Social media is bursting with complaints about the massive crash of their investment in cryptocurrencies. Prices of major currencies, including Dogecoin, Bitcoin, Ethereum, BNB and others crashing as much as 30 per cent in 24 hours.
Here is how the dip began
Bitcoin took the first punch after Elon Musk declared that payments for Tesla cars could be made through Bitcoin. He cited the enormous energy used by bitcoin miners to motivate the decision (learn more).
Only when it seemed like the challenge was coming to an end, China (the most populous country in the world) struck with a ban. Chinese authorities banned the trading of cryptocurrencies. The effect of this decision was not comfortable for cryptocurrency investors around the world.
However, there have been several comments on encouraging investors to buy the dip, notwithstanding the fall because some believe that as the prices are down, investors can buy at this price. Hopefully, when the prices increase, they would have the advantage to sell at a higher price.
While there can be brims of hope or expectation from crypto investors about the possible shoot up of their investment, what can be said about the progressive dip experienced in the Nigerian electricity sector?
Before the privatisation exercise in 2013, the electricity supply in Nigeria has been on the dip. The country’s government made its citizens believe that privatisation would save the sector and provide an adequate electric power supply.
Over seven years since the privatisation exercise, the sector is still in the red. Can any investor confidently buy the dip that keeps getting deeper in the Nigerian electricity sector?