Ricardo Salinas Pliego, Mexico’s third-richest man and founding father of Grupo Salinas, sees bitcoin as asset quality with extraordinary properties, describing the cryptocurrency as “gold for the fashionable world.” He recommends bitcoin, thinks that paper money may be a fraud and also the plan of the U.S. dollar being a tough currency may be a joke.
Mexico’s Third-Richest Man Sees Bitcoin as quality With ‘Extraordinary Properties’
Ricardo Salinas Pliego discussed bitcoin fiat money in an interview with José Rodríguez, revealed last week. He explained that he considers bitcoin a monetary quality therefore it’s not vital to him whether or not BTC may be a currency or not. The wealthy person observed that precious metals are not currencies, noting: “You cannot head to a store with a gold coin and obtain a pc. you’ve got to exchange the gold for order so you purchase the pc.”
Citing variety of benefits, as well as quality, easy transfer, and also the simplicity of storage while not counterparty risk, the wealthy person opined:
“For me, bitcoin is an asset quality that has extraordinary properties … All the benefits that bitcoin has, for me, create gold for the fashionable world.”
Salinas Pliego is additionally the owner of Mexico’s Banco Azteca. His current net worth is $15.8 billion, per Forbes.
He conjointly recommends having bitcoin in investment portfolios. “Bitcoin is asset grade quality that has international worth, that’s listed with huge liquidity worldwide which, therefore, ought to be in any portfolio,” he Affirmed.
Salinas Pliego noted that inadequacy may be a major issue creating bitcoin therefore valuable and completely different from paper money and cryptocurrencies with unlimited provides. However, the third richest man in Mexico believes that there are some helpful cryptocurrencies, like privacy coins monero (XMR) and zcash (ZEC).
Turning attention to however governments read bitcoin and what he thinks of paper money, Salinas Pliego described:
“Governments don’t like bitcoin … it burns them that individuals will get out of their fiat trap, as a result of that’s what fiat money is, a fraud … The fraud fiat is inherent to the fiat system and that we will see it these days within the U.S. … the dollar as cash may be a joke.”
He shared that once he started his skilled career in 1981, the exchange rate per unit was twenty Mexican pesos to $1. “Today, on the opposite hand, we have a tendency to at 20,000 [pesos] for $1 … that’s here, in Mexico, however if we would do it in the Republic of Venezuela, Argentina or Republic of Zimbabwe, the figures lose all proportion,” he opined.
As for risks, he same the govt might ban bitcoin however he doesn’t believe that it’d be the top of the cryptocurrency, elaborating:
“Governments, individuals with power, might decree that it’s not legal … [but] i feel it’d still be used although it were not legal, however many individuals are petrified of it.”
The billionaire was conjointly asked hypothetically that if he might travel thirty years into the long run and will select cash, assets, or product to require with him, that which he would select.
He laughed and told them that he wouldn’t carry “any stinking paper money, not a peso, not a fiat paper” on his journey through time. He wouldn’t carry gold either thanks to its movability drawback. “The drawback with gold is wherever you retain it, that is, the custody of gold bars isn’t a straightforward issue,” he noted, adding that for this reason, he chooses bitcoin. “In case of political, social, or monetary turbulence, you’ve got an improved likelihood of running together with your bitcoins than with some gold bars, therefore i’d take the bitcoins with Me,” he concluded.
On Sunday, the billionaire person confirmed that 10% of his portfolio is in BTC, adding:
“I recommend the use of bitcoin, and Me and my bank are operating to be the first bank in Mexico to simply accept bitcoin.”