Bitrabo Editorial
Ricardo Salinas Pliego, the third wealthiest individual in Mexico and the Chairman of the Salinas group, is a strong proponent of Bitcoin. He advocates for investors to acquire the leading cryptocurrency as a hedge against the devaluation of traditional fiat currencies.
Bitcoin Surpasses One Nigerian Naira in Value
The global recognition of Bitcoin’s value as a potential store of value during economic uncertainties is growing. With a net worth of approximately $13.3 billion, Salinas Pliego, a Mexican tycoon, encourages his 1.8 million X (formerly Twitter) followers to invest in Bitcoin.
In a recent post, the billionaire highlighted that Nigeria has experienced a significant devaluation of its fiat currency, with one Naira now worth less than one Satoshi, which is valued at around $0.0002616. Comparing this to the current exchange rate where $1 equals 1,480 Naira, it illustrates the weakness of the Nigerian currency against Bitcoin and the US dollar.
Sharing a screenshot on his X account, Salinas Pliego showcased Bitcoin’s Naira value surpassing 102.4 million Naira, nearly 50 times higher than the average annual income in Nigeria. He emphasized the need for individuals in countries with depreciating currencies to invest in Bitcoin.
Nigeria, one of Africa’s largest economies, registered a Gross Domestic Product of $477 billion in 2022. The country faces economic challenges such as high inflation, unemployment, and a significant public debt reaching $103.11 billion in the fourth quarter of 2022.
Bitcoin as a Hedge Against Currency Depreciation
Amid economic uncertainties and inflation in various countries, including the United States, the demand for a safeguard against currency devaluation is increasing. Bitcoin is emerging as a reliable hedge against inflation, attracting investors looking to protect their wealth from fiat currency devaluation.
Renowned figures in finance like Robert Kiyosaki and CEOs such as VanEck’s Jan van Eck have endorsed Bitcoin as a critical digital store of value. Cathie Woods, the CEO of Ark Invest, predicts Bitcoin to evolve into a significant store of value, especially in scenarios of regional bank collapses in the US.