Ethiopia: Jack Dorsey supports pressure group
When we talk about cryptocurrency in Africa, Jack Dorsey, the CEO of Twitter, is probably the first figure we think of. He is at the front not only in Nigeria, but also in Ethiopia. On his Twitter account, he has just shone a spotlight on the group Project Mano. Despite being little known, this collective is nevertheless putting pressure on the Ethiopian government to make cryptocurrency a reality in the country.
Project Mano, from the darkness to the light
As a champion of cryptocurrencies, Jack Dorsey never misses an opportunity to give them a boost. In a tweet on Wednesday, he linked a post by the group Project Mano. This collective is made up of entrepreneurs based in Ethiopia who have made it their mission to push the government to consider making the use of crypto a reality.
More concretely, Project Mano wants the government to consider mining and storing Bitcoin (BTC). But why? Because for the collective, with this project, the government will succeed in “combatting rising inequalities and global inflation”.
Obviously, this group can now count on the support of the CEO of Twitter, especially since the he is giving it visibility. In the space of an hour, the group’s account went from 500 followers to more than 1,000 following Dorsey’s message.
While the group was almost invisible a few months ago, now it seems well-established in the economic sphere of Ethiopia. In any case, its website attracts traffic and offers three solutions to the government: mining, storage and the pegging the Ethiopian Birr to Bitcoin.
For Project Mano, if the grand Ethiopian Renaissance Dam project becomes effective, not only would Ethiopians have electricity 24 hours a day, but it will also be possible to “produce billions of dollars a year”.
Cryptocurrency as a way out of the crisis
The entrepreneurs who make up the Project Mano group are formal on one point. This is because the Bitcoin holding company could serve as a hedge against the inflation rate of the Ethiopian Birr.
“Given Ethiopia’s economy is not growing remotely near 25% year after year, our buying power is naturally depleting quickly against scarce assets,” the collective notes. “If the Ethiopian economy is only growing 7% a year, we are not catching up to the rate we need to break even.”
The situation in Ethiopia is relatively unstable. According to the World Bank, the country is the fastest growing economy on the African continent. However, paradoxically, its economy is “one of the poorest, with a per capita income of $850.”
Faced with the economic precariousness in which the majority of Ethiopians live – precariousness accentuated by the health crisis linked to Covid-19 – the solution proposed by the Project Mano group could find support, especially since it is boosted by influencers such as Jack Dorsey. That said, nothing is set in stone! The government could accept the offer as it could refuse any initiative encouraging the use of Bitcoin.
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