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- Bitcoin is helping resident’s of countries facing monetary blockades
- Ifunanyachi Achara has converted a portion of his salary to support his family by sending funds
- Achara expects that BTC will help his family to avoid soaring inflation in the country
Bitcoin has gained mainstream attention and adoption among global financial institutions. Such institutions suggest that BTC is a store of value and is also an inflationary hedge. However, the same reason has also attracted many individuals globally, as cryptocurrency helps them protect their wealth from inflation. Likewise, Ifunanyachi Achara, the latest Nigerian-born sports pro, has revealed that he believes Bitcoin is a hedge against inflation. Hence, he converted a portion of his salary in Bitcoins to help his family in a country like Nigeria.
Bitcoin as an inflationary hedge for Nigerians
Ifunanyachi Achara, a fifth-year forward for Toronto FC and the latest football professional athlete, has converted a portion of his salary to BTC. According to Achara, he is taking about half of his Major League Soccer (MLS) salary in the world’s famous crypto coin. The player linked with a third-party exchange to convert his salary.
Achara also highlighted that he believes that Bitcoin is an inflationary hedge against government-issued fiat. Particularly for Nigerians, where the naira’s annual inflation hit a four-year high at more than 18% in March.
Why is Achara converting its salary to BTC?
Achara feels that the rate of inflation is killing the residents of Nigeria. Furthermore, Achara explained that the United States continues to print money due to the COVID-19 pandemic to help individuals. And the factor of printing is devaluing the currency of Nigeria. Following the current scenario, Achara converted a portion of his salary and sent a few Bitcoins to its home. Hence, BTC will help Achara’s family avoid soaring inflation rates in Africa’s largest economy.
The pro athlete also stated that if he ever wanted to send money to his family to move away from such a violent place, he could not do so. He couldn’t send money to the bank. Hence Bitcoin remained the only option to help his family more smoothly and efficiently.
BTC proved its true worth in countries like Nigeria
Bitcoin has appealed for years in the pockets of foreigners helping their families by moving funds to home. The decentralized nature of the coin designed by Satoshi Nakamoto has enabled individuals to sidestep high wire-transfer fees.
According to Achara, governments shut down private resident’s bank accounts in his country. Hence, there comes Bitcoin helping in such situations allowing them to skirt a monetary blockade.
