Ricardo Salinas Pliego, the Chairman of the Salinas group and the third richest man in Mexico has strongly endorsed Bitcoin, advocating for investors to purchase the pioneer cryptocurrency. The Mexican billionaire has underscored 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 worth of Bitcoin and its potential to become a protective store of value against economic and financial crises. Salinas Pliego, a Mexican businessman with a 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 an earlier post that countries like Nigeria have witnessed a significant devaluation in their fiat currency, highlighting that one Naira is presently worth less than one Bitcoin Satoshi. The price of a single Satoshi is approximately $0.0002616, and with $1 equivalent to 1,480 Naira according to current rates, this underscores the Nigerian currency’s significant weakness against both BTC and the United States dollar.
On his X account, Salinas Pliego shared a post displaying a screenshot of Bitcoin’s value in Naira. At the time the price of Bitcoin was valued at over 102.4 million Naira, worth almost 50 times the average annual income in Nigeria.
In response to the significant devaluation in Nigeria’s fiat currency, Salinas Pliego stated, “Buy Bitcoin and keep them, pay attention!” The Mexican billionaire has not just advocated for 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, achieving a Gross Domestic Product of $477 billion in 2022. The nation recorded one of the highest inflation rates worldwide, 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 domestic debt, also stood at $103.11 billion, valued at 46.25 trillion Naira.
Bitcoin As A Safeguard Against Currency Depreciation
With major countries in the world including the United States (US) grappling with economic instability and high inflation, the need for a hedge against currency devaluation has become increasingly apparent. To many, Bitcoin is emerging as a hedge against inflation, serving as a safety net for individuals seeking to safeguard their wealth from the depreciation of fiat currencies.
Prominent Bitcoin supporters and financial experts like Robert Kiyosaki, the author of ‘Rich Dad Poor Dad,’ have constantly advocated for investors to buy BTC to secure their financial future. Additionally, VanEck Chief Executive Officer (CEO) Jan van Eck previously declared that Bitcoin was the ultimate digital store of value.
Even Ark Invest CEO Cathie Woods has maintained that the pioneering cryptocurrency is set to transform into a major store of value in the wake of regional US banks collapsing.
Featured image created with Dall.E, chart from Tradingview.com
