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Idris Elba Promotes Cryptocurrency in West Africa – BORGEN

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Idris Elba Promotes Cryptocurrency in West Africa – BORGEN

BOSTON, Massachusetts — Golden Globe Award-winning movie star Idris Elba is taking a leading role in promoting financial freedom in his ancestral homeland of West Africa. He has partnered with the Stellar Development Foundation, a nonprofit organization dedicated to creating equitable access to the global financial system through blockchain technology. Together, Elba and the Stellar Development Foundation have assembled a strategic team aiming to integrate millions of West Africans, who currently lack any personal finance tools, into the global economy. Their primary strategy is promoting and expanding cryptocurrency exchange to achieve financial freedom in West Africa.

The Banking Challenge in West Africa

Less than half of the adults in West Africa have access to banking services. Even in Nigeria and Ghana, the region’s two largest economic powerhouses, fewer than half of the people have formal bank accounts. In other Sub-Saharan African countries, such as South Africa, citizens often avoid traditional financial services due to mistrust of banks’ motives, ATM fraud and oppressive bureaucracy within financial institutions. Many view cryptocurrency, powered by blockchain technology, as a solution to counteract these ongoing issues.

Cryptocurrency serves as a hedge against currency manipulation, which many governments of developing countries engage in to boost international trade efforts or reduce debt interest burdens. Such practices, which involve deliberate currency devaluation, are morally wrong as they reduce the buying power of ordinary working-class citizens by driving up inflation. Cryptocurrencies also help curb monetary inflation.

The Unbanked Majority

Many of the world’s poor, amounting to 75%, lack bank accounts, highlighting the challenge of building wealth without any savings or reserves. Villagers in developing nations point out that excessive travel distances to banks and high fees associated with account setup, maintenance, transaction costs and minimum balance penalties make traditional personal finance inaccessible. Historically, not having a bank account also meant no access to credit, as credit card payments typically require withdrawals from a checking or savings account.

Transport and Banking Accessibility

Transportation in Africa presents a significant challenge, with the continent having the highest transport costs in the world. These high costs make it particularly difficult for West Africans to access banks, rendering the task nearly impractical. Additionally, West Africa has only 7.8 ATMs per 100,000 residents, which is the second lowest rate in the continent, just above East Africa.

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The African Development Bank Group (AfDB) states, “To open a savings account at Ecobank, one of Africa’s largest Pan African Banks, an individual has to fulfill the following requirements: complete account opening form, a valid piece of ID of each signatory (current driver’s license, national ID, international passport, student ID card for students or a registered association), proof of address (utility bills for preceding three months, site visitation, certificate of residence, tenancy agreement), two passport pictures among others. While such requirements may be routine, the majority of the population in low-income countries may not meet more than one of these requirements.” The fact only 13.7% of West Africans have access to financial institutions is reflective of those hassles. 

The Role of Cryptocurrency

Coinbase Wallet and Exodus, two of the largest digital crypto wallets, charge no fees for account opening or minimum balances. Exodus does charge fees for selling or trading digital assets on its app. Both of these apps, along with many others, are available for free download on the iOS App Store and Google Play Store. Online desktop versions are also available.

To open accounts on these platforms, consumers need only one valid ID, which is much simpler than the multiple forms required by many traditional banks in Africa. With 60% of West Africans having internet access and only 13.7% having a bank account, cryptocurrency could significantly close the financial accessibility gap in West Africa from a market penetration standpoint. It enables full-scale financial coverage from the comfort of one’s home, eliminating the need to travel to brick-and-mortar banks.

Contrary to the views of crypto detractors, cryptocurrency can serve as an independent alternative to traditional banking because individuals can buy crypto coins without needing a credit card or bank account. Local shops in villages can easily act as intermediary sellers of various cryptocurrencies, allowing customers to purchase crypto coins directly with cash.

International Trade Impact

American trade relationships with many West African nations have indeed injected money into their economies through investment, but they also bring their share of negative effects. The strength of the American dollar, the world’s reserve currency, often hinders emerging markets by limiting the growth potential of local currencies. If organizations like the Organisation of African Trade Unity were to unite in using a default cryptocurrency for transcontinental trade, it could weaken foreign currencies and boost the African economy.

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Idris Elba’s Vision

In a 2023 interview with CoinDesk, Idris Elba drew a relevant comparison between his field of video production and his newfound interest in promoting financial freedom in West Africa. He recounted how growing up, he had only four TV channels to choose from, but now there are countless options available on cable, the internet and subscription streaming platforms. This expansion has allowed directors, screenwriters and actors to choose from a vast array of mediums to showcase their creative work.

