My Take On Crypto Ban!

A day after CBN “banned” crypto activities in Nigeria, founder of PayPal, SpaceX, The Boring Company and Tesla, and the richest man in the world, @elonmusk says very soon you can buy Tesla cars with your bitcoin. And Tesla also

Photo cred: @PrinceofSydney

bought $1.5Bill worth of bitcoin; becoming the first major company to hold crypto asset on their balance sheet.

Sometimes when people don’t understand something, they do the following: 1. Ignore it 2. Criticize it 2. Fight it. Only those who are wise enough tend stop to study

more about it. To understand crypto, you must stop and study blockchain. The same way every new technology changed our world, blockchain (not bitcoin), will change our world. If you could not ban the internet, you cannot ban anything that runs on blockchain technology; e.g. smart

contract that runs on the Etherium Blockchain. Nigerian govt should get help on how to regulate, like the US and other advanced economies have been trying to do, not ban what is simply a technology that powers how value is created, held or transferred. Banning Gokada, Max etc

by Lagos state didn’t remove Okadas from our roads. The easy route is to ban, the hard work, which leads to the wealth of a nation is in thinking and tweaking. While we’re banning things, China just issued its own coin. City of Miami will officially allow people to spend crypto,

and it’s only the beginning. MasterCard will soon support crypto payments to merchants. If I were government, I’ll put a small team of advisors together, to understand Blockchain or set up a Blockchain Research Center!

If Tesla was in Nigeria, would the CBN ban the company now?

That’s the beauty of a free society.

You see, the danger of bans, like closing the borders is that you create a rogue network of outlaws who will “innovate” around you.

I know that it is hard to think, but it is not impossible to do do. Let’s think!

#TheFutureOfValue