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.
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.
The NFL star had asked the Nigerian government to adopt a national Bitcoin standard or risk falling behind and its citizens excluded from the possibility of significant wealth creation and preservation.
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.
The letter from Russel Okung reads:
“The hope of Nigeria lies within this generation. I am proudly a Nigerian descendant living in America and 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 seize 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 interests of the Nigerian people. Despite the challenges we face, the resilience of Nigerians continues to inspire. The Nigerian society enjoys more favourable conditions than many of its neighbours. However, even greater opportunity awaits with the adoption of national action in favour 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 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 this week, El Salvador became the world’s first nation to require merchants to accept Bitcoin as legal tender. I’m proposing an equally aggressive approach to national Bitcoin adoption which would 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 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 primary reason for urgently pursuing and executing a national plan for adoption is the finite supply of Bitcoin.
There will only ever be 21 million Bitcoin in circulation. This hard cap on the supply makes Bitcoin even more verifiably finite than gold. As this simple yet unique property of scarcity becomes more widely understood, the economic laws of supply and demand will create a global frenzy to acquire as much Bitcoin as possible, before it’s too late.
This momentum for acquiring Bitcoin is already underway throughout the world and it is rapidly accelerating. In recent months, continued economic turmoil and uncertainty has created increased curiosity in Bitcoin.
Multiple institutional investors have announced sizable Bitcoin allocations in their portfolios, some citing it as a hedge against a weakening U.S. dollar.
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 signalled their intention to pursue similar moves as El Salvador.
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.