My reaction: Those investing in Bitcoins are gamblers says NDIC Chief


According to vanguard, a Nigerian Newspaper. The NDIC Chief Dr. sabo katata said bitcoin investors are gamblers. As a Nigerian, personally i'm touched when our leaders make some statements without first understanding even what the bitcoin is. Well whatever you call it, I see you embracing it in the near future either as a means of payment (money) or as a store of value (investment).

I would personally prefer hearing a word like its "risky", but what investment isn't risky or isn't gambling. You buy shares in a cooperation, you are a gambler.. You buy govt. bonds then you are also gambling.. you start a business with the sole aim of making profits, gambling it is because things might not go your way. Judging from his un-backed  statement filled with lack of relevant knowledge and information about the bitcoin. Every other point is completely accepted  except for calling investors gamblers.
According to Wikipedia, Gambling is:The wagering of money or something of value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning money or material goods.
Firstly, We have to have enough information before criticizing innovations, from the meaning of gambling what form of investing literally isn't gambling in one way or the other.

The Deputy Director of Research, Policy and International Relations (RPIR) of the Nigeria Deposit Insurance Corporation (NDIC), Dr. Sabo Katata speaking at the NDIC workshop for Business Editors and Finance Correspondents, in Kano, yesterday.

His words, “Digital currency is for gamblers. If you want to invest in bitcoins you can go ahead, for that is what you are. “If you want to buy bitcoins you can, but your are doing so at your own risk. The regulators will not come and protect you.” 

Dr. Katata presented a paper: Financial Disruption of Digital Currency and it’s Consequences on the Banking System and Deposit Insurance System”. He noted that even the Bank of England has identified about 70 risks associated with digital currency and warned the Nigerian public against unmitigated risks.

In his remarks, the Director of RPIR, Alh. Mohammed Umar Yayangida, stressed that the Monetary regulators in Nigeria, namely the NDIC and the.Central Bank of Nigeria don’t have any control over digital currencies . He added that those who venture into such highly risky investments must note the risks therein.

He revealed that an inter-agency committee has been raised to work on the development in order to respond appropriately to it. The committee consists of officials from NDIC, CBN, Department of State Services (DSS), Police, Securities and Exchange Commission (SEC).

Dr. Katata presented a paper: Financial Disruption of Digital Currency and it’s Consequences on the Banking System and Deposit Insurance System”.

He noted that even the Bank of Egland has identified about 70 risks associated with digital currency and warned the Nigerian public against unmitigated risks. In his remarks, the Director of RPIR, Alh. Mohammed Umar Yayangida, stressed that the Monetary regulators in Nigeria, namely the NDIC and the Central Bank of Nigeria don’t have any control over digital currencies . He added that those who venture into such highly risky invesments must note the risks therein.

He revealed that an inter-agency committee has been raised to work on the development in order to respond appropriately to it. At the opening, the Managing Director (MD), Alh. Must Ibrahim, urged closer stakeholder collaboration


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