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An Open Letter To The Nigerian Authorities: Pursue A Bitcoin Normal

06/13/2021

NFL star and Nigerian descendant Russell Okung asks the Nigerian authorities to undertake a Bitcoin normal or danger falling behind.

Greetings President Muhammadu Buhari,

The hope of Nigeria lies inside this technology. I’m proudly a Nigerian descendant residing in America and am a proponent of Bitcoin. I write to induce the Nigerian authorities to pursue financial independence and monetary sovereignty by pursuing a nationwide Bitcoin normal. Quickly each nation will likely be confronted with this determination, however those that seize the current second proactively as now we have simply witnessed in El Salvador, will get pleasure from important benefits globally for generations to come back.

It’s no secret that the present international financial surroundings is worrisome and unsustainable. Sadly, the destiny of the Nigerian financial system is within the palms of worldwide central bankers who don’t symbolize the perfect pursuits of the Nigerian folks. Regardless of the challenges we face, the resilience of Nigerians continues to encourage. The Nigerian society enjoys extra favorable situations than lots of its neighbors. Nonetheless, even larger alternative awaits with the adoption of nationwide motion in favor of a Bitcoin normal.

The tone of this letter is supposed to convey urgency each by way of the forthcoming financial despair and the restricted window to behave on this chance with fierce boldness and powerful management. Whereas the challenges of COVID-19 and elevated international unrest proceed to instill worry within the hearts and minds of residents in all places, Nigerians can declare worldwide greatness by rising to the event that our distinctive occasions require.

Nations similar to Iran, Russia, China and Kenya have been reportedly mining or in any other case using bitcoin, typically as a way to avoid U.S. sanctions which forestall them from full participation within the international monetary system. Different nations like Barbados, Singapore and Malta have moved to develop into “bitcoin pleasant” in an effort to draw wealth and human capital by way of migration. And this week, El Salvador turned the world’s first nation to require retailers to simply accept bitcoin as authorized tender. I’m proposing an equally aggressive strategy to nationwide Bitcoin adoption which might considerably bolster each sector of the Nigerian financial system and revitalize the spirit of each Nigerian domestically and overseas.

Bitcoin is just not managed, managed or operated by any single entity. It’s an innovation that can surpass the car or the web by way of its impression on humanity. Nigeria doesn’t must ask for permission from some other nation nor purchase a license nor safe a commerce settlement from any company to reshape its financial system with Bitcoin. All that’s required is a imaginative and prescient for a brand new future and an allocation of its personal nationwide assets to pursue a Bitcoin normal.

The first cause for urgently pursuing and executing a nationwide plan for adoption is the finite provide of bitcoin. There’ll solely ever be 21 million bitcoin in circulation. This tough cap on the provision makes bitcoin much more verifiably finite than gold. As this straightforward but distinctive property of shortage turns into extra broadly understood, the financial legal guidelines of provide and demand will create a worldwide frenzy to accumulate as a lot bitcoin as potential, earlier than it’s too late. This momentum for buying bitcoin is already underway all through the world and it’s quickly accelerating. In current months, continued financial turmoil and uncertainty has created elevated curiosity in

bitcoin. A number of institutional buyers have introduced sizable bitcoin allocations of their portfolios, some citing it as a hedge in opposition to a weakening U.S. greenback.

The Nigerian authorities, together with each different authorities on this planet, has a as soon as in a technology alternative to say international prominence by rising to the event. Many different politicians in Latin America have signalled their intention to pursue comparable strikes as El Salvador. In main the following international monetary shift, Nigeria can create prosperity for its residents in a way that requires no bloodshed, no election and no resistance. Such a proposition could appear too good to be true, and these ambitions actually require thorough investigation, scrutiny and debate. Conversely, a delay in pursuing a nationwide plan for bitcoin adoption will danger a situation the place Nigeria is left behind and its residents excluded from the potential of important wealth creation and preservation. As world leaders develop into extra conscious of the prospect to make historical past, pursuit of bitcoin will likely be widespread. We provide our full help, a willingness to voluntarily seek the advice of and dedication to activate each useful resource obtainable to us with the intention to see Nigeria pursue a Bitcoin normal.

Nigeria must not ever carry final,

Russell Okung