Topic: Nigeria needs Bitcoin national reserves (Read 546 times)

I think the Nigeria govt are waiting for IMT(international Monetary fund) for advice before they can setup a strategic Bitcoin reserve.

A country that's been govern by tyrants both fed and state level,bloodsucking politicians that steals and loots from her citizens, a government that  doesn't  wants her citizens to embrace cryptocurrency because they couldn't regulate it.

The kind of leaders we have in this country wouldn't buy the ideal to setup a Bitcoin Strategic Reserve  because they are corrupt and corrupt leaders are not crypto friendly.

Nigeria is considered a country with the most far-sighted leaders. Due to which people have to spend their days in financial distress. A worker cannot earn that much money even after working hard day after day, he will get a little solvency if he earns whatever he earns. They are victims of far-sighted policies in everything from social to family aspects. It seems that there will never be a national reserve of Bitcoin in Nigeria. Because if Bitcoin is introduced, the leaders' source of income will be closed. So they will never want their banking system to be looted. Yes, it is possible to stock a national reserve of Bitcoin in Nigeria. If the Nigerian government is as generous as Trump. We common people never even consider how much our country has suffered due to far-sighted policies.

Do you think they don't know about mixers? This is something they won't even come open to tell people about. Even the bitcoin we think some of our politicians don't know about, they understand it and the mixers we think they do not know about they know it very well. These politicians they have people around them as assistants who are good in tech, these assistants are the ones who run there cheats for them.
Even if they maybe using the mixers to divert money for themselves,  I don't think they will still decide to accept Bitcoin as a reserve or to run the government because transparency reasons.

The don't have control over it just like they control the apex bank(central bank) and that's why they won't buy the idea of owning a bitcoin reserve just like most developed countries across the globe are doing, it's not as if our politicians are not aware of Bitcoin, they've got learned people in financial institutions that would give them good advice about it but these so called politicians are so greedy and selfish, they careless about reserve money for our future but are bent on strategising evil ways of stealing public funds through the fiat system.

 Our politicians are practising organised crime at the highest level, you could remember when they claimed that snake and monkey stole public funds and the culprits who did that are roaming scott free, all those won't happen if they embrace the Bitcoin blockchain, they're aware of it and how it would expose ther dubious acts so I don't think they'll implement it.

They should have the idea about mixers but the truth is that the bitcoin is not convenient for them to agree to because of the transparency, they just can not do their dirty deeds if we are to go by using bitcoin as a national reserve. They prefer this fiat than bitcoin so as not to expose themselves while stealing. The idea of bitcoin as a national reserve is dead on arrival no politician with ill intention  would agree to it as they feel it is not safe for them to implement. They prefer their ghana must go system of sharing formular so they could keep stealing from the national treasury as they like.

We have so many far-sighted leaders in Nigeria that we are behind because of them. We are behind in almost every aspect, starting from the education system, Bitcoin is prevalent in most countries of the world, not just in our country. I think our country's leaders are not aware of Bitcoin. Because American President Trump has given a lot of importance to Bitcoin. Our Nigerian leaders should also give priority to Bitcoin.

As in ehh! we can't really buy the idea of how other nation are using bitcoin as a reserved funds because as you said our country is about 87% corrupted and this should be something that would affects us severely as i think they wouldn't want something that could reveal their Anus for every single transactions they are doing, and they must give accounts on how they are spending the Nation Funds or even if they don't give account believe me, You and I can easily track how those funds were (are) used or transacted. I know if our countries leaders are aware of Bitcoin mixers they wouldn't mind prioritizing mixers to hide their evil dids.

When I see the post before I just dey even wonder watin eve make this guy even think this thing because if you ask me, he supposed know how this naija be and if anything it's all corruption and I believe the government officials will desperately fight anything that would lead to them not having their chopping and that's why there are after so many things that would bring positive changes.

Thank you buddy. It won't happen in Nigeria for several reasons, the most prominent reason out of them is because of the corrupt system which we're already swept into as a country. Nigeria has done less about tackling corruption and have celebrated financial criminals over the years to the point that corruption have been normalized by the society. The society now see corrupt individuals as leaders who are holding the position of power and handling the resources of the masses across all boards.

How do you expect such system, which is already facing a monumental amount of corruption and financial mismanagement to have a system forward enough to handle emerging blockchain technologies. I don't think that will happen anytime soon because we as a country are not interested in such things.

