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Saudi Arabia announced on Friday that the holy month of Ramadan will begin on Saturday, March 1, following the sighting of the Ramadan crescent in the Kingdom.
The month of Ramadan is the ninth of the 12 months of the Islamic calendar.
PUNCH Online reports that the Saudi Royal Court said Taraweeh prayer will be held this evening at Masjid Bin Bāz after Easha Prayer.
Also, countries including Qatar, Oman officially announced that Ramadan would be observed on Saturday, March 1.
Meanwhile, the Sultan of Sokoto and the President of the Supreme Council of Islamic Affairs, Alhaji Saad Abubakar, is yet to announce the sighting of the crescent moon as of the time of filing this report.
Fasting during Ramadan is one of the five pillars of Islam and is considered mandatory for all healthy Muslims.
However, young children, sick individuals, travelers, and women who are pregnant, nursing or menstruating are exempt.
Muslims have followed the tradition of looking for the crescent moon for thousands of years to determine the start of Ramadan as well as the two major holidays in Islam, Eid al-Fitr and Eid al-Adha.
During Ramadan, working hours for private and public employees and schoolchildren are typically reduced.
'My husband is a disciplined man' - Akpabio’s wife dismisses Natasha’s harassment claim, threatens lawsuit
AFOLABI
Wife of the Senate President, Mrs. Ekaette Akpabio, has dismissed allegations of sexual harassment leveled against her husband, Senator Godswill Akpabio, by Senator Natasha Akpoti-Uduaghan (PDP, Kogi Central), describing them as false and unfounded.
Speaking to journalists on Friday, Mrs. Akpabio defended her husband’s character, stating that he is a disciplined and jovial man who respects women.
Earlier, Senator Natasha Akpoti-Uduaghan had alleged that her ordeal in the Senate began after she rejected Akpabio’s sexual advances.
Reacting to the claim, Mrs. Akpabio recounted the cordial relationship between both families, dismissing the allegations as a figment of Natasha’s wild imagination.
She also pointed out that she was present at their family residence on December 8, 2023, the alleged date of the incident while emphasising that their families have maintained a long-standing relationship, even before Senator Natasha’s marriage.
Mrs. Akpabio further praised her husband’s discipline, highlighting his track record of supporting women’s inclusion in government, even before becoming Senate President.
Urging women to desist from making false accusations, she vowed to seek legal redress on the matter.
Singer Paul Okoye aka RudeBoy has accused his twin brother Peter of being responsible for the case of fraud instituted against their elder brother Jude.
On Wednesday, the Economic and Financial Crimes Commission (EFCC) arraigned Jude, the former manager of Paul and Peter who made up the defunct group P-Square, on charges of laundering ₦ 1.38 billion, $1 million and £34,537.59.
Jude was arraigned alongside his company, Northside Music Ltd before Justice Alexander Owoeye of the Federal High Court, Lagos, on a seven-count charge. He pleaded “not guilty” to the charges.
Justice Owoeye remanded Jude in the Ikoyi correctional facility pending hearing for his bail application after the prosecuting lawyer Larry Aso countered Jude’s lawyer Inibehe Effiong who wanted his client remanded in the EFCC’s custody.
In a trending video recorded at the court’s premises on Friday, Paul promised to secure his release.
He told journalists that he and Peter were guilty of what Jude was being accused of.
“I’m supporting him because I know the truth,” said Paul.
“The truth is Peter is the one putting Jude through these things. It’s Peter who is doing these. He is putting him in prison and I’m here to bring him out.
“I’m only standing for the truth because the same crime that they accused him of doing, then Peter is guilty, Paul is also guilty too.”
A widespread electricity blackout has hit Abuja, Nigeria’s capital city, leaving several key areas, including the Presidential Villa, in darkness.
The disruption, according to the Abuja Electricity Distribution Company (AEDC), was caused by faults in several feeders supplying power to parts of the city.
