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NFL star and Nigerian descendant Russell Okung asks the Nigerian authorities to undertake a Bitcoin normal or threat falling behind.
Greetings President Muhammadu Buhari,
The hope of Nigeria lies inside this era. I’m proudly a Nigerian descendant dwelling 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 can be confronted with this resolution, however those that seize the current second
proactively as we’ve simply witnessed in El Salvador, will take pleasure in vital benefits globally for generations to come back.
It’s no secret that the present international financial atmosphere is worrisome and unsustainable. Sadly, the destiny of the Nigerian financial system is within the fingers of world central bankers who don’t signify the perfect pursuits of the Nigerian individuals. Regardless of the challenges we face, the resilience of Nigerians continues to encourage. The Nigerian society enjoys extra favorable circumstances than lots of its neighbors. Nevertheless, even higher 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 when it comes to 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 concern within the hearts and minds of residents all over the place, Nigerians can declare worldwide greatness by rising to the event that our distinctive occasions require.
Nations reminiscent of Iran, Russia, China and Kenya have been reportedly mining or in any other case using bitcoin, usually as a method to bypass U.S. sanctions which stop them from full participation within the international monetary system. Different nations like Barbados, Singapore and Malta have moved to turn out to be “bitcoin pleasant” in an effort to draw wealth and human capital by way of migration. And this week, El Salvador grew to become the world’s first nation to require retailers to just accept bitcoin as authorized tender. I’m proposing an equally aggressive method 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 isn’t managed, managed or operated by any single entity. It’s an innovation that may surpass the auto or the web when it comes to its influence on humanity. Nigeria doesn’t have to ask for permission from every 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 purpose 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 difficult cap on the availability makes bitcoin much more verifiably finite than gold. As this easy but distinctive property of shortage turns into extra broadly understood, the financial legal guidelines of provide and demand will create a world frenzy to amass as a lot bitcoin as attainable, earlier than it’s too late. This momentum for buying bitcoin is already underway all through the world and it’s quickly accelerating. In latest 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 the earth, has a as soon as in a era alternative to assert 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 fashion 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 threat a state of affairs the place Nigeria is left behind and its residents excluded from the opportunity of vital wealth creation and preservation. As world leaders turn out to be extra conscious of the prospect to make historical past, pursuit of bitcoin can be widespread. We provide our full assist, a willingness to voluntarily seek the advice of and dedication to activate each useful resource out there to us in an effort to see Nigeria pursue a Bitcoin normal.
Nigeria mustn’t ever carry final,