Does Nigeria need a Bitcoin reserve? Yes we do I mean so many developed countries African and non African are making plans ahead about it.
But will this strategy free us from the corruption of the Elites on the Masses, yes it may! But this reason alone would make it almost impossible for us to have a national reserve for BTC.

You funny sha. How you take wan even think sey a thing like dat will happen in Nigeria? Any country wey dey use corruption baff nor go wan to use Blockchain do dem transactions because of the level of transparency involved. Nothing dey hidden on d chain. No magomago at all at all. Make I even ask sef, wetin even happen to d e-Naira wey Bubu administration floated just to make a caricature of Bitcoin and divert owa attention from cryptos? Where dat wan dey now? Shebi e don cast?   

Our government we no will never adapt to such thing if not they would have started making there preparation for that, Nigeria is a country that doesn't want to hear anything store of money without developing interest but since they no that if they put their head it will cut them on the throat, so they have pretended as if they have not even heard of anything reserve before, however I believe if it was something they man over they would have accepted it from the onset, so actually is not longer about being a crypto friendly, if perhaps they could benefit from it without a trace they would have even be the first before the United States.

Nigeria Government is not a cryptocurrency friendly so they will not accept the bitcoin reserve. Even  their policies are not crypto friendly. They thought their economic policies will make their country more developed but that is not through. Any country economic policies that is not human oriented then there will no good development in that country. When the government is corrupt and the policies dey against the people of the country then definitely the country e no go develop instead di people go dey cry to survive. There are two groups of people develop a country. Either na di government or di people. And now dat di government e dey corrupt. Na di people suppose develop the country but di government policies e dey against di people sef so nothing go work fo dis government until Trump mindset person come to di president seat before we fit get such National Bitcoin Reserve can be done.

For this to have effect in Nigeria we will first have to fight corruption and embrace transparency. Remember that bitcoin transactions are recorded in a public ledger system and this will hinder the looting possibilities of our politicians and as such it won't be a welcome idea to them. Before our leaders will start thinking of to have bitcoin as a national reserve they will first want have to clear all form of distrusted activities that can bring their deals to lime-light.

This one go be “do because other countries Dey do” abi watin… Trump just come in and the ideas are flying from government officials within the senate and then, e don become a thing now. Make we no forget say, this vision comes with a plan.

Watin go be the plan for our country abi politicians?
If Naija even manage invest eh, na short term project them go Dey run. To withdraw make them for see watin to steal for Dey hungry every seating government. I would like to see them try shah but then, make we for Dey see small better from the small way them don do with this subsidy removal. Revenue Dey the nation, make them use am to the benefit of the common Nigerian.

I feel say bitcoin  too dey transparent for them to do their money mago mago na why  make we see as them dey fight bitcoin make e no get head for naija so. The truth be say anything wey them do with the bitcoin, e dey very much traceable to the last person and this one them no go fit hide am as e be say na public affairs and people go dey track am every day and to see wetin dey happen to their national reserve funds.

As e relate to the keys, na that one I go say I no trust anybody wey they go nominate to dey hold the key because if monkey go fit steal millions of naira for office and snake swallow millions of naira too, na private keys wey them no fit tell us say spirit go don reveal am to somebdoy wey use am hack or steal from the reserve? for this naija anything is possible even the least you expect go happen, and the government no go do anything as e be say na arrangee government we dey so.

National reserves are for countries that have plans for future and they have good leaders that can make things work without selfishness, and it is also for a country that have project and plan to always work on, not for countries like Nigeria which has no future plan about the national development, they are only concern about presence not future.

Let’s tell each other the truth, with the nature of politics going on in Nigeria, do we think Bitcoin investment can solve the problem?
To me it will make the situation worse because the leaders will find another means of looting money, and since it is a transparent system and transfer, I don’t think the government will accept it because they have personal selfish interest about the county; therefore nothing like Bitcoin reserve.

Everything will still be be determined by our government, you could see most reply here are only concerned about the government... well they be willing to do it with transparency ...
Actually,  I haven't seen any government in Africa propose for a Bitcoin reserve ( not even rumors) even those that already legalised and made it part of their legal tender( just one as legal tender) but it's not bad if we become the first  .. just that are  they actually going to make it a reserve or plan another way to embezzle billions/Trillions  of Naira with the reserve ending with another story just as it's always been happening with other aspects and that's if they agree to do it in the first place, Nigeria is still not totally suppoing crypto though Bitcoin isn't just any kind of crypto...

