Ricardo Salinas Pliegothe president of the Salinas Group and third richest man in Mexico strongly supported Bitcoin, pleading for investors to buy the pioneering cryptocurrency. The Mexican billionaire highlighted the need to hold 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 an instrument of protection. store of value against economic and financial crises. Salinas Pliego, a Mexican businessman with a net value of approximately $13.3 billion encouraged his 1.8 million followers on X (formerly Twitter) to invest in Bitcoin.
The billionaire revealed in a previous job that countries like Nigeria have experienced a devaluation in their fiat currencyhighlighting that one Naira is currently worth less than one Bitcoin Satoshi. The price of a single Satoshi is approximately $0.0002616, and with $1 equivalent to 1,480 Naira at current rates, this highlights the significant weakness of the Nigerian currency against BTC and the US Dollar.
On his X account, Salinas Pliego shared a post showing a screenshot of the value of Bitcoin in Naira. At the time the Bitcoin price was valued at over 102.4 million Naira, value almost 50 times the average annual income in Nigeria.
In response to the significant devaluation of Nigeria’s fiat currency, Salinas Pliego said: “Buy Bitcoin and hold it, be careful!” » The Mexican billionaire not only advocated Bitcoin investment for Nigerian citizens, but indicated that anyone in countries experiencing currency depreciation should invest in BTC.
Nigeria is among the largest African economies, with a gross domestic product of $477 billion in 2022. checked in 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 have led to the devaluation of its Fiat money. In the fourth quarter of 2022, the country’s public debt stock, which includes external and domestic debt, also increased stood at $103.11 billion, valued at N46.25 trillion.
Bitcoin as a guarantee against currency depreciation
With the main countries of the world, including United States (US) grappling with economic instability and high inflation, the need to protect against currency devaluation has become increasingly evident. For many, Bitcoin appears to be a protect against inflationserving as a safety net for individuals seeking to protect their assets from the depreciation of fiat currencies.
Prominent Bitcoin supporters and financial experts like Robert Kiyosakithe author of “Rich Dad Poor Dad,” has consistently advocated that investors buy BTC to secure their financial future. Additionally, VanEck CEO Jan van Eck previously stated that Bitcoin is the ultimate digital store of value.
Even the CEO of Ark Invest Cathie Bois argued that the pioneering cryptocurrency is poised 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
