Economy

Nigerians will take the lead in Bitcoin transactions despite crypto ban – Jack Dorsey

Nigerians will take the lead in Bitcoin transactions despite crypto ban – Jack Dorsey

Jack Dorsey – Twitter boss “Jack Dorsey” has expressed immense confidence on the future of bitcoin in Nigeria. According to Jack: Nigeria will lead the charge for the flagship cryptocurrency by market value despite the ban by the Central Bank of Nigeria on the financial institutions participating in bitcoin trading.

Jack made this statement on Sunday despite the Nigerian government’s action in suspending the microblogging site in Nigeria citing double standard and persistent use of the platform for activities it perceived were capable of undermining the corporate existence of the Africa’s most populous nation.

Jack made this statement on Sunday 13, 2021 while reacting to an open letter to Nigeria’s president, Muhammad Buhari by an NFL star of the Nigerian origin, in the person of Russell Okung.

The star had asked the Nigerian government to adopt a national Bitcoin standard or risk falling behind while Nigerians get excluded from the possibility of a determined wealth creation and preservation.

Mr. Okung cited that due to the unstable current global economic environment, the fate of the Nigerian economy has been left in the hands of global central bankers who by all indices do not represent the interest of the Nigerian people.

Accorfding to the letter from the NFL star to president Muhammad Buhari;

“The hope of Nigeria lies within this generation. I am proudly a Nigerian descendant living in America and I am a proponent of bitcoin. I write to urge the Nigerian government to pursue economic independence and financial sovereignty by pursuing a national bitcoin standard.

Soon, every nation will be faced with this decision, but those who sieze the present moment proactively as we have just witnessed in El Salvador will enjoy significant advantages globally for generations to come.

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 bankers who do not represent the best of the Nigerian people.

Despite the challenges we face, the resilience of Nigerians continue to inspire. The Nigerian society enjoys more favorable conditions than many of its’ neighbours. However, even greater opportunity awaits with the adoption of national action in favor of a bitcoin standard.

Nations such as Iran, Russia, China, and Kenya have been reportedly mining or otherwise utilizing bitcoin, often as a means to circumvent the U.S. sanctions which prevent them from full participation in the global financial system.

Other nations like Barbados, Singapore, and Malta have moved to become bitcoin-friendly in an effort to attract wealth and human capital through migration. And last week, El Salvador became the world’s first nation to require merchants to accept bitcoin as a legal tender.

I’m proposing an equally aggressive approach to a national bitcoin adoption which will significantly bolster every sector of the Nigerian economy and revitalize the spirit of every Nigerian domestically and abroad.

Bitcoin is not controlled, managed or operated by any single entity. It’s an innovation that will surpass the automobile or the internet in terms of its impact on humanity. Nigeria does not need to ask for permission from any other nation, nor acquire a license nor secure a trade agreement from any corporation to reshape its economy with bitcoin.

All this required is a vision for a new future, and allocation of its own national resources to pursue a bitcoin standard.

Conclusion

Would Nigeria and President Mohammad Buhari adhere to the recommendations of this letter? That’s left to be seen.       

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