Nigeria having a bitcoin reserve is a good idea but it could have been workable if we had good leadership. In a nation where looters find every loophole to loot money, having a bitcoin reserve will be an express route for them.
Most crypto transactions are not very traceable and our leaders may capitalise on this aspect to milk the nation.

If we also assume that we had good leaders, looking at the unstable nature of bitcoin market could also be used as a weapon against the nation.

I have heard of how the whites kept advising African nations and Nigeria in particular to implement policies that led to devaluation of currency. The moment most African countries (Nigeria) starts investing hugely, that means that we will have a common currency which a Normal white man will find a way to cause economic crisis on Africans which will also make bitcoin to loose credibility.

In all, bitcoin reserves is not a very good option for Nigeria except if it will be temporarily.

I just dey reasons how many Bitcoin Nigeria government go dey buy everyday if them implement this BTC reserve thing and who go hold the secret key to the wallet, but since Bitcoin transaction are transparent and can be traced, do you think the holders of this secret key go still hide and withdraw out funds because them must touch the money for sure. How them go do this kind thing for this kind corrupt country, to me e no go work because nobody to trust for this country, even the most honest and trusted secretary would be lured by the government cabinet to tamper with the funds stored and put a lie in front to confuse the citizen.

Nigeria government never ready to talk about this, simple buying crypto with bank cards na problem them still dey face, talk of this one wey go help the economy, this people no dey do something wey go benefit the people rather than themselves, if e go benefit everyone, then them go get their own cutouts, Bitcoin reserve no go enable them get their cutouts cos of its transparent feature blockchain technology has.

You've talked some senses here. And it's not just about a nation bumping into the acceptance of bitcoin for their national reserve just because some other countries are doing so and doing economically wise out of it.
It's about optimism in the realms of economy developments and discovering the ease of manpower by implementing robustic digital formalities such as bitcoin investment which doesn't require the application of human services such that it's exorbitant of empowering humans to do the marketing jobs as the commerical stock markets.
The truth is that Nigerian governments is not acting like we're in the 21 century where technologies has made things possible for humans. Rather they keep holding on the past that's why countries lile the El Salvador government has been aheadof us in the bitcoin race of implanting digital economy infrastructure as bitcoin to expand their resource of national revenues. We're totally lacking behind and the government isn't showing it an improvement in that they should atleast lift the ban of the banks to facilitate the processing of cryptocurrencies.

I never see any European country get Bitcoin reserve sha, them sha get consideration for am and that news na from group of some government body, no be really the government because having Bitcoin reserve na something wey the country go sit down think before them make am legal and other rules and regulations wey go follow the announcements, e go take a lot of time before we really see Bitcoin reserver for many countries because economy no be something wey you go manipulate anyhow.

For this our own Nigeria, you know say e get some kind life wey oyibo people dy leave wey we still never leave am, we dy far far behind. Let's even say the western people later consider Bitcoin reserve, we go carry years before the thing go happen for here. Everything for our side they carry time before e happen. And again, I think we don't really have to practice everything the western people practice before yiu hear say them don compromised private keys send out the Bitcoin go another wallet.

Na some other government wey go rule Nigeria go fit think having bitcoin as the country national reserve. But at first, a country go first accept something before doing otherwise of implementing it as their national reserve. The past and present government of Nigeria no wan believe in Bitcoin as future assets, talk more of legalizing it in the country before thinking it to serve as national reserve. However, make we see what the future holds for this our country via Bitcoin. Who knows whether Bitcoin can someday be accepted fully by the next government to come, not this one anyway.

I think if the administration of this country could have embraced Bitcoin with a centralized strategy, they would have chosen Bitcoin for corruption. In various ways, they are holding on to power by keeping the country's economy and the people of the country in poverty. I am a little embarrassed to keep forward with excessive expectations with the political and economic situation of the country, which mostly favors the elite class.

In order to bring overall order to the state, there should be a policy or proper guideline from the lowest level of the government to bring the naira to a strong position. Where inflation is constantly increasing and the country's money is being smuggled to other countries and the country's administration is spending a busy time printing new money to further reduce the value of the country.

