Ricardo Salinas Pliego, a Mexican billionaire reacted to the news of the Nigerian naira now becoming worth less than 1 Satoshi, urging his followers to buy more Bitcoin as a hedge against falling fiat currencies.
Ricardo Salinas who is worth $12.7 billion according to Forbes reacted to the news on X where he reaffirmed his Pro Bitcoin stance and how it can be used to avoid the depreciating value of a country’s local currency.
Ricardo Salinas commented on an X post which revealed that 1 Nigerian Naira (N1) is now worth less than one Satoshi (0.00000001 BTC), the smallest unit of Bitcoin.
“Buy #BITCOIN and keep them, pay attention!!!’ He tweeted
The Nigerian Naira is currently going through a very turbulent time losing significant value and becoming the worst-performing currency against the US dollar in May.
Nigerian authorities in response to the depreciating value of its local currency have launched a series of measures to stabilize the naira which includes a crackdown on cryptocurrency operators and exchanges in the country which it accused of currency manipulation.
The Nigerian government’s suspicion of cryptocurrency led to a spat with Binance Limited, the world’s largest cryptocurrency exchange which resulted in the detention of two finance executives on charges of money laundering and tax evasion.
However, the Nigerian Government’s anti-crypto measures have not stabilized Naira’s value as it continues to plummet.
Ricardo Salinas was quizzed further by a follower on X on which Exchange Traded Funds (ETFs), stocks, and cryptocurrencies he will recommend as a viable investment option.
“#Bitcoin” He replied.
Ricardo Salina’s reply once again reaffirmed his faith and trust in the investment capabilities of cryptocurrencies, especially Bitcoin.
Mr. Ricardo Salinas Pliego the chairman of Salinas Group is famous for his Anti state stance. He was also one of the early backers of Bitcoin amongst the world’s top 1%.
As far back as 2021 he made public his support for Bitcoin stating that it had extraordinary properties and describing it as gold for the modern world. He also made efforts in 2021 to incorporate Bitcoin into the daily operations of his Bank.
One Nigerian naira as it stands today is equal to 0.00067 US dollars and a dollar to naira is currently at N1,493. 1 bitcoin converted to Naira is currently worth approximately N103 million.
Bitcoin prices have been quite steady in the markets and are increasingly seen as a hedge against falling local currencies.
What To Know
- Ricardo Salinas Pliego’s advocacy for Bitcoin reveals that cryptocurrency is now gaining acceptance amongst the top 1% in the world. This was not always the case as Billionaires like Warren Buffet have remained anti crypto citing its alleged lack of intrinsic value. Elon Musk is another Mega Billionaire who is Pro crypto.
- According to Triple-A, It is estimated that over 22 million people, 10.3% of Nigeria’s total population, currently own cryptocurrency.