The seat of power, the Presidential Villa, was affected due to a fault at the R4 Injection substation located near the Three Arms Zone on Aso Drive.
In addition to the Villa, several estates and communities, including suburban areas like Lugbe and Kubwa, have been without electricity for days.
AEDC in a statement on its official X (formerly Twitter) on Friday, listed affected areas as CKC Gwagwalada, Kuje Road, Almat Farms, Kiran Farm, Efugo, Kwali Road, L5 Injection Substation, Chukuku Environs, Premium Farm, El-Rufai Estate, and Daghiri.
Other areas hit by the blackout include Kuje Extension, John Calvin Estate, Kings Court, Karmo District, Idu Industrial, Urban Shelter Katampe, Living Faith Church Katampe, Jahi Village, Katampe Extension, Jahi by Gilmore, Gishiri, Mabushi, Kadokuchi, Navy Estate, and Anan House.
The blackout has also affected several other locations such as NAF Conference, Lake View Phase 1 & 2, Custom Quarter, Chida Hotel, Dakibiu, Brains and Hammers City Estate, Today Estate, Dape District, Katsina Estate, Paradise Estate, Ochacho Estate, Kafe District, American Embassy Estate, and parts of Gwarinpa, including Zones C, D, and E.
Additionally, parts of the city served by the Dantata and R3 Injection Substations, along with sectors around Lugbe FHA 1, FHA 2, Tudunwada, and Naff Valley Estate, are also experiencing outages.
Also, critical institutions, including hotels, schools, and hospitals, have been left in darkness, causing widespread disruption.
AEDC, however, urged affected customers to remain patient as engineers are working tirelessly to restore electricity
The Economic and Financial Crimes Commission (EFCC) has arraigned former Governor of Abia State, Theodore Orji, before the Abia State High Court over alleged misappropriation of N47bn during his time in office.
Orji, alongside his son, Chinedum Orji, a former Commissioner of Finance for Abia State, Dr Philip Nto, a government contractor, Obioma King, and a former Director of Finance for Abia State, Romas Madu, were arraigned on a 16-count charge brought against them by the EFCC.
The anti-graft agency accused them of conspiring to steal and convert for personal use billions of naira meant for various government projects in the state.
The EFCC accused them of misappropriating N22.5bn allocated for security votes from 2011 to 2015.
They were also accused of stealing N13bn from a loan facility granted by a defunct bank and illegally converting N12bn from the Paris Club refund.
The defendants were also accused of converting N10.5bn from another bank meant for the state, along with N2bn from the Central Bank of Nigeria designated for small and medium enterprises in the state.
However, when the charges were read to the defendants on Friday, they pleaded not guilty to all 16 counts.
Bode Olanipekun, a Senior Advocate of Nigeria representing the first defendant (Orji), moved a motion for bail on behalf of his client.
In the same vein, Chikaosulu Ojukwu, K.I. Oleh, Okey Amechi, and Isaac Anya, all senior advocates, filed bail applications on behalf of their clients.
EFCC’s counsel, Kemi Pinheiro, a Senior Advocate of Nigeria, did not object to the bail applications but asked the court to use its discretion.
The Chief Justice of Abia State and Presiding Judge, Justice Lilian Abai, granted the defendants bail and adjourned till June 18 and 19, 2025, for trial.
The Oyo State Chapter of the All Progressive Congress APC on Thursday 27th February 2025 welcomes former governorship candidate of the Advance Allied Party (AAP) in 2019 Oyo state governorship election and the Oyo South Senatorial Candidate of Young Progressive Party in the 2023 Senatorial election to the party alongside hundreds of her former party members and followers.
In her acceptance speech, Rev Dr. Adenike
Victor -Tade popularly called Mama Empowerment due to her many skill acquisition trainings and Empowerment for both youth and women in particular, appreciated the party members for their love and acceptance into the party APC.
She then pledged to bring in her expertise: skill training, mentorship, grassroots and human development among others to the development of the party in the local, state and National level.