Looking Forward

Looking forward, the expansion of cryptocurrency in West Africa holds immense promise for bridging the financial divide for millions. By simplifying banking processes and making financial services more accessible, Idris Elba and the Stellar Development Foundation are setting the stage for a new era of economic empowerment. As these technologies gain traction, they could radically transform the financial landscape, promoting greater inclusivity and prosperity across the region.

– Danial Osmani

Danial is based in Boston, MA, USA and focuses on Business and Celebs for The Borgen Project.

Photo: Flickr

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Jim Rickards Asked Robert Kiyosaki to Read One Manuscript, Then His View of Global Finance Changed

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Jim Rickards Asked Robert Kiyosaki to Read One Manuscript, Then His View of Global Finance Changed

Key Takeaways

Why Did One Manuscript Change Robert Kiyosaki’s View?

Robert Kiyosaki, the author of the best-selling personal finance book Rich Dad Poor Dad, said an advance manuscript of “The Entropy Trap” shared by Jim Rickards prompted him to rethink how he views global finance. Rickards is an economist, lawyer, and financial commentator known for writing about currencies, debt, and systemic market risk. Kiyosaki said the early reading changed his perspective on where the financial system may be headed.

The reaction was framed around a warning about financial change. The book, written by Mickey M. Maini, “blew my mind and opened my eyes to what & why global financial change is coming,” Kiyosaki described. His comments focused on what he described as a shift in the rules behind wealth, assets, and trust.

The central claim is that wealth could move away from people relying on traditional financial assumptions. Kiyosaki asserted:

“The informed will be tomorrow’s ULTRA RICH. Todays uniformed operating by the old rules of money… will become the new poor.”

The Warning Behind the Claim

The warning centers on assets that depend on trust, including U.S. bonds, exchange-traded funds (ETFs), and mutual funds. Kiyosaki framed those instruments as vulnerable under the financial shift he says is coming, placing commonly held investment products at the center of the risk.

That claim is severe, but he presented it as a warning rather than a proven outcome. He also pointed to large bondholders, including Japan, saying they have already started dumping U.S. bonds. He did not provide supporting data in the statement.

The acclaimed author shared:

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“Message from book… ‘All assets that require trust, assets that most people have… such as U.S. bonds, ETFs, mutual funds will be flushed down toilets, all over the world.’”

The broader conflict is whether traditional financial assets remain reliable under the conditions Kiyosaki described. His framing divides investors between those preparing for a changed financial system and those still operating under assumptions he says may no longer hold.

What Still Needs to Be Proven

A planned August study session could clarify the warning Kiyosaki described. He said his study team would examine the message and that Rickards may join, though the evidence behind the claims has not yet been laid out.

For now, the warning rests on Kiyosaki’s account of a manuscript that changed his view. He urged readers to prepare, writing:

“I want you to be one of the world’s new rich.”

What remains unknown is whether market data, policy moves, or investor behavior will confirm the risk he described.

His recent commentary has focused on what he describes as fragility in the global monetary system, particularly around the U.S. dollar. He has pointed to rising debt, central bank policies, and inflation as risks that could trigger a sharp market downturn.

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Alongside those concerns, he has repeatedly highlighted bitcoin, gold, and silver as alternative stores of value. In his view, those assets may help reduce exposure to traditional financial instruments during periods of currency weakness and market turbulence.

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Strategy Is No Longer Just Going to “Inoculate the Market,” Selling Crypto May Be Much More Common. Here’s What That Could Mean for the Stock | The Motley Fool

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Strategy Is No Longer Just Going to “Inoculate the Market,” Selling Crypto May Be Much More Common. Here’s What That Could Mean for the Stock | The Motley Fool

When Strategy (MSTR 0.69%) sold a modest amount of Bitcoin earlier this year, it was a noteworthy development given that the company’s business has centered around buying up as much of the cryptocurrency as it can, and vowing to never sell. And it often boasts of being the largest corporate holder of the digital currency.

The company brushed off the sale of 32 Bitcoins, with management saying it simply wanted to “inoculate the market.” Well, now it appears that Strategy is doing much more than just that, and there could be more significant cryptocurrency sales in the future.

Image source: Getty Images.

Strategy unveils a Bitcoin monetization program

On June 29, Strategy released a framework going forward that it says will “enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation for shareholders.” Among the notable components is its Bitcoin monetization program.

