Ricardo Salinas Urges Followers to Buy Bitcoin as Nigerian Naira Falls

[DiMarxist]

It is a shame that Nigerian currency falls under 1 Satoshi. And the world is watching the Nigeria Economy with close tight sights. A billionaire whose net worth is $14 billionaires from Mexico told his to invest in bitcoin massively because the fiat currencies are devaluing is on the high rate and he used Nigerian Naira as the example to urge his fans to invest in bitcoin. I don't know that Nigerian economy is under watch by the world billionaires.
Look at the caption that attract my attention.

Mexican Billionaire Ricardo Salinas Urges Followers to Buy Bitcoin as Nigerian Naira Falls Under a Satoshi

If Tinubu is the president the economy will never bounce back to the 2011 national economic status which was $1 was to #140. And fuel price was #97. The Mexican Billionaire asked his followers to purchase bitcoin because of say Nigerian economy e dey devalued. And I don't how Nigerian economy come dey have relationship with Mexico economy.  https://news.bitcoin.com/mexican-billionaire-ricardo-salinas-urges-followers-to-buy-bitcoin-as-nigerian-naira-falls-under-a-satoshi/

Weti u a get to talk about dis matter?

[Africolo]

It is a shame that Nigerian currency falls under 1 Satoshi. And the world is watching the Nigeria Economy with close tight sights. A billionaire whose net worth is $14 billionaires from Mexico told his to invest in bitcoin massively because the fiat currencies are devaluing is on the high rate and he used Nigerian Naira as the example to urge his fans to invest in bitcoin. I don't know that Nigerian economy is under watch by the world billionaires.
Look at the caption that attract my attention.
/cut/
Weti u a get to talk about dis matter?

There's nothing much to say, the Naira is the worst-performing Currency in the world right now and Nigeria is not the first country devaluing her currency, it has happened severely times in the past and this is one of the reasons Bitcoin was created to have an edge against currency devaluation and to have purchasing power during inflation. It's bad eyesight for Nigerians to be on the bad side of the news again, but it was the perfect News for the Bitcoin community and more reason why you shouldn't save in Naira.

FYI, Tinubu or not Tinubu Nobody would be able to drive the economy back to what we had in 2011, the world has moved past the regime and so many things have changed here as the country solely depends on consumption with little production

[Yucky]

Weti u a get to talk about dis matter?

even though the naira has been performing too bad, the Mexican peso isn't also immuned to inflation. Fiat is always subject to inflation and it's not just a currency concept but relates generally to all fiat. Some of the currencies that when compaired to the dollar has a close margine don't even have good purchasing  power in there region.

It's no doubt that saving in Bitcoin is always going to be preferable as opposed to saving in fiat and there is no two ways about this but let's not paint the Nigerian setting as if it's the worse. the devaluation of the naira and other currency has a huge effect on an individuals ability to buying Bitcoin because the less valuable your currency his as compaired to the dollar, the more deficult it is for you to buy Bitcoin with the same amount of Naira. If  $1 was equal to 200 Naira, it's going be easier to buy more Bitcoin even if you don't have too much fiat in your account but that's not going to be the case at this point when $1 is at the rate 1500 naira. The more our naira devalue to the dollar, the less amount of Bitcoin we would be able to buy.

Let's take  An average person in Nigeria that earns 100k as his monthly salary and is interested to invest into Bitcoin with 10% of his income as his monthly DCA amount, if we convert it to the dollar at a rate 1500 then what he would be able to use in buying Bitcoin every month is going to be $6.6 which almost makes it unrealistic to invest in Bitcoin.

The devaluation of our fiat should be a thing of concern to us and not a motivation to invest in Bitcoin. There are far off better reasons why we should invest in Bitcoin and the devaluation of our currency isn't one of them. The devaluation of our currency causes an increase in the cost of living and comes with so much disadvantage.

[Majestic-milf]

 Naira devaluation don dey as old as the national anthem and e no be news again. If we continue to dey hammer on this mata e go look like carrying cane to flog a dead horse. No need, because the people wey dey responsible to make change dey as them dey, sometimes I dey dey tempted to believe say all these things, them dey get gain inside.
If nah in terms of monthly performance, maybe the naira fit dey at e worst, but say generally, the naira get hope against the Zimbabwean dollar but thats not the point.
 As a result of this poor performance, I read say the CBN fit dey pressured to introduce another rate hike as them bin first do during March period and e dey pain me say we need resort to these methods to save the naira.

[Obari]

Nothing person get to talk but to watch and hope things get better because with the look of things, the economy don already Dey scatter finish and the government no even Dey interested to do anything about an but rather, them Dey interested in the national anthem like say, na the anthem be our national problem, messed up and confused country with confused leaders wey I never see before.
At some point, e be like the country Dey use its citizens create contents for social media else I no see any reason wey go make government make some silly decisions with no get any positive impact on the economy but yet go have to wait for strike before approving atleast the minimum wage of a common man.

Back to the subject matter, the billionaire no really mean anything bad rather has anything against we country but rather him Dey try use our country as a case study for his fans and letting them know that, not even them in their country is safe and his fans should buy bitcoin so they can be in the safer side, just incase same similar thing that’s happening to us occurs in their country.

[Ishicryptic]

I don't think that anybody can blame the Mexican billionaire for using Nigeria, as a case study for his followers on the reason for them to invest in Bitcoin, this is because Nigeria, is supposed to have a robust economy, as a supposed giant of Africa. His meaning could be that if a country that has all it takes to prosper economically but their fiat is so much devalued, then it is the more reason for people not to trust fiat currencies to save their money, instead they should choose Bitcoin, that is a hedge against inflation. Although it is not only Nigeria, that is facing devaluing currency, many other countries are also facing similar inflation in their countries, and the proactive and informed people in these countries are converting their fiat to Bitcoin, so that their money will not continue to become worthless in the banks. Bitcoin investment is the way forward to avoid holding shitcurrencies.

[Africolo]

Let's take  An average person in Nigeria that earns 100k as his monthly salary and is interested to invest into Bitcoin with 10% of his income as his monthly DCA amount, if we convert it to the dollar at a rate 1500 then what he would be able to use in buying Bitcoin every month is going to be $6.6 which almost makes it unrealistic to invest in Bitcoin.

The devaluation of our fiat should be a thing of concern to us and not a motivation to invest in Bitcoin. There are far off better reasons why we should invest in Bitcoin and the devaluation of our currency isn't one of them. The devaluation of our currency causes an increase in the cost of living and comes with so much disadvantage.

The devaluation of the Naira is a compelling reason to avoid saving in Naira because you will always be at a disadvantage compared to those who save in Bitcoin or any stablecoin. This fact should motivate Nigerians who wish to remain financially relevant and navigate the current inflation to consider purchasing Bitcoin. Whether you prefer it or not, the government will always have control over the fiat and can devalue it at any point to reduce the purchasing power of the masses, making them dependent on government actions. The devaluation was carried out to offset some of our loans.

[nelson4lov]

Now wey be say inflation dey bite harder than anything and the fact say naira is always on the losing end, being in crypto is actually the fact much more beneficial because you go get access to much more returns on your capital even if you no dey actively use am do anything. For instance, there are plenty of pools in DeFi that offer around 15-20% annual returns when the CBN only recently increased interest rates to around 13%. The one in crypto is actually more better because you fit still capitalize on the dollar value increase against the naira.