Mexico’s third richest billionaire is a Bitcoin fan, according to Forbes. Ricardo Salinas Pliego has done his homework and is here to show you the light. The billionaire recently announced that he holds 10% of his portfolio in Bitcoin. Why? Salinas Pliego knows some of the reasons that make BTC the most solid money the world has ever seen.
The subtitled video comes via podcaster Anthony Pompliano who says, “Incredible to see this from @RicardoBSalinas given their historical wealth and success.”
Here is a video from Mexico’s third richest man explaining why he believes all fiat currencies are a scam and he wants to hold bitcoin for the next 30 years.
It’s amazing to see this from @RicardoBSalinas given its historical wealth and success. pic.twitter.com/FDVPxgWfFj
– Pomp (@APompliano) June 27, 2021
If you speak Spanish and have eight minutes to spare, the original video is from José Pimpo’s YouTube channel.
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The reason Bitcoin should be part of your portfolio
According to Michael Saylor, you need to invest at least 100 hours studying Bitcoin before you can start getting it. His Mexican counterpart here, Salinas Pliego, has apparently had time. He says about Bitcoin:
“I’ve invested a lot of time studying it and I think it’s an asset that should belong in every investor’s portfolio. It is a valuable asset with international value that trades with tremendous liquidity on a global scale. And that’s reason enough to be included in every portfolio. Period.”
These are important reasons, but nothing that cannot be said about the dollar. The US currency has an international value and you can easily exchange it for local money in any market. However …
What does Salinas Pliego think of fiat currencies?
The facts are the facts, money printing and inflation devalue the purchasing power of all owners. There are no two ways to do this. Or, as Salinas Pliego puts it:
“Fiat is a scam. I started my professional career in 1981. The peso was 20 x 1 (USD). Today we’re at 20,000 x 1. That’s all there is to know. And here in Mexico, because if we look at Venezuela, Argentina or Zimbabwe, the numbers lose all proportions. The fiat fraud is something inherent in the fiat system and we are watching it happen in the US. The money issue went to the moon, you see. The dollar as hard money is a joke. ”
It is worth noting that in 1993 Mexico phased out the peso (MXP) and introduced the nuevo peso (MXN, “New Peso”). One MXN is worth a thousand MXP. So the numbers from Salinas Pliego are correct.
Also notice the casual mention of the meme “gone to the moon”. This man is clearly studying the cryptosphere.
Why is Ethereum not a valid store of value?
Sorry, Vitalik fans. Ethereum has many qualities, but being a store of value isn’t one. Salinas Pliego puts it in simple terms:
“The finite supply of Bitcoin, the 21 million, that is the key to the whole. That’s what I said about Ethereum. As long as they don’t have a limited supply, I don’t believe them at all. As far as I know, they are emitting more and your wealth is depreciating. ”
And yes, when the EIP 1559 proposal goes into effect, Ethereum will burn some ETH after every transaction. Still, the daily output will be much higher than the daily burns. And there won’t be a hard cap.
Related reading | Bitreserve adds Bitpeso and Bitrupee to support 8 currencies
Who is Ricardo Salinas Pliego anyway?
For a quick profile, we’ll hand the microphone over to Forbes:
Ricardo Salinas Pliego heads the second largest Mexican television broadcaster TV Azteca and the retailer Grupo Elektra.
His Grupo Elektra caters to lower-middle class consumers who borrow money from its Banco Azteca branch to buy items in Elektra stores.
The listed Elektra was founded in the 1950s by Ricardo’s grandfather Hugo Salinas Rocha.
Salinas appointed a new TV Azteca CEO in January 2021, replacing his son Benjamin Salinas Sada, whom he appointed in 2015.
According to the same magazine, Salinas Pliego is currently ranked 166th among the world’s billionaires.
BTC price chart on Bittrex | Source: BTC/USD on TradingView.com