Mama Empowerment emphasised why she joined the party, it was as a result of the share values, progressive ideals, leadership and integrity uphold by the Party members and most importantly the Party leaders led by The President Asiwaju Bola Hammed Tinubu GCOFR.
As the National President of Ultimate Total Life Concept with network in the 33 local governments of Oyo state as well as in the south west region of Nigeria. The South West Zonal coordinator of Progressive Empowerment for Nigerian Women. The State coordinator of No Women, No Nation
(Renewed Hope) all that contributed to the success of the election of the Asiwaju/Shettima ticket. All these she promised to use for the Party in the state and at federal level.
She then call for the corporation of the party members as she joined for a more vibrant collaboration in order to capture Oyo State for the next election come 2027 and beyond.
The Ibadan South West APC Chairman, Arch. Omoniyi Joseph in his address Promised Rev Dr Mrs Adenike Victor Tade a full support as she joined the party to realizing her dream and a strong collaboration to making the State and indeed the nation a place for all to live an enjoyable life.
The event was witnessed by all leaders of the party at her local government Ibadan south West where she was warmly welcomed
The Supreme Court on Friday ruled that the Central Bank of Nigeria and the Accountant-General of the Federation must halt the release of funds to the Rivers State Government until the Rivers House of Assembly is properly constituted in line with the 1999 Constitution.
The apex court also affirmed the Martins Amaewhule-led Rivers House of Assembly members as the valid lawmakers.
A five-member panel of the Supreme Court, in a unanimous decision delivered by Justice Emmanuel Akomaye Agim, declared that no funds should be disbursed to the Rivers State Government until a lawful Appropriation Act is enacted in the state.
Justice Agim specifically upheld the judgment of the Federal High Court, which barred the allocation of funds to the state government.
Justice Joyce Abdulmalik of the Federal High Court in Abuja had, on October 24, 2024, issued an order preventing the Central Bank of Nigeria from further disbursing monthly financial allocations to the Rivers State Government.
In her ruling, the judge also barred the Accountant-General of the Federation, Zenith Bank, and Access Bank, where the state holds accounts, from releasing funds to the government.
Justice Abdulmalik ruled that Rivers State Governor Siminalayi Fubara’s receipt and use of the state’s monthly allocations since January 2024 constituted a violation of the Constitution that could not be permitted to continue.
She also condemned Governor Fubara’s presentation of the 2024 budget to a four-member Rivers House of Assembly, stating that it was a direct violation of constitutional requirements.
Delivering judgment on the appeal brought before it by the 27 lawmakers, Justice Agim overturned the Court of Appeal ruling that had nullified the Federal High Court judgment on jurisdictional grounds and restored the trial court’s decision.
He declared, “The judgment of the Federal High Court is hereby affirmed.”
The Supreme Court further ruled, “The Rivers State allocation fund is to be withheld until the unconstitutional actions are rectified.”
Referring to the Appeal Court judgment that criticised Fubara for presenting the 2024 budget before only four Assembly members, Justice Akomaye likened the governor’s actions to “bigamy.”
The court reaffirmed that the presentation of the 2024 budget before four out of 31 members of the House of Assembly was unconstitutional and, therefore, void.
The justices criticised Fubara for demolishing the Rivers House of Assembly building, allegedly to prevent the 27 defected lawmakers from sitting, thereby forcing them to convene elsewhere to carry out legislative duties.
The court noted that it was becoming a pattern for those in executive power, when feeling threatened by impeachment, to resort to tactics such as demolishing buildings or other unconstitutional actions.
The court ruled, “Four members sitting as purported members of the House of Assembly in defiance of a subsisting court order is a nullity.”
The justices further stressed that the legislature is the core institution of governance and must be protected at all costs.
Justice Agim ordered that the Clerk and Deputy Clerk, who were unlawfully redeployed from the House of Assembly, be reinstated along with other Assembly staff.
The court criticised Fubara for using his immunity under Section 308 of the 1999 Constitution to justify unconstitutional actions, including demolishing the Assembly, working with only four lawmakers, disobeying court orders, and disregarding constitutional provisions.
