NFL player Russell Okung published in Bitcoin Magazine an open letter to the Nigerian government. The Nigerian-born athlete proposed that authorities adopt Bitcoin as a means of payment, following El Salvador’s example.
“This decision will soon confront every country, but those who act now, as we have just witnessed in El Salvador, will reap substantial advantages for future generations,” Okung says.
He noted that countries such as Iran, Russia, China and Kenya mine or otherwise use cryptocurrency, often as a means to circumvent US sanctions, which prevent them from fully participating in the global financial system. Other states, including Barbados, Singapore and Malta, pursue crypto-friendly policies, attracting wealth and human capital.
“This week, El Salvador became the world’s first country to require merchants to accept Bitcoin as legal tender. I propose a similarly aggressive approach to adopting cryptocurrency at the national level, which will significantly strengthen every sector of the Nigerian economy and energise the spirit of every Nigerian at home and abroad,” Okung said.
He argued that, given the limited supply of digital gold, the advantage in the future financial system and the potential to build wealth would accrue to countries that acquire more of the asset.
“As global leaders increasingly recognise the opportunity to make history, the pursuit of Bitcoin will become widespread,” the NFL player asserts.
Since December 2020, Okung began automatically converting into the leading cryptocurrency half of his annual salary—$13 million.
The IMF says that El Salvador’s decision to recognise Bitcoin as legal tender could entail a number of risks and regulatory problems.
Analysts from JPMorgan believe that this move will not bring the country any particular economic benefit.
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