Bitcoin Daily: Nigerian School To Take Crypto For Fee Payments; JPMorgan Bearish On Bitcoin

Ricardo Salinas Pliego, owner of Banco Azteca, has said his bank will be attempting to accept cryptocurrency like bitcoin, Bloomberg writes.

“Sure, I recommend the use of Bitcoin, and me and my bank are working to be the first bank in Mexico to accept Bitcoin, if you need more details or information follow me on my Twitter account,” he said, according to Bloomberg.

Salinas, who is a bitcoin activist, said in 2020 that he has 10 percent of his liquid portfolio invested in the cryptocurrency.

Salinas was responding to a video from Michael Saylor, the billionaire founder of Microstrategy, who had been criticizing fiat currencies.

A Nigerian secondary school plans to accept cryptocurrency as payment, a report from Kano Focus says.

The report finds that the school, the New Oxford Science Academy Chiranchi, took on crypto payments as a way to make it easier on the payment of school fees.

“We’ve decided accept cryptocurrency as school fees, because the world today is tilting towards the system,” said principal Sabi’u Musa Haruna. “We believe one day digital money will gain more acceptance than paper money.”

Haruna said his school wasn’t the first doing so — other countries like El Salvador and Tanzania have begun to do so, too.

J.P. Morgan has said in a memo that it doesn’t expect cryptocurrency to hold its value, CoinDesk reports.

The memo said that the popular cryptocurrency, currently worth around $35,000 as of Thursday, is unlikely to soar to greater heights.

While the banking giant previously thought bitcoin could spike to around $140,000, now it thinks that is off the table as it thinks the “full convergence or equalization of volatilities or allocations [between gold and Bitcoin] is unlikely in the foreseeable future.”

J.P. Morgan predicts that some factors in the new forecast will consist of China’s new rules against crypto as well as the ending six-month lockup period for the Grayscale Bitcoin Trust fund, which saw a near-$4 billion inflow in December and January and is set to see a huge unlocking — there’s 16,000 bitcoin worth $627 million set to be released.