‘Nigeria and Zimbabwe should back up their currencies with bitcoin, if they want to fix their economies’, this was suggested by the CEO of Microstrategy, Michael Saylor.
The Microstrategy CEO concluded that using the bitcoin standard will end hunger they should allow citizens of both countries to have a moderate life.
Bitcoin network cannot scale so due to that Saylor advise that if Nigeria and Zimbabwe acquire bitcoins worth $2-3 billion they will end the currency the present face.
Saylor commented in a video:
“You wanna fix your country like Nigeria, or Zimbabwe? The way you fix your country is you buy $2 billion, $3 billion worth of bitcoin, and you issue currency backed by the bitcoin. That is the bitcoin standard. And every one of your citizens stops starving to death. And they live a decent life.”
According to Saylor if Turkey were to acquire bitcoins worth $5 billion for the next five years and keep them because it will be a potential strength of their Lira currency.
In spite of Saylor’s constant encouragement, one one country El Salvador appears to have brought the advice.
Other countries like Nigeria decided to make their own digital currency which they hope will diminish the appeal of bitcoin. Saylor makes sure this happens and this will prove that bitcoin is “the kingmaker.”
Dont miss important articles during the week. Subscribe to blockbuild weekly digest for updates.