Post
Topic
Board Nigeria (Naija)
Re: How our country go fit benefit if we legalize Bitcoin?
by
EarnOnVictor
on 07/08/2024, 14:05:05 UTC
-snip-
So my country people how una see this matter?
Bitcoin is legal in Nigeria but I think you wanted to say if it is a "legal tender," as what we see in El Salvador. Well, it will make no difference if I must say because no one is restricting Bitcoin in Nigeria, and even if the government is trying it, the regulatory restriction is very weak to the point that the citizens and residents of Nigeria are freely transacting with Bitcoin as easily as possible. I wonder what would be different if the country made it as a legal tender, other than for the government to decide whether they want to have some investment in Bitcoin or they want to have Bitcoin as the national reserve (which I do not think is feasible in Nigeria).

Notwithstanding, if that happens, it's the government that will own that money and not the citizens. And as we know, the government money is not our money and it doesn't even benefit us directly if not for some little infrastructure we enjoy. Even their social intervention is fake. Regardless, Bitcoin will not make the Nigerian government rich suddenly if they adopt it because Bitcoin is no longer inexpensive, so I wonder how much Nigeria would make from it even if the government is lucky to buy it at $50,000. If they buy about $100m worth of it, maybe it will become $200m in 10 years. Will that fix the economy for that long years?

The fixing of the economy comes within, and it has to do with good government policies that will benefit all. Purchasing Bitcoin alone is an investment, and in a country like Nigeria, who knows if the government will not embezzle the profits, and even the capital?