Ricardo Salinas Pliegothe president of the Salinas group and the third richest man in Mexico has firmly supported bitcoin, advocating for investors to buy the pioneering cryptocurrency. The Mexican billionaire has stressed the need to hold bitcoin as a hedge against the devaluation of fiat currencies.
A Nigerian naira is worth less than a satoshi
Global economies are beginning to realize the value of bitcoin and its potential to become a protective instrument. bitcoin–btc-is-a-digital-store-of-value/” rel=”nofollow noopener” target=”_blank”>store of value against economic and financial crises. Salinas Pliego, a Mexican businessman with net worth of approximately $13.3 billion has encouraged his 1.8 million followers on x (formerly twitter) to invest in bitcoin.
The billionaire revealed in a previous x.com/ricardobsalinas/status/1795516962115649657?s=46″ rel=”nofollow” target=”_blank”>mail that countries like Nigeria have witnessed a significant devaluation of your fiat currencyhighlighting that one Naira is currently worth less than one bitcoin bitcoin-news-revival-of-satoshi-nakamoto-account-could-signal-slump-in-btc-price/” rel=”nofollow noopener” target=”_blank”>Satoshi. The price of a single Satoshi is approximately $0.0002616, and with $1 equivalent to 1,480 Naira at current rates, this underlines the significant weakness of the Nigerian currency against both 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 that moment the btc/bitcoin-price-rejects-70k-2/” rel=”nofollow noopener” target=”_blank”>bitcoin price was valued at more than 102.4 million naira, to worth almost 50 times the average annual income in Nigeria.
In response to the significant devaluation of Nigeria's fiat currency, Salinas Pliego stated: “Buy bitcoin and hold them, pay attention!” The Mexican billionaire has not only advocated investment in bitcoin for Nigerian citizens, but has indicated that anyone in countries experiencing currency depreciation you should invest in btc.
Nigeria is among the largest African economies and will reach a gross domestic product of $477 billion in 2022. The nation 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 have led to the devaluation of its fiat currency. In the fourth quarter of 2022, the country's public debt stock, which includes external and internal debt, will also He stood at 103.11 billion dollars, valued at 46.25 trillion naira.
bitcoin as a safeguard against currency depreciation
With the main countries of the world, including the United States (USA) facing economic instability and high inflation, the need for protection against currency devaluation has become increasingly evident. For many, bitcoin is emerging as a inflation hedgeserving as a safety net for people seeking to safeguard their wealth from the depreciation of fiat currencies.
Prominent bitcoin supporters and financial experts such as Robert Kiyosakiauthor of 'Rich Dad, Poor Dad', have constantly advocated for investors to buy btc to secure your financial future. Additionally, VanEck CEO Jan van Eck previously stated that bitcoin was the ultimate digital store of value.
Even the CEO of Ark Invest bitcoin-set-to-accelerate-as-store-of-value/” rel=”nofollow noopener” target=”_blank”>cathie woods has argued that the pioneering cryptocurrency will become a major store of value following the collapse of US regional banks.
Featured image created with Dall.E, chart from Tradingview.com