“In my view, this is an act of indiscipline born out of executive power,” Justice Agim said.
“This is a joke taken too far,” he added.
Justice Agim further ruled that the 27 members of the House of Assembly must be allowed to resume their duties without interference.
“Government cannot function without one of its three arms. The governor’s illegal actions cannot be justified,” the court declared.
The Supreme Court also imposed a fine of ₦5 million against Fubara.
The Katsina State Government under Governor Dikko Umar Radda has announced the closure of all schools in the state for the Ramadan fast.
Naija News reports that all primary, secondary and tertiary institutions in the state were affected by the announcement.
In a statement, the Katsina Hisbah Board, on Thursday, warned private schools in the state against contravening the government’s order.
Hisbah’s Commander-General said that private lessons are not allowed to be held during the Ramadan fast.
“In accordance with Katsina State Government’s directive, all private schools are required to close for the Ramadan period to allow pupils to fully observe the holy month. The directives include extra lesson please.
“The Hisbah Board urges all school proprietors to strictly comply with this directive. Non-compliance will not be tolerated.
“May Allah accept our fast and grant us His blessings,” it read.
Naija News reported that Governor Bala Mohammed of Bauchi State also closed all schools in the state for the Ramadan fast.
According to the State’s Ministry of Education Information Officer, Jalaludeen Maina, the school closure was to allow students to focus on the Ramadan fast.
“Yes, we are closing all our schools and this is included in our 2024-2025 approved calendar for the academic session that our students are not going to do the Ramadan fasting while in school.
“The five-week holiday is for Ramadan fasting and immediately after the fasting, they will resume and continue with their academics.”
[NaijaNews]
Former lawmaker, Shehu Sani has described as unfortunate the issue between Senate President Godswill Akpabio and Senator Natasha Akpoti-Uduaghan.
Sani said it is unfortunate the issue has become about “bed”.
The statement comes after Akpoti-Uduaghan accused Akpabio of sexual harassment.
The Kogi born senator made the allegation on Friday while fielding questions on Arise Television Morning Show programme.
Akpoti-Uduaghan alleged that Akpabio blocked her motions from being heard on the floor of the red chamber because she rejected his advances.
However, Akpabio denied the allegation through his media consultant, Kenny Okulogbo.
Reacting to the development, Sani, in a post on his X handle on Friday called for caution and restraint.
“It’s unfortunate that the Senate issue was simply about seat and now about bed. Need for caution and restraint,” Sani said.
[DailyPost]
Speaker of the Lagos State House of Assembly, Rt. Hon. Lasbat Mojisola Meranda, has dismissed claims by Lagos State Commissioner of Police, Moshood Jimoh, that her security detail has been fully restored.
Speaking to journalists after a court hearing regarding a case filed by former Speaker, Hon. Mudashiru Obasa—which has been adjourned to March 7—Meranda clarified that she still lacks adequate security.
“I have my people with me and God is with me,” she stated. “At the moment, I have only three or four policemen, whereas my normal security detail includes 12 policemen, four DSS officers, and two anti-bomb experts. As of this morning, I still don’t have them.”
Addressing Obasa’s controversial presence at the Assembly the previous day, Meranda acknowledged his right to visit but condemned his actions. “He is still a member of the House, so he has every right to come. But invading and breaking into my office? That is a serious issue.”
She also criticized the plenary session conducted by Obasa, describing it as a “show of shame.” “In our job, we require a quorum. If you are sitting with just three or four members, that is nothing more than theatrics.”
On whether disciplinary action would be taken against Obasa, she remarked, “When we get to that bridge, we will cross it.”
Meanwhile, the Assembly premises remained heavily guarded by policemen, civil defense personnel, and supporters of Obasa.
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The Chairman of the Economic and Financial Crimes Commission, Olanipekun Olukoyede, disclosed that he turned down offers of about N500m from various individuals during his mother’s funeral in 2019.
