Mexico’s Third Richest Man Recommends Bitcoin, His Bank Is Working to Accept BTC, Says Fiat Money Is a Fraud – Featured Bitcoin News
Ricardo Salinas Pliego, Mexico’s third-richest man and founding father of Grupo Salinas, sees bitcoin as an asset with extraordinary properties, describing the cryptocurrency as “gold for the modern world.” He recommends bitcoin, thinks that fiat cash is a fraud and the thought of the U.S. greenback being a tough currency is a joke.
Mexico’s Third-Richest Man Sees Bitcoin as Asset With ‘Extraordinary Properties’
Ricardo Salinas Pliego talked about bitcoin and fiat cash in an interview with José Rodríguez, revealed final week. He defined that he considers bitcoin a monetary asset so it’s not necessary to him whether or not BTC is a currency or not. The billionaire identified that valuable metals are additionally not currencies, noting: “You cannot go to a store with a gold coin and buy a computer. You have to exchange the gold for fiat and then you buy the computer.”
Citing an a variety of benefits, together with divisibility, ease of switch, and the simplicity of storage with out counterparty threat, the billionaire opined:
For me, bitcoin is an asset that has extraordinary properties … All the benefits that bitcoin has, for me, make it gold for the fashionable world.
Salinas Pliego can be the proprietor of Mexico’s Banco Azteca. His present internet price is $15.8 billion, based on Forbes.
He additionally recommends having bitcoin in funding portfolios. “Bitcoin is an asset that has international value, that is traded with enormous liquidity worldwide and that, therefore, should be in any portfolio,” he affirmed.
Salinas Pliego famous that shortage is a significant factor making bitcoin so worthwhile and totally different from fiat cash and cryptocurrencies with limitless provides. However, the third richest man in Mexico believes that there are some helpful cryptocurrencies, similar to privateness cash monero (XMR) and zcash (ZEC).
Turning consideration to how governments view bitcoin and what he thinks of fiat cash, Salinas Pliego described:
Governments don’t like bitcoin … it burns them that folks can get out of their fiat entice, as a result of that’s what fiat cash is, a fraud … The fraud fiat is inherent to the fiat system and we will see it at this time within the U.S. … the greenback as exhausting currency is a joke.
He shared that when he began his skilled profession in 1981, the exchange price was 20 Mexican pesos to $1. “Today, on the other hand, we are at 20,000 [pesos] for $1 … that is here, in Mexico, but if we do it in Venezuela, Argentina or Zimbabwe, the figures lose all proportion,” he opined.
As for dangers, he mentioned the federal government might ban bitcoin however he doesn’t imagine that it could be the top of the cryptocurrency, elaborating:
Governments, individuals with energy, might decree that it’s unlawful … [but] I believe it could proceed for use even when it have been unlawful, however many individuals will probably be afraid of it.
The billionaire was additionally requested hypothetically that if he might journey 30 years into the long run and will select cash, property, or items to take with him, which he would select.
He laughed and mentioned that he wouldn’t carry “any stinking fiat money, not a peso, not a fiat paper” on his journey by time. He wouldn’t carry gold both as a consequence of its portability drawback. “The problem with gold is where you keep it, that is, the custody of gold bars is not an easy thing,” he famous, including that because of this, he chooses bitcoin. “In case of political, social, or financial turbulence, you have a better chance of running away with your bitcoins than with some gold bars, so I would take the bitcoins with me,” he concluded.
On Sunday, the billionaire confirmed that 10% of his portfolio is in BTC, including:
I like to recommend the usage of bitcoin, and me and my financial institution are working to be the primary financial institution in Mexico to simply accept bitcoin.
What do you concentrate on Ricardo Salinas Pliego’s view on bitcoin and fiat cash? Let us know within the feedback part under.
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