MicroStrategy CEO Michael Saylor has suggested that developing countries should buy BTC and launch bitcoin-backed currencies to boost their economies.
Michael Saylor posted a video on Twitter advising the governments of Nigeria and Zimbabwe to invest in the first cryptocurrency.
— Michael Saylor⚡️ (@saylor) October 16, 2021
According to him, if these countries buy BTC for $2-3 billion, this will solve the problems associated with their weakening national currencies, end hunger and provide a decent life for citizens.
“To improve life in Nigeria or Zimbabwe, the leaders of these countries need to buy bitcoins worth $2 billion or even $ 3 billion. Then the citizens of these countries will stop starving to death.”
Saylor also suggested that if Turkey buys $5 billion worth of BTC and stores it for five years, it would significantly strengthen the Turkish lira exchange rate.
Saylor has always advocated long-term storage of bitcoin.
In May, he stated that he did not sell “a single Satoshi.” MicroStrategy still continues to buy bitcoin and owns over 108,000 BTC.
It is worth thinking about issuing national currencies backed by bitcoin or making BTC as legal tender because El Salvador has set an example of making BTC as a legal currency of their country on September 7, after that country’s government also purchased 400 BTC.
Read Details: Bitcoin Is Now Official Currency Of El Salvador
However, many countries consider it more appropriate to explore the possibility of launching digital central bank currencies.
Regulators fear that private cryptocurrencies could be so firmly embedded in everyday life and e-commerce that people would not have a need for fiat currencies.
Earlier, Sailor compared Bitcoin to digital property and stated that investing in the first cryptocurrency is much more attractive than investing in gold.