Greetings to President Muhammadu Buhari,
Nigeria’s hope lies in this generation. I am proudly a Nigerian descendant living in America and a supporter of Bitcoin. I am writing to urge the Nigerian government to seek economic independence and financial sovereignty by pursuing a national Bitcoin standard. Soon every nation will be faced with this decision, but those who proactively seize the present moment, as we just saw in El Salvador, will enjoy significant benefits globally for generations to come.
It is no secret that the current global economic environment is worrying and unsustainable. Sadly, the fate of the Nigerian economy is in the hands of global central bankers who do not represent the best interests of the Nigerian people. Despite the challenges we face, the resilience of Nigerians continues to inspire. Nigerian society enjoys more favorable conditions than many of its neighbors. However, an even greater opportunity awaits you with the adoption of national action in favor of a Bitcoin standard.
The tone of this letter aims to convey the urgency both in terms of coming economic desperation and a limited window to seize this opportunity with fierce boldness and strong leadership. As the challenges of COVID-19 and heightened global unrest continue to strike fear in the hearts and minds of citizens around the world, Nigerians can claim international greatness by seizing the opportunity demanded by our unique times.
Nations such as Iran, Russia, China, and Kenya have reportedly exploited or otherwise used bitcoin, often as a way to bypass U.S. sanctions that prevent them from fully participating in the global financial system. Other countries like Barbados, Singapore and Malta have become “bitcoin friends” in an attempt to attract wealth and human capital through migration. And this week, El Salvador became the first country in the world to require traders to accept bitcoin as legal tender. I propose an equally aggressive approach to the national adoption of Bitcoin that would significantly strengthen all sectors of the Nigerian economy and revitalize the minds of every Nigerian at home and abroad.
Bitcoin is not controlled, managed or operated by a single entity. It is an innovation that will surpass the automobile or the Internet in terms of its impact on humanity. Nigeria does not need to seek permission from another country, or acquire a license or secure a business deal with a company to reshape its economy with Bitcoin. All that is required is a vision for a new future and an allocation of its own national resources to pursue a Bitcoin standard.
The main reason why there is an urgent need to pursue and execute a national adoption plan is the limited supply of bitcoin. There will never be more than 21 million bitcoins in circulation. This strict supply cap makes bitcoin even finer than gold. As this simple but unique property of scarcity is better understood, the economic laws of supply and demand will create a global frenzy to acquire as many bitcoin as possible, before it is too late. This bitcoin acquisition dynamic is already underway around the world and is accelerating rapidly. In recent months, continued economic turmoil and uncertainty have sparked heightened curiosity about
bitcoins. Many institutional investors have announced large allocations of bitcoin in their wallets, with some citing it as a hedge against the weakening US dollar.
The Nigerian government, along with all other governments around the world, has a unique opportunity to claim global significance by seizing the opportunity. Many other politicians in Latin America have signaled their intention pursue similar approaches to those in El Salvador. By leading the next global financial change, Nigeria can create prosperity for its citizens in a way that requires no bloodshed, no election, and no resistance. Such a proposition may sound too good to be true, and these ambitions certainly require careful investigation, scrutiny, and debate. Conversely, a delay in pursuing a national plan for bitcoin adoption risks a scenario in which Nigeria is left behind and its citizens excluded from the opportunity to create and preserve significant wealth. . As world leaders realize the possibility of making history, the pursuit of bitcoin will become mainstream. We offer our full support, a willingness to consult voluntarily and a commitment to activate all resources at our disposal in order to see Nigeria pursue a Bitcoin standard.
Nigeria must never wear the last,