Nigeria is probably best known for its prolific scammers.
The classic Nigerian scam has been around forever. Originally conducted over phone, fax or snail mail, nowadays you‘ll find it in your email junk folder.
A fictitious wealthy investor, a lawyer, or a politician urgently needs your help to transfer a large sum of money.
Of all the people in the world, mysteriously, they could only think of you to help them. And, for your crucial help, you will of course be generously rewarded with a few million dollars.
Hey, it‘s your lucky day!
But first, you will need to help with paying for some expenses...
It's a very basic “advance fee scam” and I'm surprised there are people retarded enough to fall for this. But then again, looking at the state of the world, maybe I shouldn‘t be.
According to the FBI people fall for this nonsense to the tune of tens of millions of dollars every year.
This explains why I get this kind of spam on a daily basis as I‘m sure you do too.
It clearly works.
There aren't many things that one could say the Nigerians are leading the way for the rest of humanity.
Until recently, I couldn‘t really think of anything.
But now there is something.
A crucial thing, where the Nigerians are showing the rest of the world the way forward.
And naturally, it has to do with MONEY.
Nigeria has one of the highest bitcoin adoption rates in the world.
The local currency is the Naira. The country also has a Central Bank Digital Currency (CBDC), the e-Naira.
I have previously written about how CBDCs are basically pure evil in the form of money.
Luckily, when we look at the way Nigerians are treating the e-Naira, it gives me real hope for the future of humanity.
Because they refuse to use it.
Only one in 200 people use the e-Naira. Even in the face of discounts and other incentives offered by the government.
This is not just a case of a low-tech environment with an informal economy.
They clearly get the sovereignty that can be gained from real cryptocurrencies like bitcoin. More than 76 million Nigerians use cryptos.
Nigerians truly understand the benefits of a decentralized and distributed financial system.
The exemplary use of cryptos by our Nigerian friends is creating a local free market with emergent coordination from the bottom up.
This is the path we need to follow in order to thrive.
More people on this planet need to follow the Nigerian way.
There is no shortage of incentives.
Right now, there are 28 countries that have an inflation rate over 20%.
And there are 45 countries with 15%+ inflation.
Apart from the sovereignty aspect, the immediate benefit of protecting your capital from inflation couldn‘t be more obvious.
Every day, more and more people are becoming financially literate.
In Argentina, 33% of the population already buy or sell crypto at least once a month. And in Turkey we already have a majority, with 54% of the people using crypto.
But back to Nigeria...
The friendly government is stepping in to gently help the ignorant masses understand the excellence of the e-Naira.
Cash withdrawals from ATMs have been limited to only $45 per day. And for your convenience, they will only spit out notes worth $0.45 each.
And weekly cash withdrawals from banks are now limited to the equivalent of $225 for individuals and $1,125 for businesses. Any amount above this limit incurs a fee of 5% and 10% respectively.
In Nigeria, cash outside the banking system represents a whopping 85% of all money.
The government is also working on a fiat confetti exchange to remove physical cash from circulation.
Also, forget about cashing any checks above $112. That‘s now illegal.
Hey, it‘s for your own good.
How about point-of-sale cash withdrawals in stores?
Don't be silly. Let‘s put a $45 limit on that too.
There are more restrictions, but I think you get the point.
It‘s an all-out war against cash with the aim of forcing people to use the e-Naira.
It‘s a government program, so naturally there will be some unintended consequences.
Namely, the acceleration of the collapse of the Naira and the Nigerian banking system.
Because the Nigerian government has just supercharged local crypto adoption.
My astute Nigerian friends will ditch the toilet paper and switch into financial sovereignty mode.
The Blockchain Ecosystem is about to take over in Nigeria.
I hope the rest of the world is watching.
The Nigerians are truly showing us the path to the future, to a Second Renaissance without financial tyranny.
This is the way.
And if you want to do the same and make a lot of money in the process, watch this video.
To sovereignty and serenity,
Marco Wutzer