Nigeria to lead largest cryptocurrency by market value, says expert

A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017. REUTERS/Dado Ruvic/Illustration
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Twitter’s Founder/Chief Executive Officer, Jack Dorsey, has said that he is extremely confident about the future of Bitcoin in Nigeria.

He said that Nigeria will lead the charge for the largest cryptocurrency by market value, Bitcoin, despite the ban by the Central Bank of Nigeria (CBN) on financial institutions participating in its trade.

The statement from Dorsey is coming after the Nigerian government suspended Twitter’s operations in Nigeria citing double standards by the microblogging and social media platform, and the persistent use of the platform for activities that were capable of undermining Nigeria’s corporate existence.

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This disclosure was made by Dorsey, in a tweet post on Sunday, June 13, 2021, while reacting to an open letter to Nigeria’s President, Muhammadu Buhari, by an NFL star who is of Nigerian origin, Russell Okung.

Mr. Okung pointed out that due to the unstable current global economic environment, the fate of the Nigerian economy seems to be in the hands of global central bankers who do not represent the best interests of the Nigerian people.

Bitcoin is not controlled, managed or operated by any single entity. It is 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 that is required is a vision for a new future and an allocation of its own national resources to pursue a Bitcoin standard.

The Nigerian government, along with every other government in the world, has a once in a generation opportunity to claim global prominence by rising to the occasion. Many other politicians in Latin America have signaled their intention to pursue similar moves as El Salvador.

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In leading the next global financial shift, Nigeria can create prosperity for its citizens in a manner that requires no bloodshed, no election and no resistance. Such a proposition may seem too good to be true, and these ambitions certainly require thorough investigation, scrutiny and debate. Conversely, a delay in pursuing a national plan for Bitcoin adoption will risk a scenario where Nigeria is left behind and its citizens excluded from the possibility of significant wealth creation and preservation.

As world leaders become more aware of the chance to make history, the pursuit of Bitcoin will be widespread. We offer our full support, a willingness to voluntarily consult and a commitment to activate every resource available to us in order to see Nigeria pursue a Bitcoin standard.

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