Olukoyede spoke at the 38th Anti-Corruption Situation Room in Abuja on Thursday with the theme: Ethics, Integrity, Corruption Risk Assessments and Anti-Corruption at National and Sub-National levels: Sustaining the fight against corruption in Nigeria.
The programme was organised by the Human and Environmental Development Agenda Resource Centre, Kano State Public Complaint and Anti-Corruption Commission, ICPC, and EFCC with the support of the MacArthur Foundation.
Olukoyede explained that the substantial gifts, which included cheques and drafts, were sent to him by ministers, permanent secretaries, directors, and other high-ranking officials.
At the time, Olukoyede was serving as the Secretary of the EFCC.
He recounted that upon his return to his family home in Ekiti State, where the funeral took place, he discovered numerous cheques in a carton.
After reviewing the cheques, which amounted to nearly N500m, he decided to return them.
The EFCC chairman narrated, “I lost my mother in the year 2019 (in Ekiti State). We went for the funeral. I was the secretary of the EFCC then. People came. So I went to my place a day before the funeral service. By the time I got to my small compound, which I built several years ago before I joined the EFCC, I saw about 17 cows in my compound, including pregnant ones.
“When I got home, my gate man presented a box (carton) to me and inside it, I saw so many cheques and drafts from ministers, permanent secretaries, directors, DGs of agencies, etc.
“And so, I went in and showed it to my wife. She said, ‘Praise God’. I said, ‘Praise God for what?’ By the time we put all the cheques together, it counted close to N500m.”
Reflecting on the situation, Olukoyede expressed concern about the potential consequences if he had deposited the cheques into his account, particularly given his role in investigating the individuals who had sent them.
He explained that had the cheques been found in his bank account, it could have been used against him during investigations and cast doubt on his integrity.
He emphasised the importance of maintaining ethical conduct and transparency, especially in his position at the EFCC.
“I did the burial in September 2019. By July 2020, I was under investigation. Now, assuming all those cheques were paid into my account as traditional gifts and some of the MDAs that we were investigating in the EFCC, some of their directors and their DGs and their ministers sent cheques to me.
“Ordiarily, I mean for burial, some gave me one million, N20m and all of that. Even though that would not have influenced my decision if I was in a position to determine what would happen to their investigations, how would I have explained before a panel that they saw cheques paid into my account?
“So, assuming they found those cheques paid into my account, would it have been a good defence for me to say it was my mother’s burial when they were looking for me to roast? For me, that is what you call integrity. When you go beyond a level of expectation.”
Olukoyede also shared an example of rejecting bids from family members for auctioneering services during his tenure as EFCC Secretary.
He explained how both his brother-in-law, an international auctioneer, and his elder brother sought to participate in a government auction of forfeited assets. Despite the personal connections, Olukoyede insisted on adhering to conflict-of-interest rules, rejecting their applications.
He said, “My chairman then, we agreed that we should select a committee. So, we selected an assets forfeiture committee of about six directors, including myself as the chairman of the committee and a few other staff.
“We advertised for auctioneers. So, they applied. We were able to shortlist about 11 of them. My brother-in-law happens to be an international auctioneer. He applied. His application came to me. I saw it and I shredded it. So, my PA who knew him, called him and told him what I did, and for six months, he did not talk to me. So we did the auction.
“One of my elder brothers called me. ‘I heard you are doing an auction. I needed a truck for my business. I said, ‘Sir, go and read what we published.’ Conflict of interest. No staff of EFCC or immediate members of the family is allowed. He said no, they would use another name. I knew they could do that. I told him that I was not interested.
“After about eight months down the line, they set up a panel to investigate activities of the EFCC. My chairman and I were placed on suspension. They began to investigate what we did in the office. They investigated the particular auction I did in Port Harcourt. Now, assuming they found the name of my brother-in-law as one of the auctioneers. What would have been the result? Probably I may be in jail by now,” Olukoyede said.
