Business
Tesla’s Bitcoin Transfers Spark Concerns, Price Remains Steady
Tesla’s recent large Bitcoin transfers raised concerns about a possible market crash, but data from Arkham suggests the company still controls the assets. Social media, particularly X, buzzed with worries, but no Bitcoin has moved from Tesla’s wallets since October 15.
Despite these transfers, Bitcoin’s price actually rose 5%, reaching $69,220 on October 21, before dropping slightly to $67,600. The reason behind Tesla’s Bitcoin transfers is unclear, but some speculate that the funds could be sent to a custodian, allowing Tesla to secure a loan using its Bitcoin.
Tesla uses Coinbase Prime Custody for storing its Bitcoin, and further plans may be revealed during the company’s third-quarter earnings call on October 23. Tesla remains the fourth-largest corporate holder of Bitcoin, having initially bought $1.5 billion worth in February 2021.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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