The Bull Market and Nigeria's Binance Blues Reminds Me of "The Ceausescu Era" of Romania

The entire crypto market is currently in a bull run, and hope is spreading like wildfire. However, not everyone is sharing in the celebration. The recent news of Binance halting support for the Nigerian Naira is a prime example. While it's not breaking news anymore, I feel compelled to address it because it evokes a specific memory...

Nigeria's attempt to strong-arm Binance for billions of dollars – a clear imitation of the US's tactics – was doomed from the start. The US has the leverage Nigeria simply doesn't. Yes, the US pressured Binance into a hefty $4 billion fine for non-compliance, and CZ might even face jail time. But that was only possible within the American context.

The US's move was also likely a strategic one, aiming to position Coinbase as the leading crypto exchange by trading volume when the ETF rollout began a few months back. Regardless, Nigeria's failed attempt to extort Binance has resulted in the complete withdrawal of their Naira-based services.

From what I've gathered from conversations with @belemo and other Nigerian Hivers, P2P transactions on Binance were their primary on-ramp and off-ramp for crypto. It was a functional system that kept everyone happy. Now, even those options are off the table.

This situation puts many of our valued Nigerian Hivers in a precarious position during this bull market. How will they capitalize on the profits they've been accumulating for years? This predicament reminds me of Romania under the iron fist of Nicolae Ceausescu, a communist leader akin to China's Xi Jinping or Russia's Putin.

Ceausescu ruled Romania with an iron fist, mirroring Xi Jinping's current grip on China or Putin's control over Russia. His strategy involved eliminating competition and clinging to power for life (well, until his demise in 1989). While his legacy boasts a debt-free Romania by April 1989, the price was exorbitant. My parents and their generation shouldered the burden – a life of severe restrictions. Even with money, basic necessities were rationed, making everything scarce. It was a brutal reality.

Leaving the country was a pipe dream.

Tito, the revered Serbian communist leader, took a vastly different approach. Instead of locking people in, he encouraged emigration. This strategy resulted in an influx of foreign currency as these emigrants sent their hard-earned money back to Yugoslavia. While some never returned, those who did invested their earnings back into the country.

Why does the Nigeria-Binance situation evoke memories of Ceausescu's Romania? It's the suffocating control. Ceausescu's oppressive regime stifled individual growth and prosperity, prioritizing a collectivist ideal. Nigeria's current actions mirror this by making crypto practically inaccessible to its citizens.

This bull market might be a once-in-a-lifetime opportunity to generate significant wealth with minimal effort before institutions exert greater control over crypto. Unfortunately, Nigerians are excluded from this potential windfall. While alternative exchanges in Nigeria might exist, the overall situation feels dire.

Some might argue that this pushes crypto adoption forward. I highly doubt it. A government actively discouraging its citizens from crypto trading or investment clearly doesn't want them using it as a form of currency. As always, the most vulnerable suffer the most. This hardship often stems from rampant corruption or inflated egos. Either way, the burden falls on the masses.

Thanks for your attention,
Adrian