Cryptocurrency-a decentralized solution for the devaluation of African currencies | Author: ABISOLA AKINYEMI | The Capital | June 2021
Cryptocurrencies have often made headlines recently, but they are still ignored and are not good for many countries. Bitcoin is a digital asset, driven by the relationship between supply and demand, and is the ultimate means to achieve an end. It has become a world currency and may be a solution to inequality between countries.
Through the use of debit cards, credit cards, and online transactions, most currencies are now digital currencies. Think of cryptocurrency in the same way. The main problem with African currencies is that they are mainly supported by oil or the country’s economy, and the country’s economy continues to fall. The U.S. dollar as the reserve currency of these countries is one of the reasons why their national currencies will continue to depreciate compared with the U.S. dollar. Cryptocurrency gives African countries the opportunity to become one of the first countries to use this technology to challenge the U.S. dollar and other “reserve currencies.”
Let’s ignore laser eyes and rockets for now, and imagine a cryptocurrency ecosystem worth 100,000 times used by African countries. If you can think of it, it is possible. El Salvador became the first country to adopt Bitcoin as its legal tender, and the International Monetary Fund immediately warned them that this is a confirmation that any country needs to follow suit. The International Monetary Fund disguised itself as the free world and held many countries as hostages for its legal tender.
Africa may be the first continent to adopt the Bitcoin standard, because renewable energy has emerged and the craze for crude oil has subsided. This means that, for example, 1 Nigerian Naira is equal to the value of 1 Bitcoin. The same applies to every country that adopts the Bitcoin standard. The final game will be equality between each country that adopts the standard.
For many years, African countries have been selling gold and diamonds at the prices of U.S. dollars and British pounds. Gold is a natural resource that can be exchanged for banknotes printed every day. The same gold is stored in U.S. reserves and traded on the stock market as a digital asset. The entire currency system is digital, and cryptocurrency may only be a way out for Africa.
Governments around the world have been researching and looking for ways to destroy cryptocurrency, because it is an effective threat to its “advanced currency”, at least this is what they want you to believe. Climate change is the latest concern about mining cryptocurrencies, but if they are committed to providing clean energy, this issue can be solved by the same government. Unfortunately, they would rather use climate change as a political topic and a reason to escape from the earth than working on solving the problem.
In a sane world, one currency should be equal to another, but due to greed and the need to continue to legally control other countries, the International Monetary Fund will continue to block the adoption of Bitcoin and encourage quantitative easing in the United States. It is obvious who the International Monetary Fund is.
Most of the debts of the United States are owed to herself, and most of the debts of Africa are owed to China and the International Monetary Fund. Unless we adopt cryptocurrency before the International Monetary Fund or China, this will lead to bankruptcy in Africa.There is a competition for world power, and that is through Money illusion. It’s time to realize the reality of digital currencies in Africa. Take the lead, don’t wait for permission from the International Monetary Fund or China.
Disclaimer: This article is by no means financial advice for trading cryptocurrencies.