Greetings, President Muhammadu Buhari,
The hope of Nigeria resides in this generation. I am a proud Nigerian descendant living in the United States and a Bitcoin advocate. I am writing to urge the Nigerian government to seek economic independence and financial sovereignty by seeking a national Bitcoin standard. Soon, all nations will face this decision, but those who seize the present moment
proactively, as we have just witnessed in El Salvador, we will enjoy significant global benefits for generations to come.
It is no secret that the current global economic environment is worrying 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. Nigerian society enjoys more favorable conditions than many of its neighbors. However, an even greater opportunity awaits with the adoption of national action in favor of a Bitcoin standard.
The tone of this letter is intended to convey urgency both in terms of looming economic despair and the limited window to act on this opportunity with fierce boldness and strong leadership. While the challenges of COVID-19 and increasing global unrest continue to strike fear in the hearts and minds of citizens everywhere, Nigerians can claim international greatness by rising to the occasion that our times require. unique.
Nations such as Iran, Russia, China and Kenya are reported to have been mining or using bitcoins, often as a means of circumventing US sanctions that prevent them from fully participating in the global financial system. Other nations such as 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 first nation in the world to require merchants to accept bitcoins as legal tender. I propose an equally aggressive approach to the domestic adoption of Bitcoin that would significantly strengthen all sectors of the Nigerian economy and revitalize the spirit of all Nigerians domestically and abroad.
Bitcoin is not controlled, managed or operated by a 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 any other nation for permission or acquire a license or secure a business deal from any corporation to reshape its economy with Bitcoin. All that is required is a vision for a new future and an allocation of your own national resources to pursue a Bitcoin standard.
The main reason for urgently pursuing and executing a national adoption plan is the limited supply of bitcoins. There will only be 21 million bitcoins in circulation. This strict limit on supply makes Bitcoin even more finite than gold. As this simple but 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 push to acquire bitcoins is already underway around the world and is accelerating rapidly. In recent months, continued economic turmoil and uncertainty have created increased curiosity in
bitcoin. Multiple institutional investors have announced sizable allocations of bitcoins in their portfolios, some citing it as a hedge against the weakening US 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 they have indicated their intention to follow movements similar to those of El Salvador. By leading the next global financial shift, Nigeria can create prosperity for its citizens in a way that does not require bloodshed, elections, or resistance. Such a proposition may sound too good to be true, and these ambitions certainly require extensive research, scrutiny, and debate. On the contrary, a delay in the pursuit of a national plan for the adoption of bitcoin will risk a scenario in which Nigeria is left behind and its citizens are excluded from the possibility of significant wealth creation and conservation. As world leaders become more aware of the opportunity to make history, the search for bitcoin will go mainstream. We offer our full support, the willingness to voluntarily consult, and the commitment to activate all available resources for Nigeria to pursue a Bitcoin standard.
Nigeria should never wear the last,