Topic: How feasible will it be for our government to invest in bitcoin? (Read 238 times)

They can't, this is because they don't understand the industry to begin with and next, the international relationship they have with the western world won't allow them to invest in Bitcoin. The government investing in Bitcoin automatically means they're endorsing the currency and USA and other international friends no go happy with dem as dem dey try see way wey dem go kills the currency you comot dey endorse am. The government also like to dey incharge and when dem buy Bitcoin, dem no go dey incharge instead other big country policies go dey impact the market which isn't what the Nigerian government will want. Government no want make Bitcoin succeed especially in Nigeria.

If Bitcoin succeed as a accepted currency e go take all the power away from government. Just see which day wey the government try stop the endsars protest but because funding been dey come through Bitcoin, the youths fit organized themselves arrange the protest to be successful. If you remember, dem ban people bank accounts dem when dem discover say na their account dem dey send money to use arrange the protest. The Nigerian government no go do anything wey go give us green light say we fit invest for Bitcoin so dem investing demselfs no be option.

Bitcoin is a highly speculative market and those incharge of the affairs of the country no go want put their hopes on something wey fit change direction any moment without them having a say in it. Imagine dem invest and Bitcoin come crash meanwhile dem need to money for the countries 2024/2025 budget. It's a big risk and I no sure say anybody wey dey government go wan take the blame incase e no work as dem plan. Just like individuals, the government shoudn't invest money that'll be needed urgently into Bitcoin.

It would have been better for our government to think in this direction but I dont think that's is possible because the foundation of bitcoin is built on trust, we know that our government doesn't want such, anything that will bring the public knowledge to how the country fund is being mange the government I don't want such, they are after what the can can control directly, block chain technology is one the major thing that will make them not to even think of investing directly, people can invest individually but the government can not invest directly because the process does not encourage mismanagement of funds, any coin transferred to any wallet can be traced, they know all this, they selfishness of our leaders wont allow this innovation to scale through.

You are apparently correct,,,, as e be so for this country, I dey sure say even if our government use all the whole money way dey this country plus the one way them borrow, con use am talk invest for Bitcoin, the country go still hard the way e hard so.
Country way no won progress even if say you cut your neck put, changes no go dey because the leaders done use their hands take spoil the country from square 9 to square zero.
Come to think of it, as them go borrow money now,  and the money way them borrow, no body know how the money take Waka (you dey sure say them way borrow the money dey talk about am self?), Naw if them invest, e just be like say nah borrowed money them take they invest just to get profits and pay back the loan plus the interest, and still, possibilities they say them fit no get any profits from Bitcoin despite say the next halving dey on a road trip.

Boss I understand where you they go oo, but this no be all the problem wey we get for this country, the fact say bitcoin nor go fit solve any of those problem no mean say dem no go fit solve other ones. The way you come sound, e come be like say you dey against bitcoin, even if no be wattin you mean, but at least still try appreciate bitcoin for the kind of problem wey e fit solve for we country. Abi you nor know say if them accept bitcoin as legal tender, because of bitcoin mining wey the country fit decide to go into, them fit repair our  generating plant them,so that we fit dey get light 24/7. And that alone sef for fit help generate more income wey them fit use increase the minimum wage as you talk before.

Investing bitcoin is the least of our problem right now. We have bigger fish to fry than investing in bitcoin. We need to
- fix our export to import ratio
- Work our power generation. Nothing wrong in having 24/7 electricity. The cost of doing business will reduce.
- The security challenges needs to be fixed so that farmers can return to their farms and we can have good harvest.
- Minimum wages need to be increased, doctors, lawyers and teachers need be paid better so that they stop leaving the country.

Investing in bitcoin will not fix any of these issues. It has no weight now, even in house of assembly if the bill is brought out, it will be kicked out.

If Nigeria government will adopt bitcoin, and start investing it will be beneficiary to Nigeria economy, talking about the debt I see no reason why Nigerian government will take loan from foreign countries, this country get money, Nigeria can stand on her own without foreign loans. About bitcoin investment and government I can't really tell if our governments are interested or not, President Tinubu made a speech during his campaign and he said if elected he will permit the use of block chain technology in Nigeria. But by the look of things we're not sure he will even keep to his promise.
But the problem with our government they are not willing to develop the country, even with the bitcoin investment they'll still not do anything, and masses will keep on talking but we can't do anything, for example even with the crude oil money Nigeria still remains the same every year talkless of bitcoin investment. So even if they want to start investing in bitcoin na for their own profit

We should be vigilant enough. Once we see our political leaders going into cryptocurrency I believe there is a selfish interest tied to it. The government will never do anything good for the masses if there is nothing to gain. During the period when people became so interested in cryptocurrency the government were afraid because the money being sent into local banks from other countries where being sent through BTC and other cryptos. These affected their profits so they decided to impose a ban on cryptocurrency. Once they see an opportunity where it will benefit them. They will remove the ban and start saying good things on cryptocurrency. Am a patriotic citizen but  I do not believe anything the government officials will say or release in the press conference. They are full of lies and deceit.

