fiat is fraud and investors should hold Bitcoin

  • Mexican billionaire Ricardo Salinas Pliego has revealed that he likes Bitcoin better than fiat, gold and silver.
  • Ricardo further explained that fiat is a fraud and every investor should have Bitcoin in their portfolio.

Ricardo Salinas Pliego, the third-wealthiest person in Mexico has revealed that he has been studying Bitcoin and he likens it to every other asset available. The businessman whose net worth surpasses $13 billion believes that Bitcoin offers unmatched characteristics that guarantee its success as a store of value in the future.

In an interview, Piliego explained that Bitcoin’s finite supply of 21 million was key. This means no more will be produced guaranteeing it does not depreciate. The billionaire further noted that this is something he could not get from other coins like Ethereum.

Beyond having a finite supply, he praised Bitcoin because it had international value and is traded with enormous liquidity at a global level. This is enough reason to have it on every investor’s portfolio.

Ricardo: No paper bills. I will take Bitcoin

Ricardo went on to add that fiat is a fraud. He explained that his national currency (the Mexican Peso) had gone from 20:1 against the dollar to 20,000:1 since 1981. “And that is in Mexico, but if we look at Venezuela, Argentina or Ziimbambwe the numbers lose all proportions,” he added. In these countries, the monetary system has completely collapsed after high levels of inflation.

In particular, in Zimbabwe, the country is desperate to get its currency being used that it has introduced penalties for individuals and companies that fail to accept the recently reintroduced Zimbabwe dollar (ZWL). For nearly 10 years the country has not used the currency after its collapse against the dollar.

With fiat a product of a broken financial system, Ricardo added that the cracks are already showing in the US.

The monetary emission went to the moon, you understand, the Dollar as hard money is a joke.

In the end, the interviewer asked the billionaire what he will hold over the coming 30 years. With an option of fiat, silver, gold and Bitcoin. Unsurprisingly he was vocally dismissive of fiat. He was clear that he will not hold any paper bills and would take Bitcoin.

In recent months, there is increased interest in Bitcoin coming from South America. As CNF has been reporting, El Salvador is set to fully implement Bitcoin as legal tender in September. Paraguay is also planning to table a Bitcoin bill in the coming month as it seeks to keep up with the changing trends. With one of the richest man in Mexico now backing Bitcoin, Mexico might be next to explore the digital asset.

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