Ricardo Salinas Pliego, the Chairman of the Salinas group and the third richest man in Mexico, has recently endorsed Bitcoin, urging investors to consider purchasing the pioneer cryptocurrency. With a net worth of approximately $13.3 billion, Salinas Pliego has emphasized the importance of holding Bitcoin as a hedge against the devaluation of fiat currencies. This move comes as global economies are recognizing the value of Bitcoin as a potential store of value in times of economic and financial crises.
In a post on his X (formerly Twitter) account, the billionaire highlighted the significant devaluation of fiat currencies in countries like Nigeria. He pointed out that one Nigerian Naira is currently worth less than one Bitcoin Satoshi, which is valued at approximately $0.0002616. With $1 equivalent to 1,480 Naira according to current rates, this stark comparison underscores the weakness of the Nigerian currency against both Bitcoin and the United States dollar.
Salinas Pliego shared a screenshot on his X account showing Bitcoin’s value in Naira, revealing that the price of Bitcoin was over 102.4 million Naira at the time. This amount is nearly 50 times the average annual income in Nigeria, emphasizing the disparity in wealth and currency value. In response to Nigeria’s currency devaluation, Salinas Pliego advised, “Buy Bitcoin and keep them, pay attention!” He not only recommended Bitcoin investment for Nigerian citizens but also suggested that individuals in countries experiencing currency depreciation should consider investing in BTC.
Nigeria, one of the largest African economies with a GDP of $477 billion in 2022, has been grappling with high inflation rates, economic instability, and a democratic deficit. These economic challenges have led to the devaluation of the Nigerian fiat currency, with the country’s public debt stock standing at $103.11 billion in the fourth quarter of 2022.
As major countries like the United States face economic instability and high inflation, the need for a hedge against currency devaluation has become increasingly apparent. Bitcoin is emerging as a potential hedge against inflation, offering individuals a way to safeguard their wealth from fiat currency depreciation. Prominent Bitcoin supporters like Robert Kiyosaki and financial experts have been advocating for investors to buy BTC to secure their financial future.
VanEck CEO Jan van Eck has previously declared Bitcoin as the ultimate digital store of value, while Ark Invest CEO Cathie Woods believes that Bitcoin is set to become a major store of value as regional US banks collapse. The chart from Tradingview.com shows Bitcoin’s price recovery from a dip, highlighting the cryptocurrency’s resilience and potential as a safe investment option.
In conclusion, Ricardo Salinas Pliego’s endorsement of Bitcoin as a hedge against currency devaluation reflects a growing recognition of the cryptocurrency’s value in protecting wealth and assets. As more individuals and countries turn to Bitcoin as a store of value, its role in the global economy is set to expand, signaling a new era of influence in the cryptocurrency sector.
