TL;DR Breakdown
• Twitter CEO Jack Dorsey: Nigerians will lead Bitcoin cryptocurrency.
• NFL star Russell Okung advises Nigeria to achieve financial sovereignty.
Jack Dorsey, Twitter’s CEO, affirms that Nigerians will lead the BTC rally, even though the authorities take radical measures against the crypto trade.
This opinion from the Twitter CEO came due to a comment by Russell Okung, an NFL star in a cryptocurrency magazine. This personality is a descendant of Nigeria and declares himself a BTC fan. Okung advises the African country to achieve its financial sovereignty and economic independence.
Nigerians must lead the Bitcoin market
Nigeria is the largest cryptocurrency market globally, but the country’s central bank has prohibited financial entities from trading cryptocurrencies.
Nigeria’s central bank had also ordered banks to identify and close accounts involved in exchanging or transferring cryptocurrencies. CNB, in a statement, has said that the bank wants regulated financial organizations, and it is prohibited from facilitating payments, virtual exchange currencies, or dealings in cryptocurrencies.
Despite this, according to Statista, close to $400 million in virtual currencies such as Bitcoin have been traded in Nigeria so far in 2021. This trade volume places the country high in the world rankings behind Russia and the United States.
However, many young people in Nigeria bought and sold cryptocurrencies because the country’s currency, the Naira, depreciated significantly compared to the dollar.
Okung also stated that the current global economic situation is unsustainable and worrying. He comments that, unfortunately, the economic destiny of Nigeria is in the hands of the world’s central bankers and that they do not represent the best interests of Nigerians.
Russell Okung also insists that Nigeria has a limited window and that it is urgent for the African country to act. He claims Russia, Iran, Kenya, and China are already using and mining Bitcoin. They use it to circumvent the United States sanctions and participate in the global financial system.
Other countries have become Bitcoin-friendly
Okung also wrote that nations like Singapore, Malta, and Barbados have endeavored to become bitcoin-friendly, a measure to attract human capital and wealth through migration.
Another country that entered the crypto world has been El Salvador, which last week became the first country to use Bitcoin as legal tender. This comes weeks after China renewed its crackdown on digital currencies.
Jack Dorsey’s interest in Bitcoin is no secret. In June, he announced on Twitter that Square was considering making a hardware wallet for BTC. He affirmed that it will be free from the software design to the hardware and that he will collaborate with the crypto community.