[Punch]
President Bola Tinubu has signed the 2025 Appropriation Bill of ₦54.99 trillion into law.
The signing ceremony took place on Friday at the Presidential Villa, Abuja, in the presence of the leadership of the National Assembly and other senior government officials.
The budget was passed by both chambers of the National Assembly on Thursday, February 13, after lawmakers increased it from the initial ₦49.7 trillion submitted by the President.
The 2025 Appropriation Act represents a 99.96% increase from the 2024 budget of ₦27.5 trillion.
2025 Budget breakdown:
Total Expenditure: ₦54.99 trillion
Statutory Transfers: ₦3.65 trillion
Recurrent (Non-Debt) Expenditure: ₦13.64 trillion
Capital Expenditure: ₦23.96 trillion
Debt Servicing: ₦14.32 trillion
Deficit-to-GDP Ratio: 1.52%
This budget marks a significant fiscal expansion, with increased allocations for capital projects and debt servicing.
[Vanguard]
Remember the last time you went on vacation? After locking the door and heading toward your car, you likely turned back abruptly to ensure the lock was secure before continuing your journey.
Financial markets, led by a range of human emotions, exhibit similar behaviors. After a convincing move beyond a long-held resistance, assets typically return to confirm the validity of the breakout. That serves as a test of the strength of the former resistance-turned-support, following which bigger rallies unfold.
The "breakout and retest play" phenomenon is well-known across asset classes. Bitcoin's (BTC) ongoing sell-off might be just that – a healthy retest of the breakout point or the former resistance-turned-support of $73,757 breached in November.
In other words, the downward momentum could run out of steam at or closer to these levels, potentially setting the stage for a bigger run higher.
BTC has dropped over 15% to under $80,000 this month, exposing the former resistance-turned-support at $73,757. Prices broke above that level in early November, ending months-long consolidation after pro-crypto Donald Trump won the U.S. Presidential election.
The tendency of markets to retrace or revisit the breakout point before staging more enormous rallies has its roots in the behavioral aspects of investing.
People are generally risk averse when it comes to securing gains. So, when facing profits, traders quickly book those instead of allowing the winning trade to run wild. The so-called prospect theory explains why post-breakout rallies abruptly run out of steam, often leading to a retest of the breakout point. BTC holders have been taking profits around the $100K mark since December.
Now, as prices turn lower and near the breakout point, in this case, $73,757, market participants who missed the initial rally jump in, ensuring the level holds. The resulting bounce from the former resistance-turned-support draws in more and more buyers, potentially yielding a bigger rally.
That's precisely what happened in the third quarter of 2023 and August-September 2020.
On both occasions, the breakout and retest produced bigger rallies to new record highs. Traders, however, need to note that a failed retest or a lack of a meaningful bounce indicates underlying weakness that can evolve into a full blown downtrend.
Over the years, I have seen numerous examples of retests of breakouts/breakdowns leading to bigger moves in traditional markets.
Consider the yield on the 10-year Japanese government bond. It triggered a double-bottom breakout in January 2024 and revisited the breakout level multiple times before rising to multi-year highs.
The AUD/USD pair dived out of a major support trendline in December, hinting at a deeper slide. The pair bounced to the trendline resistance early this month only to see sharp losses this week.
[CoinDesk]
2 Top Cryptocurrencies to Buy Before They Soar 120% and 190%, According to Certain Wall Street Experts
Admin
The overall cryptocurrency market has climbed 24% since the presidential election in November. Donald Trump embraced digital assets during his campaign and, while upward momentum has stalled in recent weeks, some Wall Street experts still anticipate big gains in XRP (CRYPTO: XRP) and Bitcoin (CRYPTO: BTC).
Dom Kwok, former Goldman Sachs employee and co-founder of blockchain education company EasyA, earlier this year said XRP had a good shot at replacing Ethereum as the second most valuable cryptocurrency. As of Feb. 27, Ethereum has a market value of $282 billion, while XRP has a market value of $128 billion. So, Kwok's prediction currently implies at least 120% upside in XRP.
