🎙️ My guest today is Abubakar Nur Khalil, a Nigerian Bitcoin Core contributor, CEO of the Bitcoin venture fund Recursive Capital, and one of only four board members of Btrust—a nonprofit supporting Bitcoin development in Africa. At just 25 years old, Abubakar is transforming the African Bitcoin ecosystem by training developers, advancing Bitcoin adoption, and supporting decentralized financial solutions.
In this episode, we explore Nigeria’s CBDC rollout of the eNaira, why it failed, and accompanying cash shortages, as well as the growing Bitcoin adoption. Abubkar shares his journey from contributing to Bitcoin Core to leading Btrust's mission of decentralizing Bitcoin development in the Global South. He also shares about the challenges of scaling Bitcoin adoption in Africa, the revolutionary role of Bitcoin mining in electrifying rural communities, and the untapped potential of Bitcoin in empowering Africa’s youth and businesses.
This episode is also on Twitter, Spotify, Fountain, Rumble and more.
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We talked about:
00:00 Coming Up…
00:57 Introduction to Abubakar
03:48 The Journey to Becoming a Board Member of Btrust
09:08 Btrust’s Vision & Support for African Bitcoin Developers
12:58 Being Young & Successful
15:48 The eNaira - Nigeria’s CBDC
21:58 Cash Shortages in Nigeria
25:58 eNaira’s Failure & Speeding up Bitcoin Adoption
32:41 The CNGN - Nigeria's Stablecoin Initiative
35:01 Africa's Economic Landscape and Bitcoin Mining
40:15 Corruption and Governance Challenges in Africa
42:32 How Common Struggles Unify Africa
44:32 Non-Smartphones Can Use The Lightning Network
46:53 Ethiopia's Energy and Bitcoin Mining Potential
48:20 Why Are Most Bitcoin Transactions in Africa B2B
50:25 Regulatory Developments for Bitcoin Exchanges in Nigeria
52:54 Promising Future Projects in Bitcoin
56:58 Message of Hope
My takeaways:
Hundreds of African developers are being trained through Btrust Builders to contribute to Bitcoin open source.
Bitcoin adoption in Nigeria surged after the failed eNaira CBDC rollout.
Bitcoin mining is electrifying rural communities and unlocking Africa’s green energy potential.
Innovations like Machankura enable Lightning payments on non-smartphones.
Bitcoin and stablecoins like USDT are being actively used as a tool for businesses to settle B2B transactions in Africa.
East Africa is leading Bitcoin mining with sustainable energy projects like hydroelectric dams.
African governments are warming up to Bitcoin mining as a solution to energy inefficiencies.
Shared economic challenges create a unifying force for Bitcoin across African nations.
The growth of circular economies and developer communities is positioning Africa as a Bitcoin leader.
Africa’s young population is driving grassroots Bitcoin innovation and systemic change.
Transparent and inclusive regulation could make Nigeria a global model for Bitcoin policy.
Africa’s Bitcoin revolution showcases the potential of Bitcoin to transform developing economies.
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