While some countries, like Turkey, are enacting laws to curb the use of Bitcoin [BTC] for payment, others, like Nigeria, seem to be embracing the king coin.
Bitcoin has undoubtedly gone places over the last couple of months. The cryptocurrencies landed a spot in an array of prominent platforms across the globe. From Miami’s nightclub to Nigeria’s luxury hotel, Bitcoin is undoubtedly on a roll while its price figures out the road to recovery from its recent downfall.
Nigeria’s luxury hotel, George Residence had jumped onto the Bitcoin bandwagon by accepting the king coin for payments.
Nigeria Continues To Embrace BTC
As per a local news portal, the CEO of George Residence, Yanju George had announced its support for BTC by accepting it as payment. This would reportedly make the hotel the first in the country that accepts Bitcoin. The hotel in Lagos, Nigeria is all set to receive payments in BTC starting this weekend.
Furthermore, Africa’s prominent crypto brokerage platform, Coinvest Africa would aid the hotel in accepting BTC payments.
The inflation issue in Nigeria is no news to anyone. Keeping in mind the country’s inflation rate, the CEO of George Residence revealed that the hotel intended to support BTC and make the cryptocurrency its “primary reserve asset” in order to hedge against the fiat inflation in the region. Elaborating on the same, George added,
‘‘We have allocated around 50% of our cash reserves to Bitcoin…We hope to increase that as time goes on. Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.”
While BTC is currently priced at $54,566, the CEO pointed out that the hotel expects to provide the guests a “faster and more secure way to enjoy” the comfort that George Residence grants.
Even though rumors pertaining to the ban of crypto in the country had surfaced in the past, the governor of the Central Bank of Nigeria [CBN] affirmed that the country would embrace crypto as Nigerians had to be prepared for the “seismic shift, and it may come sooner than later.”