Topic: How feasible will it be for our government to invest in bitcoin? - page 2. (Read 302 times)

rachael9385, I understand your points, and I know where you're heading to, all of us know how corrupt our government dem dey and wattin dem fit do their citizens without thinking twice, sometimes sef I dey think weda dem don forget say dem dey owe others loannnn, because since dem collect that loan I never hear anything like say dem dey plan to play back. Every government wey come go just mind em business thief em own commot for sit.

But where I no agree with you na where you say bitcoin investment no go good for our government to take carry pay this loan, yes I know say dem fit convert the opportunity of anonymous transaction to their own favour to take dey dupe the country, but make you no forget say bitcoin na one of the solutions to our world today, and if them no fit use am now dem wan take allow their citizens to use am.

Oh @rachael9385, it seems like you forgot about the Transparency  of Blockchain, once the wallet address is known we can continuously track every transaction made on that address, it will make it more possible to trace them. We hear this or that governor squander money but even if they are ask to pay back how can we know except its made open for everyone to which Blockchain would help in this part.
How can you tell if they don't have bitcoin now as a private investment or as a way of hiding their money. If they opt for investing in the country and its possible to release the wallet address then this is actually better for us.

It is not totally reasonable because there is something called employment, they can employ expert on this, Analysis is still being done in the exportation of crude oil Infact nothing should be done if its not analyse and doesn't literally means the government will understand how to do it what matters is how effective it is.

This is already their alternative investing in Agriculture just that its currently not being done properly and its still not their priority. Importing technology will not help, we need to be able to create some for our self at least or better still being to export technology created by us which is less likely to be possible as things stand now

Your proposition sound like a fairy tell to me regarding weda our president go consider bitcoin investment to strengthen our economy. With all due respect to your well thought topic, and your good intentions to see say Nigeria, go de beta tru bitcoin adoption for our government level, dat one no fit happen.

Oil money no go let dem reason something like bitcoin, wey dem need to wait, de analyze chart to predict wen halving go happen, after dat begin again to wait for ATH and bull run, dat one na very long process. Infact so far say crude oil still de commot from underground, I no see any innovative plan from our leaders.

Assuming say we no get a profitable natural resources like crude oil, wey we depend on to survive. I believe say dem no go de see excess money from export as e be now, because dat one really make the country relax and no come de move forward. Dem for de think outside di box to develop oda profitable sectors like agriculture and dem go create an enabling environment for investors to bring dem technology here, wey we for be like China, of Africa.

Nice thought share mate, Bitcoin and Nigeria has a really long way to go especially when it comes to the case study of involving the selfish politician that are the major cause of all this dept in the country.

In terms of making proper plans before actually securing an investment in Bitcoin, that I think would be know by the government that's if they actually do decide they want to take such steps because proper planning is required for everything especially when it comes to something that has to deal with huge funds like the budget of a country.

Let's take Argentina for example, just this few days after electing a Bitcoin activist as their president, the certainty of this man about an Bitcoin boasting the economy of Argentina would even draw other countries to take such leap because he makes the whole thing looks so easy and simple, but I would like to think latter is the case because proper planning and strategic measures need to fall in place before effective results can be gotten.

Nigerian debt profile is untouchable and it is control by the international monetary organizations. Nigeria can survive without borrowing from the international bodies but Nigeria is force to collect loan every year. Okay look at this. Di house of Senate and Representatives bought cars that can finance Nigeria fiscal budget but instead Nigerian government prefer use the money for cars and go into borrowing. Only that you supposed understand that they not with their sense but control by international bodies.

A country cannot just dash into cryptocurrency because of the RISK. If Nigeria will come in then they have to plan the bear bear Market the the next bull market so that when they start the investment they will not disappoint themselves and the projects to be executed.

It will not be a very good idea for our government to do so because even without crypto currency in our country, the governments and their officials are lutein money secretly and openly, so imagine if they invest in Bitcoin, fir me I think it will be more worse than the way it is now, there are a long of untraceable crypto currency wallets and if they eventually do so as you have said, there will be a lot of stories and they and their families will not be the ones to suffer for it rather we the good citizens.
Why I said so is because in our fiat banks, one can easily trace transactions but it is not like that in do many crypto currency wallet, if anyone wants to invest into Bitcoin he or she should just use his or her own money to invest and not the country money, the money in our country belongs to us nah not the government because the government are been paid already. So our own money, they are supposed to use them to do roads, build schools, hospital and also make the economy standard to be in a friendly position, if the government can do just that I really believe that they can save save up money to pay the loan that the country is owing.

If they could think in this direction, it would have been a great idea considering the prospect of Bitcoin. It could have been one of the best investment decision they could have made that would have earned us so much returns. Unfortunately,  our government have not been much interested in making productive investment rather much of our income are spent on privolities like buying exotic cars and houses for elected/appointed government officials who are already rich and comfortable. Imagine the proposed president yacht of N5b, car for the wife of president at N1.5b and other unnecessary expenditures on things that does not generate revenue.

To further buttress the point that Nigerian government are not thinking investment, the took loan worth billions of dollars from China to build railway and roads and these project did not add a penny to our treasury neither is the railway functioning yet Nigeria is servicing these debts years and lavishing our scarce resources.

Only Nigeria will change tomorrow, but I don't think our government is thinking about investment and even if they are, Bitcoin might not come into the picture because it will not afford them the opportunity to looth.

We all are aware that our country is in debt, domestically (debt owned to organisations in the country) and externally (debts owned to organisations outside the country). We know the debts is not reducing rather increasing as year goes by and our main source of income which is exporting Crude Oil has been on the decline by some factors which has affected the government in being able to pay any of this debt and this continues to make our economy decline.

How feasible will it be for our president to invest in bitcoin to cover up these debts and strengthen our economy?
since we know that bitcoin halving is coming next year and this may likely make Bitcoin hit a new all time high with the span of 2 years and also the high increased of the chance of SEC accepting Bitcoin ETF which is a great news for bitcoin and also we are currently in the bullish season.

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I thought about this recently when replying a post about the New Argentina president, since they are also in debt and we also, I brought it here.