Mexican billionaire urges investment in Bitcoin amid naira depreciation

A Mexican billionaire and chairman of Salinas Group, Ricardo Salinas Pliego, has urged his followers to invest in Bitcoin following the depreciation of the naira.

The naira’s decline has been so severe that N1 is now worth less than one satoshi, the smallest unit of Bitcoin (0.00000001 BTC).

Salinas, whose net worth stands at $12.7 billion according to Forbes, made this statement on the social media platform X while commenting on a post about the naira’s new valuation.

Salinas tweeted, “Buy #BITCOIN and keep them, pay attention!!!”

A follower on X questioned Ricardo Salinas about which exchange-traded funds, stocks, and cryptocurrencies he would recommend as viable investment opportunities.

He replied with “#Bitcoin.”

The naira has been depreciating, becoming the worst-performing currency against the US dollar in May.

In response, Nigerian authorities have taken some steps to stabilise the currency, including cracking down on cryptocurrency operators and exchanges that they accuse of currency manipulation.

However, the federal government’s anti-crypto measures have not stabilised the naira’s value, which continues to fall.