The power of Bitcoin to attract investment in Underdeveloped Countries: A neoliberal perspective of Nigeria

Abstract

The era of digital money was introduced years ago and is rising over the last few years. This is implemented by the fast-growing globalization process that spreads new technologies all over the world. Even in underdeveloped African nations such as Nigeria, this article examines the emergence of digital currencies such as Bitcoin. The ways that payments are made have changed significantly on a worldwide scale. This article suggests that the development of digital currencies, and Bitcoin in particular, is part of the process of instituting globalization through digital technologies. This article analyzes the phenomenon of Bitcoin in Nigeria from a neoliberal perspective, where globalization serves as a catalyst for the liberalization process. This article employs methods based on qualitative research. We use qualitative data obtained from previous studies, literature, and news source that is searched through google. According to this article, Bitcoin usage in Nigeria has increased due to increased investment. Nigeria that undergoes an economic crisis adopt Bitcoin in hopes for a better economic situation which resulted in the government accepting neoliberalism system. This article focuses on how underdeveloped nations use Bitcoin in international commerce to attract investment. Bitcoin has aided people in investing and improving their standard of living which is consistent with the neoliberal viewpoint; those who have control over their resources and act int their best interests will prevail.