 Na really good ideal if our country ventures on diz bitcoin reserve for our nation oh. Make we just see am say we govt dey diversify the national resourceful revenue on bitcoin incline say make we too benefit as others dey do but e no really easy like that oh.
Befor all these other countries come adopt bitcoin for their economy reserve, dem really don set measures and also invest on their economy experts like to go into the future and see wetin dey happen now and wetin fit happen tomorrow for the economy World and then present them wetin dem see.
For our govt alone to still ban the public fund facilities in relationship to bitcoin mean say our govt dey back back like no be wetin those European, American and some of the African countries way want embark to adopt bitcoin dey see way we govt dey see. Out people here dey too contented with our natural resources revenues such as the mineral resources otherwise, as dem dey like imitate the Us dem for also don dey take good moves towards am.
So like now e no be just to do folo folo as others dey do otherwise the economy system go crumble oh. Bitcoin good bitcoin good na just for people way understand am especially when u dey economy oriented so u no end up reverting say bitcoin dey cause the countries reserve harm. The system really need to be balanced and equip after analytical hovering.

Same reserved wey the next adminstration go come in and chop am finish or the current adminstration go mismanage the funds before e even stand well. No be this country wey animal swallows billions of Naira and nothing was done about it. We get better problems and alot of things are needed to put the country in the right order. We can talk more about having a Bitcoin reserve when the corruption level in the country is reduced to the minimum not as it's that public funds are being stolen and mismanaged daily. It just won't work in the country, that's what I believe and it's better we don't do it instead of wasting our time on it.

You are absolutely right because as long as this country is concerned our government don't really want to take their ear hear anything about cryptocurrency or Bitcoin in this country.Talk Les of embracing it, already is obvious that our government don't like anything cryptocurrency in this country. so for me talking about how they would going to accept it, is just a waste of time because they are always against it right from time. They don't want to accept anything that would stop them from making their money.

Before you bring this kind of discussion, did you think of how corrupt your government is? Other countries are ready to change their country's economy for good, and seriously considering the current state of Nigeria's economy and how the government is treating the economy, they won’t even think of doing it, because many of them will not get access to the government funds again, so they won’t be able to steal the money as they want again.

Furthermore, looking at the Nigerian government, they are not after the future; all they know is their own pocket. They don’t have anything to do with whether the country should be better; even if they are out of the office or not, they don’t care, so the Nigerian government will not think of this. Obviously, they only care about themselves; they don’t care about the citizens.

Nigeria is corrupt and that is the reason why when other countries are thinking of doing something better we shouldn't think about Nigeria doing the same thing, Our government will never allow anything that can stop them from stealing public funds, Nigeria is a big country where if they allow some things the country will be better than this now, Nigeria will never accept Bitcoin that is why when I see people are talking about good Nigeria will be when the country accept Bitcoin will be.

Anything stopping the government from stealing public will never be accepted in Nigeria which is why you can see until now the Country has not progressed, I think sometimes we should consider how to earn better than thinking of what our government is doing and anything concerning cryptocurrency Nigeria government will not accept because they know some challenges that they are going to face.

Seriously, our matter for this country plenty, but e sha bee like matter wey go easy to solve but because of selfish reasons as we call know, them no go gree make we go that route.

But then, make we continue dey look Bitcoin, dey learn and earn as much as we can so that when time go reach, we go don ready for the matter.

But for now make we still dey adopt, dey embrace the crypto world with arms wide open.

Nigeria government doesn't not care about bitcoin and what ever you do they don't want to know because they feel they have other things, and look at how other countries are crypto friendly even to their citizen but the government are not making any serious advances to even make things better and am happy that they are not making it legal because the moment they make it legal the tax will be high I know they want to make money just like other countries charging 20-30% intrest which is bad.


The my won't even make a foreign reserve because there is a lot of set bad and in a country were things hardly work it is going to be very difficult to just , start making bitcoin there foreign reserve currency that will be later in the future and not the nearest future but a very long future and they should just continue with there dollar so they don't bother bitcoiners with police's since there attention will not be coming there.

Their are two things that needs to be involve for this idea to work out well, firstly I don't think the people that are in power have really understand bitcoin or know what bitcoin is all about. In other countries where they have bitcoin as reserves is because the leaders understands what it is all about and how profitable it will be in the future.

