for a strategic Bitcoin reserve and developments like institutional adoption and Layer 2 rollout on BTC could catalyze demand for the digital asset. 

Bitcoin scarcity and BTC demand drivers

Bitcoin supply on exchanges decreased by nearly 15% since the declaration of the U.S. Presidential election results in November 2024. In the same timeframe, supply outside of exchanges has climbed from 17.99 million to 18.3 million, according to Santiment data. 

Typically, a decline in supply on exchanges and an increase in BTC tokens held by wallets outside of exchanges is considered a bullish sign for the digital asset. The volume of BTC held on exchanges has hit its lowest level in nearly three and half years. 

A drop in exchange supply eases selling pressure, and consistent demand historically drives prices higher. 

Matthew Sigel, Head of digital assets research at asset management giant VanEck analyzed 20 state-level Bitcoin reserve bills. Sigel predicts that if the bills are enacted, Bitcoin traders could expect $23 billion in demand for BTC. At current prices, the equivalent of 247,000 BTC demand could emerge from institutional investors. 

The sum ascertained by Sigel is independent of pension fund allocations, likely to rise if legislators move forward.

Data from Bitbo.io shows that only 1.039 million BTC BTC1.69%Bitcoin tokens are left to be mined. Over 95% of mined Bitcoin is either in circulation or held in wallets outside of exchanges, held by large wallet investors and entities. Demand from institutional investors could emerge as a top driver for Bitcoin price in 2025. 

U.S. Strategic Bitcoin Reserve progress and Trump’s plan for Bitcoin

U.S. President Donald Trump has suggested the creation of a Strategic Bitcoin Reserve, considered a game changing development in crypto. Typically, a reserve asset can be used in times of crisis, nation states maintain Gold reserves and reserves of Oil and Gas to tackle supply shocks. 

The proposal to hold Bitcoin as a reserve asset, therefore, solidifies demand for the token from the U.S. The administration currently holds almost 200,000 Bitcoins, seized through criminal investigations conducted by the FBI. 

According to a Financial Times report published on February 12, the government has previously sold its BTC holdings, however it is less likely in the Trump administration as the idea of a Bitcoin reserve is discussed. 

The finite supply of Bitcoin has garnered advocates who believe that “scarcity adds value” and that holding BTC tokens in reserve would appreciate in value in the long term. 

As President Trump supports Bitcoin and digital assets in his pro-crypto stance and campaign, institutional investors and Wall Street Bankers are examining the feasibility of adding the asset to their balance sheet. Trump’s Crypto and AI Tsar, David Sacks said, “One of the first things we’re going to look at is the feasibility of a bitcoin reserve.”

Bitcoin Layer 2 protocols

Kevin Liu, founder and CEO of GOAT Network discussed technological advancements on the Bitcoin blockchain and commented on the feasibility and future of Bitcoin Layer 2 protocols in an exclusive interview with Crypto.news. 

Liu said: 

“It only makes sense to offer numerous ways for that growing number of users to engage (with Bitcoin). Most Bitcoin Layer 2 networks rely on Bitcoin to fuel their economies, whereas most Ethereum Layer 2 lean on Ether. Different options for different users. 

I do think Bitcoin L2s are well positioned, because Bitcoin is the undisputed king of cryptocurrencies, by market cap, mindshare, and pretty much any other major metric. Since Bitcoin L2s are such a new concept, there’s also a lot more room for growth and novel use cases than the more mature Ethereum L2 and alt-L1 markets.”

Liu told Crypto.news that numerous large institutions are rolling up their sleeves to learn more about Bitcoin Layer 2 networks and BTCFi. 

“Both institutions and individual users don’t want to sell their Bitcoin. They want to put it to work, earning real BTC yield. They can then use that yield to, say, pay for capital gains, or just everyday expenses. If the BTC yield is large enough, there may even be room to pay for day-to-day requirements and grow their overall stack.”

When asked about the altcoin season and Bitcoin dominance this market cycle, Liu said, 

“Every bull market has seen Bitcoin dominance spike dramatically at some point, sucking the life and liquidity out of most other altcoins. That’s what’s happened for most of this cycle too. How altcoins perform from here will answer your question regarding how the overall market performs.

What we can say is that BTCFi is a new and exciting opportunity for crypto users, and the opportunity to earn real BTC yield offers a major opportunity to get the most out of BTCFi. We’re excited to hopefully play a key role in BTCFi’s growth.”

Whales and institutions don’t want to sell Bitcoin, what to expect 

Crypto intelligence tracker Santiment predicts an incoming capitulation in Bitcoin. In crypto, capitulation is when a large number of investors sell an asset due of fear of a steeper correction in the token’s price and a prolonged price drop is typically followed by a recovery in the token’s price. 

Santiment evaluated the number of non-empty wallets on the Bitcoin blockchain and identified a decline, meaning retail traders and investors are likely dumping their holdings for fear of losses, while whales and large entities continue to accumulate BTC. 

Within the last three weeks, Bitcoin blockchain’s number of non-empty wallets declined by 277,240, a significant drop, according to Santiment. 

In the long term, this behaviour is typical of “capitulation” and supports a bullish thesis for Bitcoin in 2025. 

Bitcoin price forecast for February 2025

Evaluating derivatives market data on Derive.xyz, it is observed that 47.3% of all premiums were calls sold and 24.4% calls bought, indicating traders are expecting some upside but with capped potential.

Dr. Sean Dawson, Head of Research at Derive.xyz told Crypto.news that:

“We’re experiencing a temporary lull in volatility as the market recovers from last week’s turbulence caused by Trump’s tariff announcements.

