According to the latest reports, a hotel in Nigeria has announced it will soon start accepting payments in cryptocurrencies. The hotel based in Lagos city has confirmed that for starters, it will start accepting payments for its services in Bitcoin (BTC).
The hotel has made another announcement in regards to choosing a primary reserve currency. The hotel has confirmed its plans to adopt Bitcoin (BTC) as the primary reserve currency. The hotel has come to this decision after considering the inflation rate versus the economy in the country.
The hotel claimed that with every passing day, the African currency is moving towards devaluation. Therefore, it would be unwise for the hotel to go with the local fiat currency as a primary reserve currency. The hotel executives have revealed that Bitcoin (BTC) is a highly valuable asset that can help them maintain their standards.
This is the reason why they are planning to adopt Bitcoin (BTC) as their primary reserve currency in the coming months.
One of the local media sources of Lagos, Nigeria has confirmed that the George Residence has confirmed that it will start accepting Bitcoin (BTC) payments by the end of the week.
George Residence is a popular hotel in Lagos, Nigeria, and is known for providing premium suite apartments and luxurious experiences to guests. The facility has confirmed it will start accepting Bitcoin (BTC) with support from Coinvest Africa.
Coinvest Africa is one of the oldest and popular cryptocurrency exchanges in Africa. The best thing about the exchange is that it is regulated so the clients/customers have no fear of facing any scams.
The CEO at George Residence, Yanju George talked about the recent move the hotel has made of accepting payments in Bitcoin (BTC). George stated that they have confidence in the potential and promising nature of Bitcoin (BTC).
For now, they have converted 50% of their cash reserves into Bitcoin (BTC). According to George, this is just the beginning of George Residence to transition from the fiat cash reserves to Bitcoin (BTC). With the passage of time, they will be moving fully to the Bitcoin (BTC) asset in terms of primary reserve currency.
He stated that Bitcoin (BTC) has been gaining a lot of momentum and adoption since mid of 2020. So far, several mainstream institutions have adopted Bitcoin (BTC), while more investment giants are looking to do the same.
Therefore, it would be a wise decision from George Residence’s end to make use of the current situation and acquire BTC. BTC has been showing constant progress and a surge in its price so it will only be a matter of time before it gets picked up by local hotels.