Topic: Bitcoin, a tool to help stabilise Nigerian's economy (Read 165 times)

Yes, that's true and, I agree on what you just said above, regarding how an investment in Bitcoin 5yrs ago, would have been possible, but however, let's see how much Bitcoin that would have been needed for purchase 5yrs ago, to enable it enough today to clear the entire foreign debt said to have been owed by our country Nigeria.

So however, I was able to make a brief research about how much debt that Nigeria is said to be owning foreign nations, which is approx. $42.12billion.

Whereas I noticed that the price of Bitcoin 5yrs ago  (i.e December 2020) was $23k per BTC, and the price of Bitcoin now is $97k.
Hence, it literally just mean our government needed to have bought 43,422 Bitcoin to achieve to over the entire dept.

First of all, you should ask yourself who will be in custody of Nigeria bitcoin. Is it the leaders who are corrupt and after the country's funds. It's very funny to say that if corruption is noted limited and let people that have good heart for the country take over power, Nigeria economy will continue to be a mess. This is because the leaders are there to enrich themselves. If Nigeria buy bitcoin, it will be a waste of time and resources because our bitcoin will get stolen. Who you won hold.

I'm  not against holding  Bitcoin infact I'm in full support if they wich to do that ... but did you just say "embracing Bitcoin is the only restoration plan ", you're literally not getting it.. crude oil is just one out of many resources blessed by  Nigeria, it's just that Crude oil  has more money which is why we majorly rely on it , we have natural resources like Bitumen , columbite, iron ore, gold ,coal and lots more...
Hence , do you really think  the money we are getting from it doesn't make us rich even though we are not refining it ourselves?? It's simple they just decided to  make most of it vanish ..
Besides, that's natural resources, we have lots more we can do to attract  tourist, is it wildlife, museum, cabes mountains , parks...just name it .  We also have Agricultural sector ( which is very profitable if government shows more convern in it), in short we are blessed with so much resources that we are even yet to uncover... infact, do you know Nigeria has Uranium ... DYR

by putting the money they are borrowing into good use do you mean that they should borrow it and use it to invest in bitcoin? if there eyes where opened earlier enough to seeing the potential of bitcoin like El Salvador did, by this time our economy would have gone up and would have done better than where it currently stands. they did not do that, and the simple reason could be that those that have been our leaders for years back are people that are not conversant with what bitcoin his and lacked the basic knowledge of what it potential is.

to stabilize our economy at the present, we need to see first a government that is intentional about getting our economy back on track and is ready to make long term policies that can take us out of our current mess. we should be talking about making all our refineries fully functional, going back into the agricultural field and ensuring that it gets to become viable again, we need to see our educational system fully restructured and upgraded so we become certain that it is giving out quality education and then we can talk about dependent on our locally made goods and patronizing our home made talents and resources. leveraging on the potential of bitcoin should be a secondary initiative that can come in when these basic things and other necessary things are put in place.

to fix Nigerian economy will take at least ten years of consistent improvement across sectors of the economy and not just about jumping into a sector just because it is trending and booming at the moment.

The Nigeria economy is getting worse everyday with the removal of fuel subsidy without a working Refinery as cause more hardship than any policy in history of the nation. 

Nigeria government like I always say is a self-centered government that's working for the interest of few not many as it ought to be. And the fews has killed the economy badly, now we are in mess. Looking as if we have no hope to restore the damaged economy of the country.  So embracing Bitcoin is the only restoration plan since they don't want to work the refineries that will give us a stable economy. Holding a Bitcoin reserve will be the best decithis government will take, but do we expect a government that see cryptocurrency as  crime to embrace Bitcoin?  Is not possible they should change their mindset towards digital assets then, they can think Bitcoin reserve just like other countries.

Lol
Let me just clear  this, they will reserve whatever they want to be reserved so it doesn't stop anything , it will only strengthen Bitcoin and  we could benefit from it but it won't reduce corruption.
Where do you think the fund they will be reseving will be coming from?? it's still  government  ,  so how will that solve corruption, forget about data being available to the  public( which has a if  ) ... that's just the amount they want you to see as the country  reserve. In bitcoin.
Thus,even after realising some profit  what assurance  do you have that  they will make use of it honestly, they will probably  come up with another project and carryout their plans so it doesn't change anything but we can still benefit as a Country.
You can check alot of datas from CBN page BTW..

You're thinking like our leader, who tell you if Nigeria invest in bitcoin it won't change anything because of corrupt leader? Investing in Bitcoin will drastically reduce corruption because the figure of funds will be out in public space and Nigerians will definitely knw how much they are gaining or losing based on bitcoin rate.  Last week there was Africa Bitcoin conference in Kenya, Watch out in 2025, more countries will embrace Bitcoin than ever before. Some countries are waiting for US to pass the bitcoin Acr 2024 which am sure it will scale through.  Than others will follow to establish reserves act in their various countries.  Bitcoin is the future and that's the fact, any country that wants a strong economy should see reasons to invest in it now or cry later.

Not every country has embraced it , even USA are just starting to embrace it maybe through Donald and that’s if he fulfill his promise of making Bitcoin as one of the country reserve but at the moment he seem to be supporting crypto in general. Elsavador seem to be the only country fully embracing it at the moment, so I don’t expect Nigeria to think about it (they are doing the opposite instead). Thus, even if they do it won’t still solve anything, so far there are still corrupt officials, you really think we ought to have not repay this debt… we should but the system wouldn’t allow so we keep on getting more.. really sucks

 The Nigerian Economy has experienced worst crisis since the ascending of this present administration and with the way it's going, it seems they're clueless of how to stabelise our economy and make Nigeria that was one time great African nation when it comes to economic power great again, it's heartbroken that we find ourselves in this generation with clueless and selfish leaders.
 However, have you all thought of how Bitcoin would've played a better role to Stabelise our economy? Sometimes I wonder who are the financial advisers of the Administration and why they don't think about it? every learned person in this country is aware that we're in lots of debt cause this administration keeps borrowing but come to think of it, if Nigeria had embraced Bitcoin about 5 years ago aleast and invested more money overtime within that period, I think we've been debt free or almost.
 Well, it's never too late for them to buy Bitcoin and reserve for the future if only they'll stop borrowing or even put the money they borrowed to good use, if Nigeria can do the lumpsum and keep adding to their reserve I think we'll be able to clear our debts in the next 4-5 years, what's your thought?.