Firstly Nigeria is a country that has been against Bitcoin and cryptocurrency in the excuse that it could be a channel for money laundering, it's obvious our political heads still have a very closed mind with cryptocurrency because they continually nurse the wrong narrative and still think it's something for the youths and wouldn't impact much on the national treasury, so firstly if there must be any adoption of it to help them with depts and all that, firstly they have to first be reoriented about cryptocurrency and the dynamics.

No doubts investment in Bitcoin could definitely go a long way helping them improving the economy o free country but then it wouldn't be something that will just happen, they will need some sustainability over a period of time to get it produce the results desired.

You are talking about government and you are also talking about government and their lavish lifestyle. That lifestyle you are seeing started not today but since everyone become woke about the last election, attentions are everywhere and opposition parties are using that to attack them.

Let's talk about the bitcoin adoption and the government. From day one, the government position about bitcoin remain the same, no commercial banks nor any type of banks must engage in cryptocurrency or any form of digital currency as directed by the monetary policy enforcers. So, don't expect our government to look at that acceptance any time soon but perhaps when there is a new change in government, they will allow the policy to be review.

Bitcoin and economy, do you think right now is bitcoin that Nigerian need to protect her economy amidst this high inflation that is earten everybody, I don't think so. Have you conidered the negative side of bitcoin to economy? What will happen if the price sink and a country put everything on it as reserve, the country will suffer hyperinflation anytime bitcoin enters the bear market, it's not even a debate but reality.

Argentina is a green flag for Bitcoin because the new elected president loves bitcoin but that doesn't mean bitcoin will be a thing of investment for the country but rather people will have the free will to buy and sell and possibly be allow as legal tender which is a good thing for Bitcoin.

Yes, you know the chances of the government setting regulations is getting higher and remember about a post here which is about Tinubu's plan for Blockchain and eNaira is appealing despite lacking details.. If they are in support in Blockchain its more likely they will support cryptocurrency since its built on Blockchain and if they probably do a feasibility and analytical study about investing in bitcoin now, they may accept it, especially when they know what they can earn will go a long way on the debt and they also getting their share

Well, if you ask, I will say it's a great idea, because if the Nigerian government decides to invest some billions of naira into Bitcoin, it obviously would yield a very huge profit that can help them either to repay some of their debt or the profit they will get from Bitcoin will help them not to take more loans. But the question is, will the government in question accept the idea? This is the same government that has not freely allowed the use of cryptocurrency in the country. I know that there are many cryptocurrency users in Nigeria, but the government doesn't actually have the policy that citizens can freely use cryptocurrency, and that's why the Nigerian banks are not allowing cryptocurrency interaction in their banks because of the CBN policy. So, if the government is not 100% supportive of cryptocurrency, then they will obviously not accept investing in it.

We aren't sure on how the new Argentina President is going to go about bitcoin adoption and also it's debts overdues repayments and settlements, let's watch and see what their next move will look like concerning bitcoin, now regarding your country Nigeria, you need to wait first to see how the government and it new administrative will take a look on bitcoin and how it going to be fair with it adoption concerned it's citizens, if they government can allow for bitcoin and also make an investment and wait over time to see it making profits on investment, maybe such could be used in the settlements of its debts.

the question you should have asked is if the government is making any conscious effort to ensuring that these debt is being paid in the first place. The only thing we hear is that they have borrowed some huge amount of money for projects that are not even capital-intensive. If they are concerned about becoming a debt free nation, then an option as this won't be out of place I consider but as long as they don't even give us a reason to believe that they want anything good for the country, let's see how the one sided oil mindedness takes us to.

OP... I think right now we should be able to think outside the box, Nigeria is in  debt domestically (debt owned to organisations in the country) and externally (debts owned to organisations outside the country) but who ever told you Nigeria is broke and for that reason can't pay off those debts.

See Nigeria has more than enough to clear off those debts in no longer time if only the every sector of the Nigeria Government decides to stop the secret luting and mismanagement of our resources only then we can be free.

I even stay sometimes and imagine at what purpose are those loans collected and how did they spend them with out the citizens benefiting, this country has all it takes to survive and provide for ourselves without being indebted to any country, you can see how hard the politicians fight themselves not for the good and betterment of the citizens but for their own selfish reasons all cos dey no the benefits of holding those positions.

