The value of the Nigerian naira has dropped to 1 satoshi! Mexico's third richest man says he should buy Bitcoin

This site (120btC.coM): Nigeria’s legal currency, the naira, has recently become the worst-performing currency against the US dollar, forcing the Nigerian government to take a series of measures to try to stabilize the exchange rate. Previously, Binance was accused of manipulating the exchange rate, which led to the sharp depreciation of the naira, and then blocked large exchanges such as Binance, Coinbase, Kraken, etc.

However, the Nigerian government’s methods did not work, and the naira’s exchange rate against the U.S. dollar continued to Falling, Google Finance data shows that so far this year, the naira’s exchange rate against the US dollar has plummeted by more than 32% to 0.00075/USD. In the past year, the decline has even exceeded 60%.

It is understood that the continuous depreciation of Nigeria’s legal currency is related to the shortage of local foreign exchange. Nigeria is one of the largest oil producers in Africa, but its refining capacity is limited, which means that most of its energy products rely on imports, resulting in a large amount of US dollars. outflow.

Danelee Masia, senior economist for South Africa and sub-Saharan Africa at Deutsche Bank, previously said that the naira is vulnerable to weak demand from international investors due to concerns about dwindling reserves, which has stalled the appreciation of the naira. Due to the impact of stronger seasonal foreign exchange demand for the US dollar, it is expected that the naira will fall further when seasonal foreign exchange demand reaches its peak in the third and fourth quarters.

Mexico’s third richest man calls to buy Bitcoin

As the naira continues to depreciate, Mexico’s third richest man, Salinas Group, with a net worth of more than 14 billion US dollars ) founder Ricardo Salinas Pliego tweeted today to share data and pointed out that the value of the naira is now less than one satoshi. It is recommended to buy Bitcoin to hedge against the risk of devaluation of legal currency: buy Bitcoin and keep them, pay attention!

Ricardo Salinas Pliego was also asked which ETFs, stocks and cryptocurrencies he would recommend buying. His answer was "Bitcoin", indicating his confidence and trust in this cryptocurrency investment.

Ricardo Salinas Pliego is known for his anti-government stance. He supports Bitcoin-related policies in Mexico. In 2021, he praised Bitcoin for its extraordinary properties and as the gold of the modern world. His Aztec Banco Azteca will be the first bank in Mexico to accept Bitcoin.

Ricardo Salinas Pliego revealed in 2022 that 60% of his liquid investment portfolio and bets were on Bitcoin, with the remaining 40% invested in hard asset stocks such as oil, natural gas and gold. He Praising Bitcoin as a smart investment choice and criticizing bonds as the worst investment of any asset.

In Ricardo Salinas Pliego’s view, Bitcoin should appear in every investor’s portfolio. He criticized fiat currencies as “fraud” and he was not optimistic about Dogecoin. He once criticized People who hold Dogecoin “will remain poor.”

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