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- Jack Dorsey has provided exposure to Project Mano on social media platform Twitter
- Project Mano is working to influence Ethiopian government to embrace Bitcoin
- Bitcoin mining operations in the country can help it produce billions of dollar every year
- The proposed plan for Grand Ethiopian renaissance dam will help BTC mining operations in the country
- Embracing Bitcoin could help the country fight against inflation
Jack Dorsey is the CEO of the leading social media platform Twitter and the Bitcoin payments firm Square Inc. Recently, in the Bitcoin 2021 conference held in Miami, the Twitter CEO revealed a few of his plans related to Bitcoins and decentralized social platforms. On Wednesday, Dorsey was observed providing exposure to Ethiopia-based group project Mano. The project is seeking to influence the country’s government to embrace Bitcoin. Moreover the project wants the government to establish BTC mining operations. And hold and link Bitcoin to the national currency and other legal tenders in the country.
How did Jack Dorsey help Project Mano?
On Tuesday, Project Mano shared a thread related to its efforts. The tweet consisted that for the past six months the project is working to lobby the Ethiopian government to combat the rising inequalities and inflation. Indeed, the project wants the government to embrace Bitcoin, and establish BTC mining farms in the nation. Mano believes that BTC has the potential to fight against the growing inflation globally.
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Jack Dorsey, the Bitcoin advocate, highlighted the efforts of the entrepreneurs group project. Following Project Mano’s efforts of pushing Ethiopia to embrace Bitcoins, Twitter CEO shared a thread from the project. Notably, the exposure provided by Dorsey helped the project double its followers from 500 to approximately 1000 at press time.
What does Project Mano aim for?
Following the official website of the project, we observe that the entrepreneurs group has outlined three Bitcoin-related initiatives. The group is working to influence the Ethiopian government and embrace the three initiatives. The Bitcoin-related initiatives include mining operations and hodling by the government. Moreover, the project also wants the nation to link its national fiat currency birr to BTC along with other legal tenders.
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Ethiopia could produce billions of dollars
According to Project Mano’s research, Ethiopia can multiply its export earnings without any mediator, if it embraces mining operations. Moreover, the nation can make billions more in the short term with minimal investment.
The project also believes that if the proposed Grand Ethiopian renaissance Dam is successful, the Ethiopian residents will get round the clock electricity. Moreover, the Dam project will help BTC mining operations. Ultimately, the country will be able to produce billions of dollars every year for its economy.
Ethiopia could leverage DeFi protocols
According to the entrepreneurs group, if the country embraces BTC mining operations then it will be able to leverage DeFi protocols. Indeed, leveraging decentralized finance lending protocols will help the country increase the buying power of its BTC holdings.
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Project Mano stated that hodling BTC seems to be the only way to increase Ethiopia increasing the nation’s gross domestic product. Indeed, BTC will help outpace the USD inflation rate.
Does Ethiopia really need BTC initiatives?
According to the World Bank Group, Ethiopia is the fastest growing economy in African. Still the per capita income of the country is very low to $850. As per the project, the country’s economy is not growing by at least 25% per year. It is also noteworthy that the country’s purchase power is naturally draining against scarce assets.
The economy of the country is growing by only 7% every year. And the country now needs to at least catch up to the rate it requires to break even. However, BTC seems the most potential way by which the country can help itself.
Ethiopian government is working with Cardano
In 2018 Ethiopia had embraced blockchain technology, after the government signed an agreement with Cardano. In the current scenario, the country is working with the R&D arm behind the Cardano blockchain. In collaboration the country aims to create a tamper-proof record of educational performance across 3.5k schools in the country.
