Microstrategy CEO Michael Saylor has urged Nigeria and Zimbabwe concern currencies which might be backed by bitcoin in the event that they wish to repair their economies. He surmised that utilizing the bitcoin customary will finish hunger and permit residents of each nations to have an honest life.
Nationwide Currencies Backed by Bitcoin
In a video clip the place he additionally addresses claims that the Bitcoin community can not scale, Saylor means that if Nigeria and Zimbabwe buy bitcoins value $2-3 billion, they might effectively finish the forex woes they presently face. Saylor defined:
You wanna repair your nation like Nigeria, or Zimbabwe? The way in which you repair your nation is you purchase $2 billion, $3 billion value of bitcoin and also you concern forex backed by the bitcoin. That’s the bitcoin customary. And each considered one of your residents stops ravenous to demise. And so they dwell an honest life.
Bitcoin as ‘the Kingmaker’
Earlier than 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 forex. In keeping with Saylor, if Turkey have been to buy bitcoins value $5 billion and maintain these for the following 5 years, this might probably strengthen the lira forex.
Regardless of 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 very own digital currencies which they hope will diminish the attraction of bitcoin.
Nonetheless, in the identical video, Saylor insists this may occur and this may show that bitcoin is “the kingmaker.”
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