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Author Topic: How feasible will it be for our government to invest in bitcoin?  (Read 238 times)
Zigabel
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November 24, 2023, 08:56:33 AM
Merited by CryptopreneurBrainboss (2)
 #21

We all are aware that our country is in debt, domestically (debt owned to organisations in the country) and externally (debts owned to organisations outside the country). We know the debts is not reducing rather increasing as year goes by and our main source of income which is exporting Crude Oil has been on the decline by some factors which has affected the government in being able to pay any of this debt and this continues to make our economy decline.

How feasible will it be for our president to invest in bitcoin to cover up these debts and strengthen our economy?
since we know that bitcoin halving is coming next year and this may likely make Bitcoin hit a new all time high with the span of 2 years and also the high increased of the chance of SEC accepting Bitcoin ETF which is a great news for bitcoin and also we are currently in the bullish season.
Firstly Nigeria is a country that has been against Bitcoin and cryptocurrency in the excuse that it could be a channel for money laundering, it's obvious our political heads still have a very closed mind with cryptocurrency because they continually nurse the wrong narrative and still think it's something for the youths and wouldn't impact much on the national treasury, so firstly if there must be any adoption of it to help them with depts and all that, firstly they have to first be reoriented about cryptocurrency and the dynamics.

No doubts investment in Bitcoin could definitely go a long way helping them improving the economy o free country but then it wouldn't be something that will just happen, they will need some sustainability over a period of time to get it produce the results desired.

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November 24, 2023, 03:25:32 PM
 #22

We all are aware that our country is in debt, domestically (debt owned to organisations in the country) and externally (debts owned to organisations outside the country). We know the debts is not reducing rather increasing as year goes by and our main source of income which is exporting Crude Oil has been on the decline by some factors which has affected the government in being able to pay any of this debt and this continues to make our economy decline.

How feasible will it be for our president to invest in bitcoin to cover up these debts and strengthen our economy?
since we know that bitcoin halving is coming next year and this may likely make Bitcoin hit a new all time high with the span of 2 years and also the high increased of the chance of SEC accepting Bitcoin ETF which is a great news for bitcoin and also we are currently in the bullish season.
Firstly Nigeria is a country that has been against Bitcoin and cryptocurrency in the excuse that it could be a channel for money laundering, it's obvious our political heads still have a very closed mind with cryptocurrency because they continually nurse the wrong narrative and still think it's something for the youths and wouldn't impact much on the national treasury, so firstly if there must be any adoption of it to help them with depts and all that, firstly they have to first be reoriented about cryptocurrency and the dynamics.

No doubts investment in Bitcoin could definitely go a long way helping them improving the economy o free country but then it wouldn't be something that will just happen, they will need some sustainability over a period of time to get it produce the results desired.
We should be vigilant enough. Once we see our political leaders going into cryptocurrency I believe there is a selfish interest tied to it. The government will never do anything good for the masses if there is nothing to gain. During the period when people became so interested in cryptocurrency the government were afraid because the money being sent into local banks from other countries where being sent through BTC and other cryptos. These affected their profits so they decided to impose a ban on cryptocurrency. Once they see an opportunity where it will benefit them. They will remove the ban and start saying good things on cryptocurrency. Am a patriotic citizen but  I do not believe anything the government officials will say or release in the press conference. They are full of lies and deceit.

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November 24, 2023, 05:00:16 PM
 #23

If Nigeria government will adopt bitcoin, and start investing it will be beneficiary to Nigeria economy, talking about the debt I see no reason why Nigerian government will take loan from foreign countries, this country get money, Nigeria can stand on her own without foreign loans. About bitcoin investment and government I can't really tell if our governments are interested or not, President Tinubu made a speech during his campaign and he said if elected he will permit the use of block chain technology in Nigeria. But by the look of things we're not sure he will even keep to his promise.
But the problem with our government they are not willing to develop the country, even with the bitcoin investment they'll still not do anything, and masses will keep on talking but we can't do anything, for example even with the crude oil money Nigeria still remains the same every year talkless of bitcoin investment. So even if they want to start investing in bitcoin na for their own profit

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November 24, 2023, 07:59:06 PM
Merited by Halab (2), hugeblack (1)
 #24

Investing bitcoin is the least of our problem right now. We have bigger fish to fry than investing in bitcoin. We need to
- fix our export to import ratio
- Work our power generation. Nothing wrong in having 24/7 electricity. The cost of doing business will reduce.
- The security challenges needs to be fixed so that farmers can return to their farms and we can have good harvest.
- Minimum wages need to be increased, doctors, lawyers and teachers need be paid better so that they stop leaving the country.

Investing in bitcoin will not fix any of these issues. It has no weight now, even in house of assembly if the bill is brought out, it will be kicked out.

