Topic: Ricardo Salinas Urges Followers to Buy Bitcoin as Nigerian Naira Falls (Read 227 times)

This is not the matter of wether the economy bounce back to what it used to be in 2011 or so because that can never happen again because alot of things have changed and also our population and number of unemployment is increased, this is not a matter of Tinubu or whoever is occupying that office, and just as the oppositions have being saying that if Tinubu want to help the country, there are two aspects that need to be closely looked at at this point in time, and those factors are security and food production, because this are the two most important things that we need right now in Nigeria.
Investment is sure very important and just as the adage goes omooupe no feriro which means in Yoruba that Na person were done chop dey save, but if you most choose between saving and investment I will say buy bitcoin is far very much important at least of you have alot of extra cash that you don't have use for at that moment and you can afford to set it aside for some time, but we shouldn't take the advice because it coming from a billionaire because alot of those billionaire may not be financially smart since they will have to hire people to do alot of things for them such as managing they finance's and also investing for them, it becomes alot more on the reality of things on ground more than the success of one individual or group of persons.

For me, I don't see it as someone who is mocking Nigeria; he only used the naira as a case study to tell people why they need to adopt bitcoin. I see his statement as what will increase bitcoin adoption because his followers will want to accumulate bitcoin as he instructed. The statement made by Ricardo Salinas should be a wake-up call for our government to fix the problem that is making the naira lose its value. If fiat is not managed well, it will lose its value, and the purchasing power will not remain the same, just as is happening with the naira.

I think you are getting it all wrong @teamsherry. My explanation does not mean or implies that we should keep  our money in fiat. what I only said is that keeping money in bitcoin should not only be focused on making profit from inflation because at some point the economy may recovered, and for you to sell your coin back to fiat, may result to a big Lost when the fiat may have reduced from the amount you bought earlier. But it doesn't mean we should not keep our money in Bitcoin or USDT. Though we have individual differences, and our reasons for HODLing or keeping bitcoin differs. For me I prefer HODLing bitcoin not only for making profit due to inflation but HODLing for the future since bitcoin is volatile, it will creat wealth in the future.

IMO saving in bitcoin would be a very good move for anyone that is already earning high and needs one means to store his value or protect his money from inflation, keeping money in fait is not advisable now, but saving money that you know that you would be needing soon in bitcoin might not be a very smart thign cause as for now bitcoin is still very volatile and even as an investor you have to invest for long term to bother less about the volatility, so i still don't think bitcoin is good as a quick means to store value yet.

For me what the billionaire said may be true about investing in bitcoin as a kind of inflation recovery strategy,  but for me i don't see it as the reason we should invest on bitcoin only. the reason I see why we invest in bitcoin is to make profit from bitcoin volatility in the long run and not making profit from the inflation. What if the economy regain from its inflation and you may have spent alot of money in buying bitcoin. For example when $1 was #2000, you bought 1000 USDT with #2million or above and invested in bitcoin and expecting the inflation to increase and suddenly the government decide to reduce the cost of living and there is deflation, where $1 is equal to #500. will it be a wise investment? So investing in bitcoin should be more focused in retirement savings and not for inflation.  Before I was thinking investing in bitcoin was escape from inflation but I have realised that fiat always have inflation and deflation which you might be trapped in investment if there is diflation.

I agree with your point and I also see mocking in the statement of Ricardo Salinas. You that Satoshi is the smallest unit in bitcoin and he saying that Nigerian currency is not worth one Satoshi then it is disgrace to the national currency but since those government apparatus is not here, they would not understand how that statement is painful. But we all know fiat will not lose because of bitcoin and bitcoin didn't come to remove fiat but to support it.

And he is saying that since Satoshi is higher than the national currency then the best way forward is to invest in bitcoin to boost the economy for both the individual and the state.

What Ricardo Salinas is simply saying is that we should buy bitcoin and hold it for a long time because fiat will lose its value one day. There is inflation in the world right now; the price of goods has gone up, and fiat doesn't have the same purchasing power again. What you bought for $1 before, you can buy for $4 now, which shows how the fiat system is corrupt. And for us not to experience this, we should save our money in bitcoin so that anytime we want to convert our bitcoin to fiat, the fiat will have value and the same purchasing power as the current price of goods in the market.

The international monetary funds, IMF, will agree with the fact that the Nigerian economy has been doing so badly recently with their analysis and given the fact that the Naira has been devalued twice since the inception of this current administration, it makes sense to plan for a future where the Naira might become totally useless against foreign currency or even within this country.

Cryptocurrencies mostly Bitcoin will have to be sufficient in meeting some financial goals if we plan towards it and see it as a reasonable investment for future purposes that might arise due to further inflation and government policies that may not be favorable for common citizens.

To invest in Bitcoin for the future is a financial revolution that is sure to yield returns with or without government regulations and politics.

Honestly you don't have to say much since everyone around the world understands that the Nigerian economy is at its worst level since the beginning of this year till now and the forecasts made by individuals and independent experts doesn't suggest less as the reality of the issue remains the same and the economy isn't getting any better. When you also xray the status quo as citizen living in the country and experiencing the economic hardship first hand, you will realize that if things should continue in this direction, it will not get better any soon.

What the government is facing now is lack of direction. The government does not have a clear and realistic road map towards solving the economic crisis in the country thereby living the country in quagmire. As a citizen of Nigeria wey we they, you go agree with me say you sef no now wetin fit come up tomorrow as whether the fuel pump price fit just rise times two or dollar fit just rise more than it's already done. Na why anyone wey understand our situation go quick to advise us to invest in Bitcoin or any other investment opportunities available to us.

Well, I will not judge if the millionaire is referring to naira or the economy in any bad manner as it’s alway advisable we store our money in any valuable investment and bitcoin happens to be one of the best so it’s obvious Nigerians should invest, concerning the economy aspect I don’t know if the millionaire in question had a detailed information as his only opinion is directly referring to personal benefit like owning an asset so we can be safe in times like this when our naira depreciate. I’m viewing this as an advice and a responsible advice, at the moment naira happened to be the basic talk including all news channel mostly social media, people make use of the internet and news stream so it’s obvious he heard the information from the internet. For me the economy is getting worse everyday and investing can help but, let’s assume if everyone have the finance to invest and hold bitcoin instead of fiat can they hold bitcoin in times like this? This is something we need to ask due to the poor economy currently, definitely anyone holding bitcoin will not feel the impact like others that’s why I find the advice special.

U can only see this kind of good advise from billionaires that have d heart of their followers for mind by telling others leaders to allow their people to start investing in BTC to reduce d hardship that is affecting their economy, because he no what BTC will cause to their economy if dey can allow it in their land.

This new administration will never pay attention to this advise d billionaire gave to Nigeria leaders, which is d best way to improve any economy in a country, and if d new administration can unbanned BTC and crypto in d country, I guess this administration will going to be d best administration in Nigeria.

There are some BTC users who are ready to establish businesses in d country to be accepting BTC as payment, but based on d banned of BTC and crypto in d country will not allow them to help d government.

Any other person can take that piece of words that he was mocking the Nigerian economy to me, he only had that as an instant because the economy pandemic of now is having global effects on the fiats which he told his followers that the effect of the devalued of Nigerians naira is possible to also happen in his country and globally so, invest and storing your funds on bitcoin is the best place to store your value.
I take that for advice and global economy warning.

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.

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.

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.

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.

 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.

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.

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

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.
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?