Mexico’s 3rd Richest Man Bashes Fiat as “Fraud,” says Bitcoin Should be in Every Investor’s Portfolio
Ricardo Salinas Pliego says he is working on making his bank the first in Mexico to accept Bitcoin, which he called “the new gold.”
Mexican billionaire Ricardo Salinas Pliego said his bank is on the way to start accepting Bitcoin.
“Sure, I recommend the use of Bitcoin, and me and my bank are working to be the first bank in Mexico to accept Bitcoin,” Mexico’s third-richest man and owner of Banco Azteca said in a tweet in response to Michael Saylor, the billionaire founder and CEO of Microstrategy.
Saylor quoted a video in which Salinas said Bitcoin should be part of every investor’s portfolio and bashed fiat currencies, calling them “fraud” and “stinky.”
Salinas shared that he has been studying cryptocurrencies a lot and found that it’s an asset that has international value and trades with enormous liquidity at a global level, and that is enough reason for it to be part of every portfolio.
“For all I know, they emit more, and your asset depreciates.”
Talking about the fiat being a fraud, Salinas explained how when he started in 1981, the Mexican peso was 20:1 against USD, and today it is at 20,000:1, and the situation is even worse in Argentina, Venezuela, and Zimbabwe.
He said fraud is inherent in the fiat system, pointing to the US where the monetary emission went to the moon, and the dollar as hard money is a joke.
When asked what he would take — gold, silver, Bolivars, Argentine pesos, and Mexican pesos, Salinas wasn't interested in any of it, but he said,
“I would take Bitcoin.”
Last year, Salinas said that he holds 10% of his liquid portfolio invested in the cryptocurrency. The Mexican tycoon’s fortune has risen $2.8 billion this year to $15.8 billion, according to the Bloomberg Billionaires Index.
In response to MicroStrategy's Saylor saying, “If you are hoping to preserve your wealth for a generation, Ricardo Salinas suggests you invest in bitcoin. The strategy is simple – choose the highest quality asset you can find and hodl,” Salinas said,
“Bitcoin is the new gold.”
The cryptocurrency is much more portable and so much easier to transport than having gold bars in your pockets, he added.