The state at which the country is right now, I don't think they have gotten to the stage of having bitcoin reserve.

There are other things the country really needs to work on first and it these things are not being done it will be impossible to achieve a reserve in bitcoin.

Hahaha...any country may try to earn from Bitcoin but not for a huge economic purpose and must be serious and accountable. However, if there's any country that needs Bitcoin as a reserve, that's not Nigeria, we are poor in handling and managing anything and I wonder what the state of the nation will look like when Bitcoin tumbles during the bearish season and the government needs to dip its hands in the reserve as usual. I pity what that will do to the nation that can't sustain itself despite the overwhelming borrowing.

Notwithstanding, the idea is good and strategic for any serious country, especially at a time when Bitcoin was very cheap. However, Nigeria will not be able to manage Bitcoin effectively, this is beyond just buying and keeping as we know.

You sure say you know wetting you dey talk? Because our country right now no even wan take ear hear anything cryptocurrency or Bitcoin because of how transparent e dey, talk more of them to make am a federal reserved asset. E be like somebody don even bring up this topic before. Even if our country go make Bitcoin a federal reserve, I no sure say na anytime soon. Them go need to embrace am well before them go fit make am a federal reserve asset. The thing be say our country too corrupt, and them see Bitcoin investment as something wey be say them no fit manipulate am to their favour naim dey cause am. Just like them dey do money laundry and nobody go know, for Bitcoin you no fit do am like that because any large amount you buy Dem ho fit track am down even for exchange.

Na the point be this. I just dey try remember countries wey he dey talk say they don get bitcoin reserves already. Even powerful nations na now wey they still dey reason open a bitcoin reserve. Naija no be that kind country wey go invest in bitcoin reserves.

The whole world still dey wait make US take the lead. Even Russia just dey propose am first.

Naija economy never strong to invest on wetin they no sure say the value no go crash when they need to use the fund for other things.

At first, OP I still had yet to see a European country that has Bitcoin as a national reserve, as for Nigeria, I doubt if the federal government would agree to that because it would mean no business as usual for them, no looting, no embezzlement as the whole process would be transparent for them to steal from. So for now, the idea of making Bitcoin a national reserve is off the plans as none of them even the lawmakers singing the Bitcoin song at the national house would be bought to kick against it. Nigeria's problem is far bigger than the bitcoin reserve, even the process would prevent the bitcoin national reserve from passing any readings at the national assembly.

Doing this now is more like adding another problem to the existing problems in the country. Nigerian leaders that have failed to manage it's natural resources and assets properly cannot handle adding Bitcoin to it and I'll tell you why:
They cannot handle the transparency associated with Bitcoin which would prevent them from laundering money secretly and secondly, if they do it, they would've given Bitcoin and entire cryptocurrency a free hand in the country and most people would prefer having their funds in Bitcoin rather than the bank, so the banks would records a big setback and protest politically against that.

Nigeria has lots of problems that needs urgent attention and solving. Bitcoin as a reserve fund now is the least solution to our economic issues.

Which European countries you dey talk about, hope you understand say because country dey hodl bitcoins wey dey seize from criminals, e no mean say dem dey hodl bitcoin as a strategic reserve. For example, the United States don dey hodl bitcoins wey dem seize from people and institutions, but na now wey dem dey talk about a bitcoin reserve because of the new president.

If i go dey honest, bitcoin reserve no be Naija problem right now, we get different things wey dey worry our country right now, and if we solve some of that, then we can talk of things like this.

Your plan is really commendable but it is unrealistic. Because it is almost impossible for a corrupt government like Nigeria to recognize Bitcoin as a national reserve. If the government of a country is always focused on embezzling the money of the common people, then how do you expect that government to take steps for the welfare of the country? These corrupt governments will never think about the development of the country.

Yes, if we plan a Bitcoin national reserve, then we will first have to look for an honest leader, which may not be possible even if we search the whole of Nigeria. However, if we can make an honest leader who has knowledge about crypto the head of the government, then maybe we can have a Bitcoin national reserve for the welfare of the people. It is a matter of time that a transparent asset like Bitcoin is positive in such a corrupt country.

