Two weeks ago, an eye-opening event shook the financial world. The Nigerian Naira, struggling against economic turbulence, hit a new low by becoming worth less than one Satoshi (0.00000001 BTC), the smallest unit of Bitcoin. This development has sparked significant reactions, most notably from Mexican billionaire Ricardo Salinas Pliego, who once again advocated for Bitcoin as a hedge against depreciating fiat currencies.
Salinas' Strong Pro-Bitcoin Stance
Ricardo Salinas Pliego, who boasts a net worth of $12.7 billion according to Forbes, has been a long-time advocate for Bitcoin. Reacting to the news on X, he urged his followers to buy Bitcoin and safeguard their wealth against the devaluation of local currencies. “Buy #BITCOIN and keep them, pay attention!!!” he tweeted, reinforcing his belief in Bitcoin's potential as a financial safe haven.
Salinas' advocacy is not new; he has been vocal about Bitcoin's benefits since as far back as 2021. He described Bitcoin as having "extraordinary properties" and likened it to "gold for the modern world." His commitment to integrating Bitcoin into his businesses further cements his faith in its future.
The Plight of the Nigerian Naira
The Nigerian Naira has been on a downward spiral, becoming the worst-performing currency against the US dollar in May. The exchange rate stands at a staggering N1,493 per dollar, with 1 Bitcoin now equivalent to approximately N103 million. In response to this crisis, Nigerian authorities have implemented measures to stabilize the Naira, including cracking down on cryptocurrency operators and exchanges. This crackdown led to a significant clash with Binance Limited, resulting in the detention of two finance executives on charges of money laundering and tax evasion.
Despite these measures, the Naira continues to lose value, prompting more people to consider alternative forms of investment, such as Bitcoin.
Salinas' Investment Recommendations
When questioned by a follower on X about which ETFs, stocks, and cryptocurrencies he would recommend, Salinas' response was succinct: “#Bitcoin.” This reply not only underscores his unwavering confidence in Bitcoin but also highlights a growing trend among the world's top 1% to view cryptocurrency as a viable investment option.
A Shift in Billionaire Perspectives
Salinas' stance on Bitcoin signals a significant shift among the world's financial elite. While notable figures like Warren Buffet remain skeptical, dismissing cryptocurrency for its alleged lack of intrinsic value, others like Elon Musk have joined Salinas in the pro-crypto camp. This division among billionaires indicates a broader debate on the future of finance and the role of digital currencies.
Crypto Adoption in Nigeria
Despite governmental crackdowns, cryptocurrency adoption in Nigeria continues to rise. According to Triple-A, over 22 million Nigerians, approximately 10.3% of the population, own cryptocurrency. This growing acceptance reflects a broader trend of individuals seeking financial security and independence through decentralized assets.
Conclusion: The Future is Bitcoin
As fiat currencies like the Nigerian Naira face unprecedented challenges, Bitcoin emerges as a beacon of financial stability and security. Ricardo Salinas Pliego's advocacy highlights the growing recognition of Bitcoin's potential among the global elite. For those looking to protect and grow their wealth, Bitcoin offers a compelling alternative to traditional financial systems.
Stay informed and embrace the future of finance. Consider Bitcoin as a strategic investment to hedge against the volatility of fiat currencies and participate in the evolving financial landscape.
Original article by Michael Ndu-Okeke: "Mexican billionaire reacts to 1 Nigerian Naira becoming less than a Satoshi, advocates for Bitcoin" in Cryptos, Market Nairametrics