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The CEO of MicroStrategy Michael Saylor has advised that Nigeria and Zimbabwe solve their economic issues by using Bitcoin backed currencies.

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He indicated that with the usage of Bitcoin standard, starvation could be a thing of the past and this will permit citizens of both countries to live a better life.

In a video where he commented on claims that the Bitcoin network cannot scale, Michael Saylor gave his suggestion, advising that if both countries (Nigeria and Zimbabwe) buys at least $2-3 billion worth of Bitcoin they could eradicate the currency problem they are currently facing. 

He explained “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 Bitcoin. That is the Bitcoin standard. And every one of your citizens stops starving to death. And they live a decent life”

Before mentioning Nigeria and Zimbabwe, the Microstrategy boss, whose company currently holds more than $114,000 Bitcoins, also talked about Turkey as another country that could take advantage of Bitcoin and use them to strengthen the lira currency.

According to Saylor, if Turkey buys Bitcoins worth $5 billion and holds them for five years, it could strengthen the lira currency. However, despite Saylor’s frequent praise for bitcoin, only one country, El Salvador, has appeared to have taken that advice. 

A lot of other countries like Nigeria have instead of banking on such advice decided to create a digital currency of its own, in the hope that it will shift the attention of their citizens away from Bitcoin.

In light of this, Nigeria seems unlikely to take such advice to build its country’s economy. As the country looks to launch its digital currency soon.

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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