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Twitter Founder Banking On Nigeria To Lead Bitcoin Charge

Twitter Founder Banking On Nigeria To Lead Bitcoin Charge

Earlier today Twitter Founder, Jack Dorsey tweeted that Nigeria would become a Bitcoin industry leader, continuing his intentions to support the Bitcoin rally in Africa. His support follows the latest decision by the Nigerian Central Bank to launch its own digital currency. 

Jack Dorsey Continues To Support Nigeria’s Bitcoin Rally

In a short but effective tweet, Jack Dorsey showed that he is putting his faith in the Nigerian efforts to lead the Bitcoin charge. He tweeted, 

“The people of Nigeria will lead Bitcoin.”

The tweet was in response to the open letter to Nigerian President Muhammadu Buhari by NFL’s Russell Okung, a Nigerian descendant and one of the biggest proponents of Bitcoin in the sports world. In his open letter, Okung urges the President and the Nigerian government to pursue economic freedom and financial sovereignty.

He wrote, 

“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.”

Dorsey Donated To Fund Bitcoin Development In Africa

Dorsey’s response to the letter shows his continuing faith in the people of Nigeria to become industry leaders in Bitcoin. This is not the first time Jack Dorsey has shown his support for the Bitcoin movement in an African country. Earlier this year in February, along with rapper Jay-Z, Dorsey had donated 500BTC to a new endowment to fund Bitcoin development in Africa and India. Dorsey clarified that the fund would be set up as a blind irrevocable trust, taking zero direction from either investor. 

Nigerian Central Bank To Launch Own Digital Currency 

It has been a rocky road for the Bitcoin movement in Nigeria. The country used to have the world’s second-largest Bitcoin trading volume until the Central Bank ordered local banks to find and shut down accounts tied to crypto platforms in February 2021. However, things are looking up for the country’s cryptocurrency efforts. The Central Bank has recently announced that it would be launching a central bank digital currency (CBDC) by the end of 2021, making it easier to transfer remittances into the country.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.