Ethereum Community Supports Ethiopian Olympic Team – ETH Going For Gold

As the flames fade out from the Olympic cauldron in Tokyo, history will remember this quadrennial tournament as unlike any other. Due to the lingering dark cloud of the novel coronavirus, the Japanese government imposed extraordinary mitigation measures, resulting in no fans in attendance. But the lack of the usual fanfare associated with the Olympics didn’t completely stymie opportunism.

Case in point was Project Mano, a group of Ethiopian entrepreneurs who aims to restore stability in their home economy through Bitcoin mining and other cryptocurrency-related endeavors. To generate buzz, the startup enterprise launched a social media campaign, urging Ethiopia’s leaders to consider both mining Bitcoin and holding BTC in long-term national reserves.

It Goes Viral on Twitter

Indeed, the boldness of the proposition along with the incredible buzz it generated caught the eye of Jack Dorsey, CEO of social media platform Twitter and financial payments firm Square. Dorsey, a longtime advocate of cryptocurrencies, posted the Ethiopian flag when promoting Bitcoin to his massive fan base.

Moreover, according to Surajdeep Singh, Marketing Director at NFT Contemporary, influential members of the crypto community began pushing Ethereum as the go-to crypto of choice that Ethiopia should adopt. Singh stated the following:

“Mike Demarais, co-founder of the Ethereum Rainbow Wallet proposed a Twitter campaign to make Ethereum legal tender in Ethiopia and Brantly Millegan, director of operations at Ethereum Name Service, reached out to the country’s Ministry of Foreign Affairs via Twitter and email, asking how the community can help sponsor the country in the Olympics.

Will the combination of homegrown entrepreneurial talent and outside influencers be enough to convince the eastern African nation to look into crypto adoption? Not likely, Singh asserts. “Project Mano has been urging their government to adopt Bitcoin for over 7 months now. The government will not open its arms to Twitter talk. The coincidence will be short-lived, and it will have no effect on the price of Ethereum in the long term. Yes, it may lead to wider adoption of Ethereum among the community of Ethiopian Twitter users who are following the Olympics via Twitter but that’s all there is to it. ”

The Compelling and Complicated Nature of Crypto Integration

Should Ethiopia decide one day to reverse course and adopt cryptocurrency as a national reserve asset or even legal tender, it wouldn’t be the first. The way the blockchain market is moving, it might not even be the second or third country to do so.

In June of this year, El Salvador generated global headlines when it issued a proposition that further legitimized virtual currencies. From a Reuters report, “El Salvador became the first country in the world to adopt bitcoin as legal tender after Congress on Wednesday approved President Nayib Bukele’s proposal to embrace the cryptocurrency, a move that delighted the currency’s supporters.”

More recently, The Rio Times noted that Uruguay is considering following in El Salvador’s footsteps. “Uruguayan Senator Juan Sartori has announced a bill to make Bitcoin a legal tender in Uruguay, allowing companies to introduce the cryptocurrency and create specific regulations for the sector.”

Trend of Moving Toward Digital Currency

From a sovereignty perspective, the pivot toward virtual currency integration makes sense — and especially so for nations that have less rigorous or stable economies. Since the U.S. dollar is the world’s reserve currency, many developing countries find themselves “priced out” since core commodities are dollar denominated, thus creating severe challenges when currency exchange rates fluctuate. As well, paying back debt in dollar terms can become onerous if not totally unfeasible.

Theoretically, moving to cryptocurrency as legal tender will solve the above problem since blockchain assets are inherently decentralized. More importantly, the sanctity of Bitcoin and similar cryptos is consistent; in other words, centralized authorities can’t print or destroy Bitcoin on a whim.

As Project Mano itself stated, “SD for instance is no longer linked to a scarce resource, there is nothing stopping the Federal Reserve from printing it excessively leaving countries that rely on holding it vulnerable to other nations’ monetary policies.”

Though it’s a valid point, the reason why the Ethiopian government might not want to adopt cryptocurrencies is that such a move requires a complete paradigm shift in geopolitics. Cynically, Project Mano is not correct about one small detail, that the dollar is not tied to anything scarce or valuable.

That’s not necessarily true. The dollar is backed by the U.S. military. If countries don’t comply with a dollar-denominated paradigm, that leaves America no choice but to bring “freedom” to wayward people. To avoid incensing the world’s greatest economic and military force, Ethiopia will be at best stay coy on the subject of cryptocurrencies.

Only We Can Stop Ourselves

Nevertheless, the idea of nations adopting cryptocurrencies will likely continue for decades. Frankly, it’s easy for government authorities to crack down on a few dissenters. But when the majority of the global community begin adopting virtual currencies, that will be a different matter.

But it begs the question: will we even want to integrate a decentralized lifestyle and mentality? Perhaps the biggest roadblock to crypto adoption is not government authorities but our own complacency. Essentially, there’s comfort in centralization, that when things go wrong, we can always reach out to greater authority for resolution.

But in a blockchain-based ecosystem, that greater authority is us. That wouldn’t be such a terrifying proposition if we replaced our inherent fear of the unknown with trust and understanding.

Indeed, this is the greater purpose behind Blockster, an emerging platform that seeks to become the social network for the crypto industry. Beyond powerful and compelling insights, Blockster promotes community, traversing through the artificial barriers that government agencies deploy to restrict people and ideas.

You can be part of the solution and in addition, partake in the next stage of the decentralized revolution by joining Blockster now!

Disclosure: The author is long BTC and ETH.

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