Why Bitcoin Matters for Nigeria and Iraq

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 15 August 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this week’s “Long Reads Sunday,” NLW reads: “How Crypto Can Help Nigeria’s Economy” by Olumide Adesina “The Inevitability of Crypto in Iraq” by Abdurrahman Bapir Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Golden_Brown/iStock/Getty Images Plus, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.0	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:16.2	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Sunday, August 15th, and that means it's time for Long Reads Sunday.
0:29.2	And listen, we have had so much discussion of U.S. crypto and U.S. politics and North American crypto, if not the U.S.,
0:37.0	that I thought that it would be an
0:38.6	interesting departure to use this Long Read Sunday to read some pieces about crypto and Bitcoin
0:44.1	in other parts of the world, what it means, why it matters, and what the future holds.
0:50.8	So I'm actually going to read two pieces, both published on Coin Desk this week, one focused on Nigeria and one focused on Iraq.
0:58.3	First, let's read how crypto can help Nigeria's economy by Alamide Adesina.
1:05.0	Alamide is a Nigeria-based certified investment trader who, as you will soon see, has a lot of passion for what Bitcoin
1:11.4	can do for his home country. Nigeria, Africa's leading crude oil exporter and largest, most
1:17.7	populous country, has about 40% of its population living below poverty levels. The COVID-19
1:23.5	pandemic caused falls in the output of goods and services, which negatively affected the
1:27.4	economy and caused thousands of jobs to be lost. It is estimated that Nigeria's pandemic caused falls in the output of goods and services, which negatively affected the economy
1:27.8	and caused thousands of jobs to be lost. It is estimated that Nigeria's unemployment rate will
1:32.5	reach 32.5% this year and rise even more next year. That's where Nigeria's emerging crypto economy
1:38.7	comes in. To strengthen the development of Africa's largest economy, Nigerian regulators and
1:43.5	stakeholders must tap into the potential inherent in crypto to improve such unimpressive economic data.
1:49.7	We spoke to several experts from the Nigerian crypto scene to explore some of the potential benefits.
1:54.7	Get around the ban.
1:56.4	A crypto economy can help Nigerians who lack bank accounts deal with many of the challenges
	...

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