Greetings to President Muhammadu Buhari,
Nigeria’s hope lies in this generation. I am proud to be a Nigerian descendant living in America who am a Bitcoin advocate. I am writing to call on the Nigerian government to pursue economic independence and financial sovereignty by pursuing a national bitcoin standard. Soon every nation will face this choice, but those who proactively use the present moment, as we just saw in El Salvador, will enjoy significant benefits for generations to come around the world.
It is no secret that the current global economic environment is worrying and unsustainable. Unfortunately, the fate of the Nigerian economy rests in the hands of global central bankers who do not represent the best interests of the Nigerian people. Despite the challenges we face, Nigerian resilience continues to inspire. Nigerian society enjoys more favorable conditions than many of its neighbors. However, the adoption of national measures in favor of a Bitcoin standard offers an even greater opportunity.
The tone of this letter is intended to express the urgency, both in view of the impending economic desperation, and the limited window of time to seize this opportunity with wild boldness and strong leadership. As the challenges of COVID-19 and mounting global unrest continue to instill fear in the hearts and minds of citizens everywhere, Nigerians can claim international greatness by facing the opportunity our unique time demands.
Nations like Iran, Russia, China and Kenya have reportedly mined or otherwise used Bitcoin, often as a means of circumventing US sanctions that prevent them from being fully involved in the global financial system. Other nations like Barbados, Singapore and Malta have moved to become “bitcoin-friendly” in order to attract wealth and human capital through migration. And this week El Salvador became the first nation in the world to require merchants to accept Bitcoin as legal tender. I propose an equally aggressive approach to national Bitcoin adoption that would greatly strengthen any sector of the Nigerian economy and revitalize the spirit of every Nigerian domestically and abroad.
Bitcoin is not controlled, managed or operated by a single entity. It is an innovation that will surpass the car or the internet in its impact on humanity. Nigeria doesn’t need to ask any other nation’s permission, license, or enter into a trade agreement from a company to transform its economy with Bitcoin. All it takes is a vision for a new future and the allocation of your own national resources to pursue a Bitcoin standard.
The main reason for urgently pursuing and executing a national plan to launch is the limited supply of bitcoin. There will only ever be 21 million Bitcoin in circulation. This fixed upper limit on the supply makes Bitcoin even more finite than gold demonstrably. As this simple but unique property of scarcity becomes more and more understood, the economic laws of supply and demand will create a global frenzy to get as much bitcoin as possible before it’s too late. This momentum for acquiring bitcoin is already underway around the world and is accelerating rapidly. In recent months, ongoing economic turmoil and uncertainty have kept curiosity in
Bitcoin. Several institutional investors have announced sizeable Bitcoin allocations in their portfolios, some of which are citing this as a hedge against a weakening US dollar.
The Nigerian government, along with every other government in the world, has a unique opportunity to achieve global importance by facing this opportunity. Many other politicians in Latin America have expressed their intention to take steps similar to El Salvador’s. By leading the next global financial turnaround, Nigeria can create prosperity for its citizens in a way that does not require bloodshed, elections and resistance. Such a proposal may seem too good to be true, and these ambitions certainly require thorough investigation, examination, and debate. Conversely, a delay in the implementation of a national plan for Bitcoin adoption risks a scenario in which Nigeria will be left behind and its citizens excluded from the possibility of significant wealth accumulation and maintenance. As leaders become aware of the chance to make history, the pursuit of Bitcoin will be widespread. We offer our full support, willingness to volunteer advice and a commitment to activate every resource available to us so that Nigeria follows a Bitcoin standard.
Nigeria must never wear last,