Microstrategy CEO Michael Saylor has recommended Nigeria and Zimbabwe challenge currencies that are backed by bitcoin if they need to repair their economies. He surmised that utilizing the bitcoin customary will finish hunger and enable residents of each nations to have an honest life.
National Currencies Backed by Bitcoin
In a video clip the place he additionally addresses claims that the Bitcoin community can’t scale, Saylor means that if Nigeria and Zimbabwe buy bitcoins price $2-3 billion, they might effectively finish the foreign money woes they presently face. Saylor defined:
You wanna repair your nation like Nigeria, or Zimbabwe? The method you repair your nation is you purchase $2 billion, $3 billion price of bitcoin and you challenge foreign money backed by the bitcoin. That is the bitcoin customary. And each one in all your residents stops ravenous to demise. And they stay an honest life.
Bitcoin as ‘the Kingmaker’
Before mentioning Nigeria and Zimbabwe, Saylor, whose firm now holds greater than 114,000 bitcoins, additionally identifies Turkey as one other nation that would purchase bitcoins and use them to again the lira foreign money. According to Saylor, if Turkey had been to buy bitcoins price $5 billion and maintain these for the subsequent 5 years, this might doubtlessly strengthen the lira foreign money.
Despite Saylor’s fixed exhortations, just one nation, El Salvador, seems to have taken heed of the recommendation. Many different nations, together with Nigeria, have as a substitute chosen to create their personal digital currencies which they hope will diminish the attraction of bitcoin.
However, in the identical video, Saylor insists this can occur and this can show that bitcoin is “the kingmaker.”
Do you agree with Saylor’s sentiments on bitcoin? Tell us what you suppose within the feedback part beneath.
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