Mexican billionaire urges followers to buy bitcoin

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.

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Musk vs. Nakamoto: A 210% BTC rise could change wealth rankings

At this moment, Tesla's Elon Musk holds the title of the wealthiest individual on the planet, as reported by the Forbes Real Time Billionaires list on June 1, 2024.

However, there exists a potential future where Bitcoin's creator, Satoshi Nakamoto, could surpass Musk's fortune.

Nigerian artist Davido's meme coin plummets

Nigerian artist Davido has been accused of perpetrating an "outright scam" after pocketing over $468,000 from selling his recently launched meme coin.

A prominent Nigerian crypto enthusiast claims Davido's actions create problems for many legitimate crypto businesses and startups operating in good faith.

Companies turn to crypto for payments as G7 and EU mull sanctions
Some Russian companies have turned to using crypto to settle payments and protect themselves from potential secondary sanctions from Western countries.

At least two top metal producers have transacted using USDT, the largest stablecoin in the crypto market, as the G7 and the EU mull more sanctions against alternatives for these operations.

US banking sector teeters: $517B unrealized losses
U.S. banks reported an alarming increase in unrealized losses and a growing list of institutions at risk of failure in the first quarter of 2024, according to the latest U.S. Federal Deposit Insurance Corporation (FDIC) data.

The FDIC report highlights $517 billion in unrealized losses and identifies 63 banks as vulnerable, marking a concerning uptick in the financial sector's instability.