Tom Lee, managing partner and head of research at Fundstrat Global Advisors, late last year said Bitcoin could exceed $250,000 in 2025 as spot Bitcoin exchange-traded funds (ETFs) and the incoming presidential administration help legitimize the cryptocurrency. As of Feb. 27, Bitcoin trades at $86,000, so his prediction implies 190% upside.
XRP: 120% implied upside
XRP is the native cryptocurrency on the Ripple blockchain, a platform built for cross-border payments and foreign currency exchanges. Most international payments are currently routed through the SWIFT (Society for Worldwide Interbank Financial Telecommunications) system, but the process often involves intermediaries that make transactions costly and time consuming.
Ripple designed what it believes is a better system. Its blockchain uses the XRP token as a bridge currency to enable faster, less expensive payments. While fewer than 200 financial institutions currently use the platform, adoption could increase when the lawsuit with the Securities and Exchange Commission (SEC) has been completely resolved.
To elaborate, the SEC sued Ripple in 2020, alleging it sold XRP as an unregistered security. In August 2023, a U.S. district judge issued a split decision, ruling certain transactions were exempt but others should have complied with securities laws. The result was a $125 million fine for Ripple, far less than the $2 billion the SEC wanted. But the SEC has since appealed the decision.
Importantly, Ripple recently introduced a stablecoin called Ripple USD (RLUSD). Its value is tied to the U.S. dollar, providing enterprises with a less volatile means of transacting on the Ripple blockchain. However, the stablecoin should still boost demand for XRP because the native cryptocurrency will be used to pay fees on RLUSD transactions.
Finally, several asset managers have submitted applications to the SEC to create spot XRP ETFs. Those funds would offer XRP exposure without the hassle and high fees associated with cryptocurrency exchanges. Bitcoin has gained more than 80% since the SEC approved spot Bitcoin ETFs in January 2024, and XRP could generate similar returns.
Here is the bottom line: I think XRP could double in 2025 but only if Ripple resolves its legal issues with the SEC and spot XRP ETFs win approval. Additionally, the Bank of Japan recently adopted XRP for cross-border payments, which should further legitimize its role in the financial system. Investors comfortable with risk and volatility should consider buying a very small position today.
Bitcoin: 190% implied upside
Bitcoin's market capitalization of $1.7 trillion make it the most valuable cryptocurrency by a wide margin. And it has become increasingly popular with retail investors and institutional investors since the SEC approved spot Bitcoin ETFs last year. Those funds attracted $37 billion in net inflows in 2024, and the iShares Bitcoin Trust from BlackRock was the most successful ETF launch in history, according to The Wall Street Journal.
Matt Hougan, chief investment officer at Bitwise, noted last year that institutional investors were adopting spot Bitcoin ETFs at "the fastest rate of any ETF in history." Indeed, recently filed Forms 13F indicate more than 1,100 asset managers held positions in the iShares Bitcoin Trust as of the fourth quarter, up from 600 in Q2.
That trend is particularly important because institutional investors have about $120 trillion in assets under management (AUM). Even a small fraction of that sum allocated to Bitcoin could drive its price much higher. BlackRock CEO Larry Fink recently said Bitcoin could hit $700,000 if more asset managers invested 2% to 5% of their AUM in the cryptocurrency.
Importantly, Tom Lee in November 2024 predicted Bitcoin could top $250,000 within 12 months. However, he also said the cryptocurrency may dip to $65,000 before soaring back toward $250,000. The first half of his forecast seems to be playing out in the market right now. Bitcoin earlier this year reached a record high of $109,000 but has since tumbled 21% to $86,000.
Here is the bottom line: I am skeptical about Bitcoin reaching $250,000 in 2025, but I do believe it will be worth more in the future. Patient investors comfortable with volatility and risk can buy a small position today. An allocation ranging from 2% to 5% of a portfolio is sensible.
[The Motley Fool ]