Founder and CEO of BCHAIN Africa, Femi Adegolu, has called on Nigeria to adopt strategic policies around crypto currency, particularly Bitcoin, to bolster economic sovereignty and attract foreign investments.
Adegolu, in an interview with ARISE NEWS on Friday, discussed Bitcoin’s rapid growth, emphasised the growing importance of crypto currency in reshaping global finances.
He noted Bitcoin potential as a strategic reserve, and the urgent need for crypto regulations to unlock Nigeria’s economic potential.
Adegolu addressed Bitcoin’s strategic implications for global and local economies, and the policies Nigeria should adopt to benefit from the crypto revolution.
On Bitcoin’s rise to $100,000, Adegolu noted the optimism among global investors. “It’s a very good time. Investors globally are happy with the increase in price, and most people who also invested in coins because there is going to be a rapid increase in crypto currency globally, most especially the top 100 or top 20 current market capital,” he said.
When asked about the potential of a Bitcoin strategic reserve, inspired by reports involving Donald Trump, Adegolu explained its global significance. “He knows that Britain, Russia, India, China, South Africa—most of these countries are likely trading in their own local currency.
“What that means is less dependency on the dollar, which means less demand, which means it’s not going to be used for trading among these countries.”
He further advocated for nations to strategically incorporate Bitcoin into their reserves. “The biggest and the smartest move any president can make right now is to keep their currency strategically in Bitcoin and have it as a backup plan, just in case the price of the dollar goes down. It is also a better way of keeping assets.”
On implications for subnational governments, Adegolu pointed to Lagos State as an example. “Lagos State, which is the financial capital of Nigeria, if the governor can say he wants to set up a Bitcoin reserve, it’s going to help the state.
“Owning a Bitcoin reserve attracts foreign investment, and for us to have this, we need to provide a lot of education for people on why the government should have Bitcoin as a strategic reserve for the country,” he said.
Addressing policy expectations from the current administration regarding crypto, Adegolu stressed the importance of regulations. “First of all, we should have regulations and laws. I feel like the government can benefit a lot in terms of taxes from the revenue made by these companies,” he said.
He outlined the broader benefits of attracting crypto investors. “What we should think about is how we can attract a lot of investors, attract a lot of companies coming to Nigeria, provide jobs. The more companies coming, the more they provide jobs for the population, and the more crime reduces.”
Adegolu highlighted the potential for crypto to enhance economic sovereignty. “There are a lot of benefits that crypto brings. Having a crypto-regulated environment in Nigeria means economic sovereignty.
“Nigeria’s foreign reserves in Bitcoin help us better to wage against the inflation of the dollar and reduce the dependence on the Naira-dollar relationship. What is actually crushing the economy right now is that everything we do is based on dollar valuation,” he explained.
He urged the government to create favourable policies for crypto businesses. “We have to ensure that our country has a lot of policies favourable to companies. When they come and invest, there should be a transparent way of how they can get registered, licensed by SEC, and get CBN approval for off-ramp and on-ramp transactions—crypto to fiat. That’s what to look out for,” he said.
Finally, Adegolu expressed hope for proactive measures in the coming year. “I’m hoping that next year, the president and the economic team look into the adoption of crypto as one of the popular African countries,” he concluded.
Boluwatife Enome
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