It will be a good idea to reason about Bitcoin investment to help a deadly economy to rise again, but do you think this will work in country like Nigeria?
I am not condemning the idea in any way, but the situation of the country and the leaders is the main reason why I am questioning the idea of Bitcoin investment, because our leaders can use anything to loot our money, so we can’t avoid silly excuses from them in terms of digital transactions like Bitcoin because our leaders are dealers and looters; we can’t trust our seed phrase and private key in any of their hands, they will steal the Bitcoin and have excuse to give us. So it is not advisable.
Yes, I agree with you. The real problem in a country like Nigeria is not Bitcoin; rather, the problem is the lack of leadership and trust.
If a centralized authority in a country establishes excessive control over the digital assets of the people, it can be risky in the long run. Already, tax and regulatory frameworks are being introduced in Nigeria’s cryptocurrency. In this context, if users are required to hand over their seed phrase or private key to the government or a central institution, then it is not consistent with the core philosophy of Bitcoin.
Bitcoin’s main strength is self-custody. If users rely on a third party for their private key, then any policy change or administrative decision could limit control over the assets. This risks reducing both investor confidence and participation.
While governments can invest in Bitcoin at an institutional level if they want, it is most important for ordinary users to maintain self-custody. In the true sense, Bitcoin can only play a positive role for our country when it is directly in the hands of the people, not under the control of any centralized power.
