Nigerian hotel becomes country’s first to accept Bitcoin payments

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A luxury hotel in Lagos, Nigeria will reportedly accept Bitcoin (BTC) as a form of payment and adopt the digital asset as its primary reserve currency as concerns about inflation continue to grip Africa’s largest economy.

George Residence confirmed its intent to begin accepting Bitcoin this weekend, according to 1st News, a Nigerian news publication. George Residence, which offers luxury hotel and premium apartment suites, will accept BTC through Coinvest Africa, a regional cryptocurrency brokerage.

"We have allocated around 50% of our cash reserves to Bitcoin. [...] We hope to increase that as time goes on,’’ said ‘Yanju George, the company’s CEO. “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.”source