Bitcoin standard should be implemented by Nigeria and Zimbabwe, the CEO of Microstrategy reasoned.

Bitcoin standard should be implemented to put an end to poverty and allow residents of both nations to live well, The Microstrategy CEO implied. Microstrategy CEO Michael Saylor has proposed that Nigeria and Zimbabwe establish currencies backed by bitcoin in order to repair their economies.

In a video clip in which he also tackles accusations that the Bitcoin network cannot expand, Saylor says that if Nigeria and Zimbabwe buy $2-3 billion worth of BTC, they may be able to end their currency troubles. Saylor elaborated:

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 the bitcoin. That is the bitcoin standard. And every one of your citizens stops starving to death. And they live a decent life.

Bitcoin as ‘the Kingmaker’

Before citing Nigeria and Zimbabwe, Saylor, whose business currently has over 114,000 BTC, mentions Turkey as another government that might purchase bitcoins and use them to underpin the lira currency. According to Saylor, if Turkey purchases $5 billion in bitcoins and holds them for the next five years, the lira currency might rise.

Despite Saylor’s frequent exhortations, it appears that only one country, El Salvador, has heeded the advise. Many other nations, like Nigeria, have instead decided to develop their own digital currencies in the goal of undermining bitcoin’s attractiveness.

Patrick

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