President Bola Tinubu signed an executive order regulating Nigeria’s crypto sector. The Fundamentalist read on sovereign adoption starts with the geography. Nigeria is Africa’s largest Bitcoin market by peer-to-peer volume, a country with a currency (the naira) that has lost more than 60% of its purchasing power against the dollar in the past three years, and a population that has already priced sound money in for itself — through the same P2P channels Venezuela runs. The EO does not adopt Bitcoin as legal tender. It does something arguably more consequential: it acknowledges that the market exists, the volume is real, and the regulatory apparatus has to design around it rather than pretend it isn’t there. That is the shape of sovereign adoption in the emerging-market frame. Pair with the Venezuela P2P story published tonight (rivaling oil at $1.38B/month), with the Hummingbird premiere landing Saturday (El Zonte / Bitcoin Jungle circulation test), and the pattern is unmistakable. The frame is not "will hyperinflating economies adopt Bitcoin?" That is answered. The frame is now "how quickly do their governments formalize what their citizens already did?" Nigeria just answered.