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 fashionable world.” He recommends bitcoin, thinks that fiat cash is a fraud and the thought of the U.S. greenback being a tough forex 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 isn’t vital to him whether or not BTC is a forex or not. The billionaire identified that valuable metals are additionally not currencies, noting: “You can not go to a retailer with a gold coin and purchase a pc. It’s a must to trade the gold for fiat and then you definitely purchase the pc.”
Citing a number 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, in accordance with Forbes.
He additionally recommends having bitcoin in funding portfolios. “Bitcoin is an asset that has worldwide worth, that’s traded with monumental liquidity worldwide and that, subsequently, ought to be in any portfolio,” he affirmed.
Salinas Pliego famous that shortage is a significant component making bitcoin so worthwhile and completely different from fiat cash and cryptocurrencies with limitless provides. Nevertheless, 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 right now within the U.S. … the greenback as laborious forex is a joke.
He shared that when he began his skilled profession in 1981, the trade price was 20 Mexican pesos to $1. “At the moment, then again, we’re at 20,000 [pesos] for $1 … that’s right here, in Mexico, but when we do it in Venezuela, Argentina or Zimbabwe, the figures lose all proportion,” he opined.
As for dangers, he mentioned the federal government may ban bitcoin however he doesn’t imagine that it will be the top of the cryptocurrency, elaborating:
Governments, individuals with energy, may decree that it’s unlawful … [but] I feel it will proceed for use even when it had been unlawful, however many individuals shall be afraid of it.
The billionaire was additionally requested hypothetically that if he may journey 30 years into the long run and will select cash, belongings, or items to take with him, which he would select.
He laughed and mentioned that he wouldn’t carry “any stinking fiat cash, not a peso, not a fiat paper” on his journey via time. He wouldn’t carry gold both as a consequence of its portability downside. “The issue with gold is the place you retain it, that’s, the custody of gold bars shouldn’t be a simple factor,” he famous, including that for that reason, he chooses bitcoin. “In case of political, social, or monetary turbulence, you will have a greater probability of operating away together with your bitcoins than with some gold bars, so I might 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.
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