Cryptocurrency has been in the headlines a lot lately but is still being ignored to the detriment of many nations. Bitcoin is a digital asset, driven by demand and supply, which is the ultimate means to an end. It has already become a world currency and might be the solution to inequality among nations.
Most currencies are digital right now through the use of debit cards, credit cards, and online transactions. Think of cryptocurrencies in the same way. The main issue with African currencies is that they are mostly backed by oil or the economy of the country, which continues to fall. The dollar, being the reserve currency of these countries, is one of the reasons their national currencies will continue to lose value compared to the dollar. Cryptocurrency gives African countries an opportunity to be one of the first to use this technology to challenge the dollar and other “reserve currencies.”
Let’s ignore the laser eyes and rockets for a moment to imagine an ecosystem of cryptocurrencies worth 100k times the dollar adopted by African countries. If you can think of it, it’s possible. El Salvador, becoming the first country to adopt Bitcoin as legal tender and IMF immediately warning them about it, is the confirmation that any country needs to follow suit. The IMF disguises its self as the free world and holds many nations hostage to its fiat money.
Africa could be the first continent to adopt the Bitcoin standard now that renewable energy is here and the rush for crude oil has faded. This means, for example, 1 Nigerian Naira is equal to the value of 1 Bitcoin. The same will apply to every nation that adopts the Bitcoin standard. The end game would be equality among every nation that adopts the standard.
For many years, African countries have sold Gold and diamonds for dollars and pounds. Gold, a natural resource, scares and valuable being exchanged for paper money that is being printed daily. This same Gold is being stored in the US reserve and traded on the stock market as a digital asset. The entire money system is digital, and crypto might just be the way out for Africa.
gold for cash? really?!
Governments of the world are constantly researching and looking for ways to destroy the cryptocurrency because it’s a valid threat to their “superior currency,” at least that’s what they want you to believe. Climate change is the latest concern about mining cryptocurrency, but it’s a problem that can be solved by the same government if they work on providing clean energy. Unfortunately, they rather use climate change as a political talking point and a reason to flee Earth than to work on the solution.
In a sane world, 1 currency should be equal to the other, but due to greed and the need to continue to control other nations legally, the IMF will continue to discourage the adoption of bitcoin and encourage quantitative easing in the USA. Kinda obvious who the IMF is.
Majority of the US debt is owed to herself, and the majority of Africa’s debt is owed to China and the IMF. This will lead to the bankruptcy of Africa unless we adopt cryptocurrency before the IMF or China. There is a competition to capture world power, and that is through the illusion of money. It’s time to wake up to the reality of digital currencies in Africa. Take the lead for once and do not wait for permission from the IMF or China.
Disclaimer: This article is in no way financial advice to trade crypto.