Last week we received the bombshell news that El Salvador will accept Bitcoin as a legal tender. For many this is just the beginning of mainstream adoption of Bitcoin by developing countries. The BIG question now is which country will follow next. Jack Dorsey thinks it is going to be Nigeria.
Jack Dorsey is one of the early supporters of Bitcoin. He believes that the internet needs a “native currency” and Bitcoin is one of the best contenders for this position. Bitcoin offers a big chance for developing countries to change their status quo. Last week El Salvador took this chance as their president, Nayib Bukele, announced that El Salvador will adopt Bitcoin as a legal tender. And Dorsey believes that other developing countries should follow. On Twitter now he has left several hints that Nigeria might be the next.
NFL star Russel Okung writes letter to Nigerian president
What started all of this? As we mentioned, Jack has already expressed his interest in growing cryptocurrency, Bitcoin in particular, in developing nations. But more significantly, an NFL star, Russel Okung, wrote a letter to the president of Nigeria requesting that the country find a “economic sovereignty by pursuing the Bitcoin standard. Okung said:
“The hope of Nigeria lies within this generation. I am proudly a Nigerian descendant living in America and am a proponent of Bitcoin. I write to urge the Nigerian government to pursue economic independence and financial sovereignty by pursuing a national Bitcoin standard. Soon every nation will be faced with this decision, but those who seize the present moment proactively as we have just witnessed in El Salvador, will enjoy significant advantages globally for generations to come.”
Okung expressed his dislike of the central banking system and believes that Bitcoin is a viable solution to the economic inequality and hardship faced by Nigerian citizens. He believes the decentralized structure of Bitcoin is the solution. He even made headlines when he converted half of his salary into Bitcoin.
If Nigeria follows in the footsteps of El Salvador, the two countries will begin setting a trend for the developing world. The only question is – is it possible that bigger nations could adopt the Bitcoin standard as well? That is still to be determined, but the more countries adopt the Bitcoin standard, the higher the pressure will be on other countries to follow or be left behind. But there does seem to be major support for Bitcoin adoption in Nigeria.
This news was among many other announcements that gave Bitcoin a big boost this weekend.
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.