One of Mexico’s richest men and founder of Grupo Salinas, Ricardo Salinas Pliego, said in Miami Bitcoin 2022 conference he does not buy bonds, preferring to invest in Bitcoin. In 2020, the tycoon claimed that his portfolio consists of 10 percent of Bitcoin, from which we can conclude that Ricardo’s faith in the crypto-asset has increased.
“I definitely don’t have any bonds, I have a liquid portfolio—I have 60% in Bitcoin and Bitcoin equities, and then 40% in hard asset stocks like oil and gas and gold miners, and that’s where I am.” – he said in a conference.
I want to thank @TheBitcoinConf for giving me the opportunity to speak about “what’s next”, it was a pleasure to meet you all 😌.
“Please… don’t put your future in government’s hands, you and I know how does that always ends, stay away from #FIAT money, invest in #btc” pic.twitter.com/sjVvbbZKcY
— Ricardo Salinas Pliego (@RicardoBSalinas) April 7, 2022
Ricardo Salinas’ love of Bitcoin has been known for quite some time, “Everything we have in fiat can be completely withdrawn by the authorities. The government is not interested in facilitating the use of bitcoin,” he noted.
Salinas Pliego explained that the decentralized nature of the first cryptocurrency makes it much harder to ban or control. Bitcoin can also be instantly transferred around the world without an intermediary, unlike fiat and gold, the billionaire added.
He cited the first cryptocurrency’s limited issuance of 21 million BTC as an additional advantage, allowing it to be used as a means of savings in the long term.
According to Salinas Pliego, people should focus on gaining fundamental knowledge about the history of money and fiat, which will help them realize the value of bitcoin. “I’ve spent a lot of time studying [bitcoin]and I think it’s an asset that should be part of every investor’s portfolio. It’s a valuable asset with international value that trades with tremendous liquidity on a global level. And that’s enough to keep it in a portfolio. For the long term,” the billionaire said.
Forbes estimates Salin Pliego’s fortune at $12.9 billion (at the time of writing). The businessman owns the retailer Grupo Elektra, which targets lower-middle class consumers whose purchases are lent by his banking arm, Banco Azteca. In November 2020, Salinas Pliego said that 10 percent of his liquid assets are digital gold.
“Bitcoin protects citizens from government expropriation,” he said at the time.
In the interview, the billionaire called fiat money a fraud, stressing that money printing and inflation devalue purchasing power for all consumers.
I started my professional career in 1981. The peso was at 20 to $1. Today it’s 20,000 to $1. That’s all there is to know. And that’s here in Mexico, because if we look at Venezuela or Argentina or Zimbabwe, the numbers lose all proportionality. Currency fraud is inherent in the fiat system, and we see it happening in the United States. As you can imagine, monetary issuance goes to the moon. The dollar as hard money is a joke,
Related: Buy Bitcoin, Mexico’s third-richest man says in New Year message
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