So the question is: isn’t the CBN, by its policies and inability to stabilize the naira, actually pushing more Nigerians toward Bitcoin and USDT? Many shop owners and students I know are now saving in crypto, not because they “believe in Bitcoin ideology,” but simply because naira is too weak.
CBN inability to stabilize naira has nothing with pushing agenda towards making Nigerians to embrace dollar and bitcoin, it is practically happening as it is. It is a new technology that Nigerians have found great opportunity in and have already taken advantage of it. Many shop owners and those embracing Naira is because they also want to be part of the new technology and not to be left out, diversifying their way of receiving payment for their services will help them sell more. This has nothing to do with the CBN or government.
What do you guys think, is this intentional or just the natural result of weak monetary policies? And will CBN eventually have no choice but to regulate Bitcoin instead of fighting it?
CBN cannot fight bitcoin because it’s a decentralized currency. If the government of top countries can’t clamp down on Bitcoin, what makes you think the CBN will do the same and succeed. Their fight is again dollar and how the naira will be more valuable in place of dollar. The Nigerian Naira is not as weak as we use to see it in recent months. This was not how it was at the beginning of the year, but has now gain some strength already. So, this is a good step towards strengthening our own currency.