Ricardo Salinas Pliegothe president of the Salinas group and the third richest man in Mexico strongly supported it Bitcoin, urging investors to buy the pioneering cryptocurrency. The Mexican billionaire stressed the need to maintain Bitcoin as a hedge against the devaluation of fiat currencies.
One Nigerian naira is worth less than one satoshi
Global economies are beginning to realize the value of Bitcoin and its potential to become a defensive asset store of value against economic and financial crises. Salinas Pliego, Mexican businessman from the net value The roughly $13.3 billion valuation has encouraged his 1.8 million followers on X (formerly Twitter) to invest in Bitcoin.
The billionaire revealed himself in an earlier issue post that countries like Nigeria have witnessed a significant devaluation of their fiat currencyhighlighting that one Naira is currently worth less than one Bitcoin Satoshi. The price of a single Satoshi is approximately USD 0.0002616 and at the current exchange rate, USD 1 is equivalent to 1,480 Naira, highlighting the significant weakness of the Nigerian currency against both BTC and the US dollar.
On his account X Salinas Pliego shared a post with a screenshot of the value of Bitcoin in Naira. At that time Bitcoin price valued at over 102.4 million Naira, value almost 50 times the average annual income in Nigeria.
In response to the significant devaluation of the Nigerian fiat currency, Salinas Pliego stated: “Buy Bitcoins and hold them, be careful!” The Mexican billionaire not only advocated Bitcoin investments for Nigerian citizens, but indicated that everyone countries experiencing currency depreciation should invest in BTC.
Nigeria is among Africa’s largest economies, reaching a gross domestic product of $477 billion in 2022. recorded one of the highest inflation rates in the world, highlighting the country’s high unemployment rate, economic instability and democratic deficit.
These numerous economic challenges led to the devaluation of its currency fiat currency. In the fourth quarter of 2022, the country’s public debt level is estimated, which also takes into account foreign and domestic debt stood at 103.11 billion dollars, valued at 46.25 trillion Naira.
Bitcoin as a hedge against currency depreciation
With major countries in the world including United States (USA) struggling with economic instability and high inflationthe need to protect against currency devaluation is becoming more and more perceptible. For many, Bitcoin appears as inflation protectionserving as collateral for people who want to protect their assets against the depreciation of fiat currencies.
Prominent Bitcoin supporters and financial experts such as Robert Kiyosakithe author of the book “Rich Dad, Poor Dad”, constantly recommends this approach to investors buy BTC to secure your financial future. Additionally, VanEck’s Chief Executive Officer (CEO) Jan van Eck previously declared that Bitcoin is the ultimate digital store of value.
Even the CEO of Ark Invest Katie Woods maintains that the pioneering cryptocurrency is set to transform into a major store of value following the collapse of US regional banks.
Featured image created with Dall.E, chart from Tradingview.com
