Open Letter to Nigerian Government: Adopting Bitcoin Standards 

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The letter sent to the President of Nigeria is from a Nigerian who is currently living in the United States. The tone of this letter is intended to convey the urgency both of the economic despair to come and the limited opportunity for it should there be a drastic and drastic change in the adoption of the Bitcoin standard in the country.

Open Letter to Nigerian Government: Adopting the Bitcoin Standard tiêu

“Hello President Muhammadu Buhari,

Nigeria’s hope lies in this generation. I am proud to be a Nigerian descendant living in the US and a proponent of Bitcoin. I am writing to urge the Nigerian government to pursue economic independence and financial sovereignty by pursuing a national Bitcoin standard. Every country will soon face this decision, but those who proactively seize the present moment, as we just witnessed in El Salvador, will enjoy significant global advantages for generations to come. following system.

It is no secret that the current global economic environment is worrisome and unsustainable. Sadly, the fate of the Nigerian economy is in the hands of global central banks who do not represent the best interests of the Nigerian people. Despite the challenges we face, the resilience of Nigerians continues to inspire. Nigerian society enjoys more favorable conditions than many neighboring countries. However, greater opportunities await with the passage of national action in favor of the Bitcoin standard.

Countries like Iran, Russia, China, and Kenya have been reported to be mining or using bitcoin, often as a means of circumventing US sanctions that prevent them from fully participating in the financial system. global mainstream.

Other countries like Barbados, Singapore and Malta have moved to become “bitcoin-friendly” in an effort to attract wealth and human capital through migration. And this week, El Salvador became the first country in the world to require merchants to accept bitcoin as legal tender. I am proposing an equally positive approach towards Bitcoin adoption across the country which will significantly boost every sector of the Nigerian economy and revive the morale of every Nigerian at home and abroad. out.

Bitcoin is not controlled, managed or operated by any entity. It’s an innovation that will surpass the automobile or the internet in its impact on humanity. Nigeria does not need to get permission from any other country, nor does it have a license nor secure a commercial agreement from any corporation to reshape its economy with Bitcoin. All that is required is a vision for a new future and the allocation of its own national resources in pursuit of the Bitcoin standard.

The main reason for the urgent pursuit and implementation of the national plan for adoption is the finite supply of bitcoin. There will be only 21 million bitcoins in circulation. This hard cap on supply makes bitcoin even more finite than gold. As this simple yet unique nature of scarcity is more widely understood, the economic laws of supply and demand will create a global frenzy to get as many bitcoins as possible, before it’s too late. . This momentum to buy bitcoin has been happening around the world and it is rapidly accelerating. In recent months, continued economic turmoil and uncertainty has created a growing curiosity in bitcoin. Many institutional investors have announced sizable bitcoin allocations in their portfolios, some seeing it as a hedge against a weakening US dollar…”

Crypto Situation in Nigeria- Should Bitcoin Standard be Adopted?

Cryptocurrency popularity in the Nigerian market increased during the #EndSARS rally.

Community funding for the protest declined after the financial accounts of the Feminist Coalition (Fem Co.) financial institution were closed by order of Nigerian authorities.

The team then turned to Bitcoin to provide a safe and efficient source of donations that was beyond the reach of the authorities. In addition, Jack Dorsey, the founder of Twitter and a Bitcoin supporter, encouraged people to donate for the sake of Bitcoin. A lot of young people get deeper into crypto after this period. This interest ranges from trading to speculation, and is only held for the long term as a form of investment.

It is even more telling since Nigeria is the largest cryptocurrency market in Africa and the second largest in the world, after the United States. Between May 2015 and November 2020, Nigerians traded 60,215 bitcoins with a fiat value of around $566 million.

The Nigerian government, along with every other government in the world, has a once-in-a-generation opportunity to assert global prominence by rising to the occasion. Many other politicians in Latin America have signaled intent to pursue moves similar to El Salvador’s. If Nigeris leads the next global financial shift in the adoption of the Bitcoin standard, Nigeria can create prosperity for its citizens and enormous changes in socio-economic development.

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