BTC At-the-Money (ATM) 7-day Implied Volatility (IV) dropped 7 percentage points – from 47% to 40% over the last 24 hours and BTC’s chance of hitting $125,000 by June 27 has improved to 44.4%, up from 41.9%.” 

Dr.Dawson maintains an optimistic outlook on Bitcoin price in the near and long-term. 

To forecast Bitcoin price for February 2025, we analyze the weekly and daily price chart for BTC/USDT. On the daily timeframe, technical indicators support a bullish thesis and a likely return to test the all-time high of $109,588. 

RSI reads 44 and is sloping upwards, MACD flashes red histogram bars that are consecutively shorter meaning underlying negative momentum in Bitcoin price trend is likely waning. 

BTC could face resistance at the $100,000 milestone and find support at two key levels, $93,646 and $90,000 on the daily timeframe. The three EMAs identify $98,154, the 10-day EMA, as a resistance level to watch and the $84,534 level, the 200-day EMA, as a key support for Bitcoin. 

On the weekly timeframe, Bitcoin is 13% away from its all-time high, a re-test is likely in February 2025, however traders need to watch the price trend closely. Both MACD and RSI are momentum indicators that are neutral or bearish. RSI reads 61, under the “overvalued” zone at 70, and MACD flashes a red histogram bar under the neutral line after weeks of positive underlying momentum in Bitcoin price. 

While there is a possibility of a correction, a recovery is likely, and the $100,000 milestone is a key level to watch in the coming weeks. 

Michael Saylor, co-founder of Strategy, formerly MicroStrategy is convinced that Bitcoin is on an unstoppable trajectory to replace gold, predicting a staggering price of $500,000 per coin in the near term and $5 million per coin in the long run.

Speaking in an X Space on Sept. 20, 2024, the Strategy co-founder outlined three key catalysts that he believes will trigger an unprecedented Bitcoin rally.

At the time of the X spaces, BTC was trading at $63,000. It is now at $97,000, up 53.97%. ​If Bitcoin continues to grow at an average rate of 54% every five months, it would take approximately 3 years and 3 months to reach $5 million.

Saylor argued that even without any major regulatory or institutional breakthroughs, Bitcoin is already on track to surpass gold as the dominant store of value.

"It's going to be a grind up by a factor of 10 just because gold is broken and Bitcoin is going to replace gold," he said. "Everybody in the universe now knows they need a non-sovereign store of value in the form of a bearer instrument."

With inflation concerns now a mainstream narrative, Saylor believes Bitcoin’s role as an inflation hedge will drive its gradual ascent.

"Last year, people said inflation may be coming. Now, the mainstream narrative has flipped to ‘inflation is here, you need an inflation hedge,’" he noted.

According to him, this alone is enough to propel Bitcoin to $500,000 per coin — but three additional factors could send it to $5 million per Bitcoin.

Three catalysts that could send Bitcoin to $5 million

Saylor believes Bitcoin’s price could skyrocket to $5 million per coin if three major catalysts unfold. The first, he says, is the approval of a Spot Bitcoin ETF, which would allow institutions to make large purchases seamlessly.

"Someone can go ahead and buy $100 million of Bitcoin through a security, an ETF security. I think that's one."

The second major factor is banks custodying Bitcoin and offering loans against it, a move that would integrate Bitcoin into the traditional financial system and increase institutional demand.

"Your bank is going to custody it for you and lend against it,” he noted.

Lastly, Saylor sees fair value accounting for Bitcoin on corporate balance sheets as a game-changer. If companies can report Bitcoin’s true market value rather than being forced to write down losses, it could accelerate adoption. "I can mark it up or mark it down on my balance sheet based on fair value, the same way I handle Apple stock or even Treasury bonds."

The rise of "pig butchering" scams and the increasing use of generative artificial intelligence likely lifted revenues from crypto scams to a record high in 2024, according to blockchain analytics firm Chainalysis.

Revenue from pig butchering scams, where perpetrators cultivate relationships with individuals and convince them to participate in fraudulent schemes, increased nearly 40% in 2024 from the previous year, the firm estimated in a report published on Thursday.

Revenue in 2024 from crypto scams was at least $9.9 billion, although the figure could rise to a record high of $12.4 billion once more data becomes available, it said.

"Crypto fraud and scams have continued to increase in sophistication," Chainalysis researchers said.

The company pointed to marketplaces that support pig butchering operations and the use of GenAI as factors making it easier and cheaper for scammers to expand operations.

Indeed, GenAI technology could potentially "exponentially scale crypto scams", Chainalysis said.

The company, which tracks publicly available transaction data on the blockchain to identify scam revenue, said crypto fraud activity grew 24% each year on average since 2020.

Cryptocurrencies, most notably bitcoin, have soared in price and popularity over the past few years as investors chased banner returns and interest in blockchain technology soared.

The sector has jumped significantly since U.S. President Donald Trump's victory in the November election on hopes of an easier regulatory environment.

Other particularly lucrative scams included crypto drainers, where scammers pose as blockchain projects and take control of victims' crypto wallets, and high-yield investment scams that promised outsized returns, according to Chainalysis.

In January 2024, a crypto drainer posed as the U.S. Securities and Exchange Commission after the regulator's X account was compromised.

Cryptocurrency ATMs have also been key hotspots for scams, according to Chainalysis, with perpetrators often impersonating government officials or customer support agents to convince victims to deposit cash into the machines.

[Reuters]