Within that program, the company says it may sell some of its cryptocurrency holdings for multiple reasons, including to fund a USD reserve, fund dividends or interest expense, or to fund repurchases of digital credit securities or common stock.

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While the company says it remains committed to Bitcoin for the long term and it’s the company’s “primary treasury reserve asset,” it’s a significant change of course for Strategy, which was previously heavily against ever selling the digital asset.

Strategy Stock Quote

Today’s Change

(-0.69%) $-0.69

Current Price

$100.08

The stock is as risky and volatile as ever

Whether or not Strategy buys or sells Bitcoin doesn’t change the fact that this is a highly risky and speculative stock to own. While crypto fans may be disappointed in the company’s change in strategy, selling Bitcoin will likely not be enough to make the business any better or worse as an investment.

In just the past 12 months, the stock has plummeted a whopping 75% as volatility in digital assets has drastically weighed on its earnings, with the company incurring $12.8 billion in losses over the trailing 12 months, on revenue of $490 million.

That’s not likely to change significantly, even if Strategy offloads some of its crypto holdings, because with such a large exposure to Bitcoin, how the cryptocurrency performs will inevitably impact the company’s bottom line in a big way. This year, the leading cryptocurrency is down 28% as investor excitement around it has largely cooled off, which has proven disastrous for Strategy’s stock as well. And at this stage, there’s little reason to anticipate a recovery anytime soon.

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An Easy-to-Miss Radio Traffic Jam Is Behind Many Home WiFi Slowdowns

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An Easy-to-Miss Radio Traffic Jam Is Behind Many Home WiFi Slowdowns

Key Takeaways

Your WiFi can feel rock-solid at midnight and oddly sluggish by breakfast, even when you have not touched a single setting. The culprit is often outside your walls: a crowded slice of public radio spectrum where your router has to negotiate space with every nearby network, plus a grab bag of household gadgets that leak interference. Add peak-hours demand and the signal-blocking quirks of building materials and weather, and “slow internet” starts to look less like a billing issue and more like an invisible traffic problem you are forced to share.

When WiFi slows down without warning

One day your home WiFi feels snappy, the next it drags, even though your router hasn’t moved and your internet plan hasn’t changed. That swing is real, and it’s usually not your imagination or a “bad day” from your ISP. WiFi lives on shared airwaves, and those airwaves get crowded, noisy, and sometimes just plain finicky.

Think of your connection as a conversation in a busy room. Your laptop and router may be talking just fine, but the room itself can fill up fast with other chatter. What looks like a mystery slowdown is often the result of invisible competition and interference that changes hour by hour.

The battle of competing networks

Most homes still rely heavily on the 2.4 GHz and 5 GHz WiFi bands, which are unlicensed spectrum in the US. That “free for everyone” reality is convenient, but it also means your network shares space with your neighbors, their smart TVs, their work laptops, and every nearby router doing the same thing.

Congestion has a rhythm. During common work-from-home and school-from-home windows, especially 8-10 AM, and again in the evening 6-10 PM, more devices are streaming, video calling, syncing, and downloading updates. Even if you pay for fast broadband, your WiFi link can become the bottleneck when the local radio environment gets packed.

Interference inside your home

Your own house can sabotage you. A microwave is the classic culprit because it can leak noise near 2.4 GHz, exactly where many WiFi networks still operate. Older cordless phones, some baby monitors, and even dense clusters of Bluetooth gadgets can add more clutter, especially in smaller apartments where everything sits close together.

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Then there’s physics. Concrete, metal, and even water (think aquariums or thick pipes in walls) absorb and scatter radio signals. A router shoved behind a TV, tucked into a cabinet, or stuck in a far corner forces your devices to “hear” through more obstacles, lowering speeds and making dropouts more likely.

Weather, channels, and what you can do tonight

Environmental changes can matter too. Higher humidity and rain can slightly increase signal loss, and shifting temperatures can change how radio waves propagate around a neighborhood. You might never notice on its own, but paired with congestion it can tip a marginal connection into a frustrating one.

The 2.4 GHz band is also channel-limited. In the US there are 11 channels, but only 1, 6, and 11 don’t overlap. Many routers default to “auto channel,” so nearby networks can hop around trying to escape interference, sometimes creating instability. Practical fixes: prefer 5 GHz (or 6 GHz if you have WiFi 6E/7 gear), place the router centrally and higher up, and use a WiFi analyzer app to pick a less crowded channel instead of leaving it on auto.

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