You're actually right in your write-up as Nigerian government is yet to embrace Bitcoin in the country but is still skeptical about it and is even trying to frustrates it use in the country, we still have a long time to go in realizing this your dream because our leaders are not fore sited enough to see these opportunities that Bitcoin holds for the country especially in our economy that is not doing very well currently

With the current government that we have currently in the country I don't see that dream coming to reality about Nigeria having a Bitcoin national reserves because there is no vision and clear cut plan on the way forward

Embrace a valuable asset like Bitcoin requires a courageous state leader with financial capacity. A courageous president like El Salvador who was the first country in the world to embrace Bitcoin and is holding Bitcoin using state assets through legal tender. US President Trump has expressed his desire to continue his efforts for the growth of Bitcoin and make the United States the capital of Bitcoin. In addition, Russia has started using Bitcoin as a means of payment for international trade. In view of the time, it is recommended that the FED hold Bitcoin as a reserve instead of gold.

In the case of Nigeria efforts to Embrace on Bitcoin are far behind. Governments in various European countries are raising bills to embrace Bitcoin and using government funds to buy. I think that as the number of holders at the individual level increases in Nigeria financial capacity will increase. If a large part of the country's population becomes financially capable without government patronage, those investors can change the future of a country.

nothing no de doable for us as a nation but the issue be say looking at the way we take de, if we start to de reason using bitcoin as our reserve when most our systems de corrupts, e no go hard them to come out in years to come tell you say them sell the country holdings at a loss and say na the reason for another borrowing be that. before we go fit reason to de use bitcoin as our reserve, the rate of adoption of bitcoin in Nigeria go pass this extent and we need to get clear plan as to how we wan take de accumulate am and how strong we de in terms of leaving in standing for the long run.

even though using bitcoin as our reserve is a good development, but at the moment, wee have more pressing challenges to talk about and there are policies that the government should be working towards that will benefit the poor people that are resident in the country. because of the extent of hardship we are facing, there ought to be a state of emergency in the economic sector because things are just betting worse by the day, na when we don fish the basic challenges when don choke us for neck like the issue of unemployment, lack of job opportunity, our refineries not working which has always resulted in fuel scarcity and also the issue of the huge amount of money that our government officials are receiving. when we don address those issues finish na then we fit de reason to look at keying into bitcoin investment if not e go shook you say going into using bitcoin as our reserve at this time go still hard up join for the numerous problems when we de face at hand.

Take a long look at the history of the Nigerian Leadership trend if it’s on a chart it’s a bearish trend, the government just keep getting worse, saying it’ll take us 100 years is an exaggeration yes but it shows that it’ll take a really long long time unless something drastic happens. The people you see in power now will still be here, even after, their puppets wit same mindset will be there in power.

Do you know that this could be hard for we country to easily adapt to because like I know with my little knowledge bitcoin transactions are traceable and with the way things are going it would serve as a place to keep tracking their looted funds because they can't loot anymore or even tempter with such amount. So Government starts putting eyes to bitcoin to use it as national reserved funds could a no no place for them because it's easily for them to be caught and that amount in that reserved funds can't be touched because it would be open to everyone which they can starts monitoring their transactions.

Fiats are more easily to be compromised by our government since they can do it offline without you and I knowing what they are upto, anything that would lead to the trace of any funds by them wouldn't be implemented to avoid serious monitoring by nation.

This is not something that is not doable, after all El Salvador is using crypto as a legal tender since 2021. However, leaders in this parts are unexplainably selfish. And strategically positioned to make sure Nigerians don't raise their heads. So anything that seems good that will raise the citizens out of penuary will not be considered, or welcomed.

Are you trying to say that it's going to take about 100 years for Nigerian's leadership and governance to be reformed? That's quite an exaggeration cause this present government would still finish their tenure and a new one would emerge, you never can tell if the next government would be Bitcoin friendly and try to reform the system as much as they can, i know it would take a gradual process for Nigerian's leadership to be corruption free but take for instance what happen to El Salvador after this present government emerged and what also the emergence of a crypto friendly government in the U.S.

After U.S, purchase a Bitcoin reserve the truth of the matter is that lots of other countries would follow suit, many countries are yet to publicly declear their interest yet but they're secretly making plans on owning a bitcoin reserve and hold for the future, i think we're going to see lots of money pumped into Bitcoin from different countries and that alone could cause a spike to the speculated $1m mark most Bitcoin advocates are speculating, it could happen earlier than expected.

