Key Takeaways
- Business Mogul advises African governments to invest In Bitcoin
- Bitcoin investment could be the key to improving the economies of some countries
- Currencies backed by bitcoin has higher chances of reclaiming their value.
The chants for cryptocurrencies adoption is gaining more momentum across different countries.
Recently, the chief executive officer of MicroStrategy has advised two African countries to consider the possibilities of introducing currencies that are secured by bitcoin.
According to him, he believes that the government of Nigeria and zimbabwean can put an end to hunger and poverty.
And that improving citizens' standard of living can be achieved if both countries adopt the bitcoin protocol to improve their economies.
In a recently released video clip, the billionaire CEO and cryptocurrencies hodler tried to rest the debate on the scalability of the Bitcoin network and what it entails to enforce a bitcoin standard contextually.
According to him, for the Nigerian and Zimbabwean governments to tackle the woes plaguing their economy and weakening their currency, they need to institute a bitcoin protocol.
And that involves purchasing between $2 billion to $3 billion worth of bitcoin and issuing currency backed by Bitcoin.
He believes taking these steps will eventually improve the well being of citizens in both countries.
Before referencing the government of Nigeria and Zimbabwe, Michael, whose firm currently hodls over 114,000 bitcoins, mentioned Turkey as one of the countries that need to consider the option of hodling bitcoins and utilizing them to secure its economy.
In Michael's perspective, Turkey could theoretically boost the viability of its economy by acquiring $5 billion worth of bitcoins and hodling them for the next half a decade.
Notwithstanding Saylor's persistent appeals, only one country, El Salvador, appears to have embraced his advice. Several other countries, notably Nigeria, have taken interest in the path to developing a personalized virtual currency to reduce bitcoin's desirability amongst their citizens.
In the video, Michael further reiterated his position on instituting a bitcoin protocol as a certainty, which will seal bitcoin's position as a kingmaker.
In your own opinion, do you think embracing bitcoin is enough panacea to improve the state of the economy in some African countries?
