Mexico’s third wealthiest man vows for Bitcoin as he calls fiat currencies “fraudulent”
The third-richest man in Mexico, Ricardo Salinas Pliego, was recently interviewed by Jose Rodriquez on YouTube. In the video titled “Bitcoin, dinero y libertad” or “Bitcoin, Money and Freedom”, Salinas Pliego made it clear that he is backing Bitcoin for its “extraordinary properties”. He also said that fiat is fraudulent and to consider it a hard currency would be a joke. Consequently, his bank Banco Azteca, is planning to become the first bank in Mexico to embrace Bitcoin. He believes fiat to be fraudulent, and that as a hard currency it is a joke.
During the YouTube interview, the Mexican billionaire touched upon Bitcoin as a financial asset similar to gold. Furthermore, he named the numerous advantages of Bitcoin such as divisibility, ease of transfer, and the ability to store it with no counterparty risk. Salinas Pliego said:
“For me, bitcoin is an asset that has extraordinary properties … All the advantages that bitcoin has, for me, make it gold for the modern world.”
With a current net worth of around $15.8 billion according to Forbes, the bank owner recommends that all investors have Bitcoin in their portfolios since it has global liquidity. He disclosed to have himself allotted 10% of his investments in Bitcoin.
Salinas Pliego challenged global governments and their views on Bitcoin, while not withholding any criticism on the current fiat backed monetary system:
“Governments don’t like bitcoin … it burns them that people can get out of their fiat trap, because that is what fiat money is, a fraud … The fraud fiat is inherent to the fiat system and we can see it today in the U.S. … the dollar as hard currency is a joke.”
He added that fiat is responsible for destroying the wealth of people by losing its value over time. As a good example of this he cited the Mexican peso, stating that when he started his professional career back in 1981, there were 20 pesos to the dollar, but this has changed drastically today:
“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,”
Salinas Pliego made more stunning remarks as he acknowledged that governments could decide to ban the use of Bitcoin, although the currency would still be used. He said that he would rather not carry “any stinking fiat money, not a peso, not a fiat paper” over time.
In conclusion, he stated that in political, social or financially turbulent times, Bitcoin would be his preferred choice, noting that you can easily run away with Bitcoin than with gold bars.
— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021
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Author: Peter Siu