Bitcoin can not be the ultimate solution for this country rather they should work on becoming selfless and remove greed from their various Governmental positions.

Na true you talk, even if our government eventually invest in bitcoin, to increase our sources of revenue, and the investment come begin yield fruit. So fa say corruption still de for di DNA of government officials, na to find loops Holmes to de embezle am. If we no fit to manage our crude oil revenue well, I no think say bitcoin profits go fit make any impact.

Wetin we need na good governance, even if na palm oil be the only natural resources wey we get, and di government de proactive and accountable, dat one go fit turn dis economy for beta.

No be lie. Resources full ground wey dem go take lift the country comot inside this economic quagmire wey dem sink the country enter all because them don rely on only crude oil money. Them forget say if them properly diversify the economy of this country things go move . The solution na to become exporting country and not consumption country but them no dey do the right thing.

The reason wey this country no go better at least not now be say no trust, any president wey enter go carry him family and friends take role. Some positions for this country, na civil society organizations suppose dey appoint people wey dey work there but everything dey president table, is unfortunate.

For the bitcoin talk, hmmm . If government invest in bitcoin, e no go still make any impact in the economy, na only adoption and legality e go give to the Nigerian system but say make the economy improve because say dem put government money for bitcoin na lie. In fact e go become another area for embezzlement as some people go still carry am enter house. Moreover, El Salvador wey wey invest, me I never see that kind economic improvement.

To invest in bitcoin means say person want additional money on top the one wey the person get, so instead of talking about Nigerian government to invest in bitcoin to better the economy (if at all because I debt say those politicians go do right thing), make dem borrow money take do wetin go make the economy improve but for where? The ones wey dem don dey borrow come, dey end up for people pocket.

I blv some politician get Bitcoin
Dem get finance expert wey dey help dem
Nigeria as a country wey dey borrow anyhow nor fit invest
Make we say tinubu invest now
E use e human mind leave ahn nor touch ahn
The next person na go enjoy ahn
Everything na politics if e nor benefit me I nor go doan
Let's say dey are jux been patriotic
If dem accept to invest in Bitcoin self naira wey don dey die go loss more value
Bitcoin go bcom mainstream for Niger
E go dey easier to scam people
we get collateral
Nigeria worth dey way higher dan d debt
So as a creditor dem go dey pray make Niger nor fit pay

It would have been better if our government invest our money on bitcoin to recover our dieing or epileptic economy. But am am afraid even if that is possible it would be for there selfish interest. I believe those our politian are great investors of bitcoin. The money they loot from our reserve are used to invest in bitcoin. They make more profit while the economy die gradually. For your information they have no plan to recover our economy. All what they want is to enter power and take there own national cake. Haven't you been woundering why EFCC hasn't been probing the politicians? Because money laundering is no longer on GP tank and suckaway but has been upgraded to bitcoin investment.

If you check the top 10 contries that adopt bitcoin massively you will discover that Nigeria is top 10 but if you check properly you will see that CBN has pertialy ban the use of bitcoin where as it still stand as top 10 where do you you think those money is coming from? Consedring the inflation of our country where the youth manage to eat a 3 square meal a day, will spend about $562.9b in 2022. in bitcoin investment.

My only advice to you is to forget about how the government will invest in bitcoin to revive the economy because they are doing it but for there personal interest so you should invest for yourself and forget about them because even if they invest and the money grew, when they will share the money you not be there, probably it will still be channeled under a proposed project where dey can perfectly shear it amongst themselves.

I won ask questions Luke thins because me I confuse too much, "why e be say with the amount of loans way this our country dey owe still if the government of this country ask for another loan them go still give? Sometimes fishy is going on between our governments and those that are give this country loan.
Is like say in one way or the other those people then dey milk Nigeria dry somehow, many if them no fit collet back the money them dey use the collateral because I no see any how way 9ja go collect that kind of big loans without any collateral.
E go good if our government them invest for Bitcoin, more especially this season way we win enter the bull, at least small thing fit come out from the investment and them fit use an take pay the some of the loans way the country dey ow.

The debt the country is owning is the thing that is making the citizens to cry every night and day because, by the time we will be facing all those things our bad leaders has caused for Nigeria to own such a debt their children children will be enjoying the money in other countries. The new president people have been looking unto to solve this issues of borrowing money from some countries, based on he is a wealthy man before he became president but the way things is going now show that he will do the same thing to increase the debt for incoming president to pay.

Just remove your mind from that aspect, because I never see anybody for Nigeria that will invest government money in this administration for the betterment of the country, and if they have such opportunity to invest government money in BTC, don't be surprise that the money will disappear from the government wallets and the matter will not go anywhere.