Jamie McNeill
Nigerian politics are accelerating the adoption of Bitcoin, since many of the country’s residents are choosing to opt for a decentralised store of value in which to park their funds rather than dystopian CBDCs which grant very few property rights to the holders.
The inflation rate in Nigeria is now at 22%
One of the main issues that has been gripping Nigeria from a monetary standpoint is that their central bank has been spending in a profligate manner.
This has been problematic for the country, which has experienced significant turmoil lately, with riots in the streets of Abuja as banks have run out of cash.
Despite the lack of popularity for the government’s policies, the Nigerian government has doubled down, which has led to even more unrest.
Nigerian government tries to ban Bitcoin and fails
In 2022, the Nigerian leadership took the view that too many of their citizens transacting in Bitcoin could be a problem for the government since they wouldn’t be able to control their citizenry as effectively.
As such, the government took the decision to attempt to ban the leading cryptocurrency, which ultimately failed because the government doesn’t have the power to restrict people from memorising 12 words.
JUST IN‼️ Currency Crisis in Nigeria is fuelling #Bitcoin adoption – Forbes
It’s happening… pic.twitter.com/Kiq37mlsXo
— Bitcoin Archive (@BTC_Archive) March 1, 2023
Bitcoin adoption in Nigeria is now amongst the greatest in the world, with approximately one third of all Nigerians owning and using Bitcoin in some capacity.
Nigeria tries to launch its CBDC
Nigeria is one of the first countries that has tried to roll out its CBDC, the eNaira. This has not been received positively by the Nigerian people, with recent reports showing that only 0.5% of the country actually uses it despite all of the incentives that the government has tried to offer.
Far more people are taking to Bitcoin, which isn’t controlled by any individual entity, rather than trusting a government that has shown itself to spend too much and has historically been engaged in significant degrees of corruption.
Relevant news:
- How to Buy Bitcoin – Beginner’s Guide
- Elon Musk Let the Doge Out Again, But What Does Twitter Boss’ Tweet Mean for Crypto?
- Crypto Bank Silvergate Says its Capital Position Has Weakened – Can it Survive?
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This article was written for Business 2 Community by Jamie McNeill.
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