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Makus
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November 24, 2023, 08:35:45 PM
 #25

Investing bitcoin is the least of our problem right now. We have bigger fish to fry than investing in bitcoin. We need to
- fix our export to import ratio
- Work our power generation. Nothing wrong in having 24/7 electricity. The cost of doing business will reduce.
- The security challenges needs to be fixed so that farmers can return to their farms and we can have good harvest.
- Minimum wages need to be increased, doctors, lawyers and teachers need be paid better so that they stop leaving the country.

Investing in bitcoin will not fix any of these issues. It has no weight now, even in house of assembly if the bill is brought out, it will be kicked out.

Boss I understand where you they go oo, but this no be all the problem wey we get for this country, the fact say bitcoin nor go fit solve any of those problem no mean say dem no go fit solve other ones. The way you come sound, e come be like say you dey against bitcoin, even if no be wattin you mean, but at least still try appreciate bitcoin for the kind of problem wey e fit solve for we country. Abi you nor know say if them accept bitcoin as legal tender, because of bitcoin mining wey the country fit decide to go into, them fit repair our  generating plant them,so that we fit dey get light 24/7. And that alone sef for fit help generate more income wey them fit use increase the minimum wage as you talk before.
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November 24, 2023, 08:56:25 PM
 #26

If Nigeria government will adopt bitcoin, and start investing it will be beneficiary to Nigeria economy, talking about the debt I see no reason why Nigerian government will take loan from foreign countries, this country get money, Nigeria can stand on her own without foreign loans. About bitcoin investment and government I can't really tell if our governments are interested or not, President Tinubu made a speech during his campaign and he said if elected he will permit the use of block chain technology in Nigeria. But by the look of things we're not sure he will even keep to his promise.
But the problem with our government they are not willing to develop the country, even with the bitcoin investment they'll still not do anything, and masses will keep on talking but we can't do anything, for example even with the crude oil money Nigeria still remains the same every year talkless of bitcoin investment. So even if they want to start investing in bitcoin na for their own profit
You are apparently correct,,,, as e be so for this country, I dey sure say even if our government use all the whole money way dey this country plus the one way them borrow, con use am talk invest for Bitcoin, the country go still hard the way e hard so.
Country way no won progress even if say you cut your neck put, changes no go dey because the leaders done use their hands take spoil the country from square 9 to square zero.
Come to think of it, as them go borrow money now,  and the money way them borrow, no body know how the money take Waka (you dey sure say them way borrow the money dey talk about am self?), Naw if them invest, e just be like say nah borrowed money them take they invest just to get profits and pay back the loan plus the interest, and still, possibilities they say them fit no get any profits from Bitcoin despite say the next halving dey on a road trip.

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November 24, 2023, 10:00:28 PM
 #27

It would have been better for our government to think in this direction but I dont think that's is possible because the foundation of bitcoin is built on trust, we know that our government doesn't want such, anything that will bring the public knowledge to how the country fund is being mange the government I don't want such, they are after what the can can control directly, block chain technology is one the major thing that will make them not to even think of investing directly, people can invest individually but the government can not invest directly because the process does not encourage mismanagement of funds, any coin transferred to any wallet can be traced, they know all this, they selfishness of our leaders wont allow this innovation to scale through.

CryptopreneurBrainboss
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November 26, 2023, 10:02:23 AM
 #28

How feasible will it be for our president to invest in bitcoin to cover up these debts and strengthen our economy?
since we know that bitcoin halving is coming next year and this may likely make Bitcoin hit a new all time high with the span of 2 years and also the high increased of the chance of SEC accepting Bitcoin ETF which is a great news for bitcoin and also we are currently in the bullish season.

They can't, this is because they don't understand the industry to begin with and next, the international relationship they have with the western world won't allow them to invest in Bitcoin. The government investing in Bitcoin automatically means they're endorsing the currency and USA and other international friends no go happy with dem as dem dey try see way wey dem go kills the currency you comot dey endorse am. The government also like to dey incharge and when dem buy Bitcoin, dem no go dey incharge instead other big country policies go dey impact the market which isn't what the Nigerian government will want. Government no want make Bitcoin succeed especially in Nigeria.

If Bitcoin succeed as a accepted currency e go take all the power away from government. Just see which day wey the government try stop the endsars protest but because funding been dey come through Bitcoin, the youths fit organized themselves arrange the protest to be successful. If you remember, dem ban people bank accounts dem when dem discover say na their account dem dey send money to use arrange the protest. The Nigerian government no go do anything wey go give us green light say we fit invest for Bitcoin so dem investing demselfs no be option.

Bitcoin is a highly speculative market and those incharge of the affairs of the country no go want put their hopes on something wey fit change direction any moment without them having a say in it. Imagine dem invest and Bitcoin come crash meanwhile dem need to money for the countries 2024/2025 budget. It's a big risk and I no sure say anybody wey dey government go wan take the blame incase e no work as dem plan. Just like individuals, the government shoudn't invest money that'll be needed urgently into Bitcoin.

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