Expert Asks Nigeria To Seize Crypto Opportunity With Strategic Bitcoin Reserve

Technology innovation expert, Hanu Fejiro Agbodje, has urged Nigeria to capitalize on the rising importance of cryptocurrency by creating a strategic Bitcoin reserve, similar to its gold and dollar reserves. Agbodje, who is the CEO of Patricia Technologies, made the call during an interview on Channels Television’s Business Incorporated.

Agbodje’s advocacy for a Bitcoin reserve comes at a time when an estimated 33% of Nigeria’s population is involved in cryptocurrency investments, making it the second-largest country globally in terms of adoption, just behind India. According to Chainalysis, a New York-based firm that monitors blockchain usage, Nigeria’s embrace of crypto could become a driving force for its economic future, especially as the country looks toward 2025.

Despite challenges anticipated in 2025, particularly in other sectors, Agbodje sees a booming future for the cryptocurrency industry. Bitcoin, in particular, has seen impressive gains, including a 116% surge in 2024, driven by factors such as the approval of Bitcoin Exchange-Traded Funds (ETFs) and the broader crypto market’s growth. However, Agbodje believes that the most significant growth is still to come, with 2025 forecasted to be a major year for Bitcoin and the cryptocurrency market at large.

He highlighted the role that geopolitical changes could play in boosting the crypto market, especially with the potential return of Donald Trump to the U.S. presidency. “With Donald Trump coming back into power, we are going to see a more pro-crypto America, which will in turn lead to a more pro-crypto world, pro-crypto regulations, which would lead to more crypto products,” Agbodje predicted.

Agbodje also pointed to the potential of nations adopting Bitcoin as part of their official reserves, citing El Salvador as a case study. In 2021, El Salvador became the first country to adopt Bitcoin as legal tender, a move that has reportedly led to economic benefits, including improved banking access, a boost in tourism, and increased foreign investment.

He stressed the urgency for Nigeria to act, stating, “We need to set up a Bitcoin reserve for Nigeria, just the same way we have gold reserves and dollar reserves. Bitcoin is here to stay, and it’s going to be a race on what nation gets there first. It gives us the first-mover advantage, and it’s an appreciating asset that will help safeguard wealth for the future and bring us closer to financial sovereignty.”

Agbodje’s call for a Strategic Bitcoin Reserve comes as the global recognition of digital assets grows. CoinGecko’s August 2024 report revealed that governments around the world held 2.2% of the global Bitcoin supply, which was worth approximately $32.7 billion as of July 2024. The United States, China, the United Kingdom, El Salvador, and Ukraine emerged as the top five Bitcoin-holding nations.

For Nigeria, Agbodje sees the cryptocurrency market, particularly Bitcoin, as a key avenue for economic growth. He predicts that the price of Bitcoin could soar to $180,000 by the end of 2025, creating an even more favorable environment for crypto investors and potentially putting Nigeria at the forefront of global financial innovation.

In conclusion, Agbodje is optimistic about the role Bitcoin could play in the future of Nigerian finance. “On a retail side, Bitcoin is going to the moon,” he said. “This is a bullish year for crypto, and it’s going to be the best time to hold crypto as an investor.”

With other countries already positioning themselves for the future of digital currencies, Agbodje believes that Nigeria’s proactive stance on cryptocurrency could secure its place as a leader in the global crypto economy.