Michael Saylor Advices Nigeria And Zimbabwe To Adopt Bitcoin To Counter Inflation

Microstrategy CEO Michael Saylor has proposed that Nigeria and Zimbabwe issue currencies backed by bitcoin in order to save their economies.


Microstrategy CEO Michael Saylor has proposed that Nigeria and Zimbabwe issue currencies backed by bitcoin in order to repair their economies.

He reasoned that using the bitcoin standard would put an end to starvation and allow citizens of both countries to live decently.

In a video clip in which he also addresses claims that the Bitcoin network cannot scale, Saylor suggests that if Nigeria and Zimbabwe buy bitcoins worth $2-3 billion, they may be able to end their currency woes. Saylor elaborated:

“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.”

Before naming Nigeria and Zimbabwe, Saylor, whose firm currently has over 114,000 bitcoins, mentions Turkey as another country that may buy bitcoins and use them to back the lira.

According to Saylor, Turkey could theoretically boost the lira currency by purchasing $5 billion in bitcoins and holding them for the next five years.

Despite Saylor’s repeated pleas, only one country, El Salvador, appears to have heeded his advise. Many other countries, notably Nigeria, have chosen to develop their own digital currencies in the hopes of reducing bitcoin’s attractiveness.

However, Saylor insists in the same video that this will happen, proving that bitcoin is “the kingmaker.”

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