In case you didn't hear about the single piece of negative news in all the great news flowing today, the central bank of Nigeria today said they are banning banks from banking bitcoin and crypto customers.
While this isn't an outright ban per say, it's close.
(Source:
)https://twitter.com/BTC_Archive/status/1357682387619037184/photo/1
- BTC_Archive
I am not sure what they are trying to do here, maybe go the same route as India?
The funny thing about India is that they did this exact same thing 2 years ago, and then their supreme court ended up overturning the ruling a year later.
I have no idea if this will happen here, but either way clamping down on crypto is probably a losing battle.
It's like trying to squeeze a bar of soap in the bath tub, sure you can squeeze it at first if you hold it gently, but when you put too much pressure on it, it shoots through your fingers. (man that's a great analogy!)
I think that is pretty much what we will see here with Nigeria, especially as bitcoin and crypto is only getting more popular.
It's like tiktok here in the US, sure they wanted to ban it, but it was so popular they ultimately had to figure out ways to let it remain while tweaking the rules slightly.
The same will probably happen with Nigeria and India, so while the headlines aren't pleasant just remember the analogy of them trying to squeeze that slippery soap in the bath tub.
It won't end well most likely.
The slippery soap will escape and bitcoin is that slippery soap!