Before you talk of bitcoin strategic reserves in our country, there are a lot of economical and security issues to be settled before discussing that. The government and regulations are not crypto friendly and we don’t have visionary leaders in power, we are still 100 steps behind the developing world. We should talk on developing our economy and growing the naira. U wan use this current naira buy bitcoin?.
With the current situation of leadership and governance it’ll take us the next 100 years to be able to create a BTC reserve.

There are still lots of countries holding bitcoin the likes of China is closely behind USA in holding, there’s the UK, El Salvador, kingdom of Bhutan, Ukraine, Georgia, Finland and others still planning on. Only Germany I know sold a lot of their holdings.

Asides from America, I never hear of any country wey dey plan to have bitcoin reserve for the country. The other big countries wey been get some bitcoin holdings I know of don sell am off and now dem don dey like people wey no really like the idea of owning bitcoin. Wetin you dey suggest dey very easy to talk, but very hard to achieve. No be say na something wey bad for we country o, but you too check am the way naija take be now, even if a group of people for the government dey in support of am, the larger number of people no go like the idea at all and them go make sure say the thing no dey achievable. We wey dey the crypto space for long now don see the benefits of owning some bitcoin and the future benefit of the thing, even if government know, them go dey hard to convince to have a bitcoin reserve due to their selfish mindset in all endeavours.

Bitcoin transparency will not allow our corrupt politicians to implement such a law that will make our country to have a Bitcoin reserve, they will kick against it because every transactions on the Blockchain can be traced. There will be little room for embezzlement which will drastically reduce stealing public funds. I want to believe that it is countries that stealing public funds have been drastically reduced, where proper accountability is a top priority that Bitcoin reserves will work. Besides, it is Europe and America, that African countries copy, and it is only when the citizens starts to clamor for it so even if our country will have a Bitcoin reserve, it will be after we see the success in other countries.

Nigeria economically never reach that level to reason bitcoin as national reserve currency, with the money Nigeria the owe the Western nations through borrowing and with our dependency clog whereas certain economic decisions and policies our so-called leaders the formulate dey usually dey influenced by these Western powers through IMF nah make we the see say no economic policy for not just Nigeria but Africa fit thrive and go beyond the West and Europe them because as dependant economy we only take a step forward when they move about 10 steps ahead.

 So if you calm down analyse the whole play Nigeria then no go gree allow such economic policy to see light because nah dollar your country the use as reserve and using bitcoin now go cos competition wey go fit threaten the dollar market for not just Nigeria but Africa and that's what dey won't want  The pertinent thing now na for nigerians to individually hodl bitcoin as their own reserve hedging it against inflation and making profit from am on every bitcoin circle. As for national reserve, just jettison am.

I think you’re asking for the impossible. Take a good look at your government and ask yourself if this can be achieved in the system of government we are in. This shouldn’t even be a discussion because we know our leaders are corrupt and selfish, they will never do anything for the good of the nation. You’re asking a country that still sees building good roads as an issue to have Bitcoin national reserves. It’s laughable really.

The western countries that are holding Nigeria by the Jugular and intentionally keeping the country in poverty so that we can keep depending on them for aids will not like Nigeria to do this. The caliber of leaders will have not will intentionally frustrate talks of accepting bitcoin for anything in Nigeria. Most of them are not forward thinking. Before we should think about Nigeria having a reserve of bitcoin it should be in about 20 years time after countries like America, has gone far ahead in doing so. At the moment let the country first deal with its security issuses that are everywhere before they even think of anything reserve of bitcoin.

Do you understand how transparent Bitcoin is and how corrupt Nigeria government is? I highly doubt that right now Nigeria will have a national reserve. Nigerian government are so corrupt that government can steal money from any where or area of the country and many of this embezzlement goes without trace but with Bitcoin you can to a good extent track the funds in the reserve. Nigeria having a national Bitcoin reserve would be great but I don't think we are there yet to have one.

With Bitcoin on the rise and many European countries having Bitcoin national reserves and even America planning of having the world with the highest Bitcoin reserves in the trump administration knowing the potentials of Bitcoin to the economy of any  progressive country

And coming back home to Nigeria with the current state of the of our economy it is right time that our government embrace Bitcoin and start having Bitcoin national reserves in the country just like all progressive nations of the world is doing, it's time that our government stop seeing Bitcoin as something that should be restricted in the country and embrace the future of the financial system of the world which is Bitcoin

Let have your say