Ricardo Salinas Pliego, one of the wealthiest billionaires in Mexico, has urged his followers to purchase Bitcoin as a hedge against the devaluation of fiat currencies. Salinas Pliego recommended purchasing bitcoin in response to a social media post reporting on the fall of the value of the Nigerian naira under a satoshi.
Mexican Billionaire Ricardo Salinas Pliego Advises to Buy Bitcoin to Shield From Fiat Devaluation
The top 1% is starting to realize the opportunities that bitcoin, as a financial asset, can bring as a hedge for fiat currency devaluation. Ricardo Salinas Pliego, a Mexican entrepreneur with a fortune worth over $14 billion and owner of Salinas Group, has recommended its followers on X to purchase bitcoin and take advantage of its constant appreciation in value.
Commenting on a social media post describing how the value of the Nigerian naira fell under a satoshi, Salinas Pliego stated:
Buy Bitcoin and save it, pay attention!!!
The Nigerian official currency has been facing a rough period, becoming the worst-performing currency against the U.S. dollar in May. This has prompted a series of measures from the Nigerian government to try stabilizing the currency, cracking down on crypto operators to force them to withdraw it from their platforms, and accusing them of currency manipulation.
However, these measures have not stabilized the currency’s value, which remains in constant decline.
Salinas Pliego was further asked which exchange-traded funds (ETF), stocks, and cryptocurrencies he would recommend as an investment option. He answered “bitcoin,” showing his faith and trust in the investment aspect of the cryptocurrency.
Salinas Pliego, famous for his anti-state stance, has favored bitcoin and bitcoin-linked policies in Mexico. In 2021, he declared his allegiance to Bitcoin, stating that it “had extraordinary properties,” and describing it as “gold for the modern world.” At that time, he explained he was working for Banco Azteca, his bank, to be the first institution to accept bitcoin in Mexico.
Also, in 2022, he reported that Elektra Group, a chain of department stores owned by Salinas Group, might start selling bitcoin as merchandise.
