Mexico’s third richest billionaire (fortune: $ 15.6 billion) is a Bitcoin fan. Ricardo Salinas Pliego has done his homework and wants to convince you of BTC. Just announced the billionaire that he holds 10% of his portfolio in Bitcoin. And why? Salinas Pliego knows some reasons why BTC is the most solid money the world has ever seen.
Bitcoin Advocate and Podcaster Anthony Pompliano on Pliego’s Remarks:
“Incredible to see that of @ RicardoBSalinas, given its historical wealth and success.”
The Reason Why Bitcoin Should Be Part of Your Portfolio
According to Michael Saylor, you have to invest at least 100 hours in Bitcoin before you start to understand it. His Mexican counterpart, Salinas Pliego, has obviously invested this time. About Bitcoin he says:
“I spent a lot of time studying it, and I think that it is an asset that should be included in the portfolio of every investor. It is a valuable asset, with international value, traded with enormous liquidity on a global scale. And this is reason enough that he should be part of any portfolio. Point.”
These are important reasons, but nothing that could not 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 Pliego think about fiat currencies?
The facts are the facts, money printing and inflation devalue the purchasing power of all holders. There is no doubt about that. Or, as Salinas Pliego puts it:
“Fiat is a scam. I started my professional career in the year 81. The peso stood at 20 x 1 (USD.) Today we are at 20,000 x 1.That’s all there is to know. And this is here in Mexico, because if we look at Venezuela, Argentina or Zimbawe, the numbers lose all proportion. The fiat scam is something inherent in the fiat system, and we are watching it happen in the US. The money mission went to the moon, you know? The dollar as hard money is a joke.“
It is worth noting that in 1993 Mexico abolished the peso (MXP) and introduced the Nuevo Peso (MXN, “New Peso”). One MXN is worth one thousand MXP. So the numbers of Salinas Pliego are correct.
Also note the casual mention of the”flew to the moon” meme. This man clearly studied the crypto sphere.
Why is Ethereum not a valid store of value?
Sorry, Vitalik fans. Ethereum has many qualities, but according to Pliego, being a store of value is not one of them. Salinas Pliego expresses it in simple words:
“The finite supply of Bitcoin, the 21 million, that’s the key of the whole thing. That’s what I said about Ethereum. As long as you don’t have a finite supply, I don’t believe you at all. From what I know, they emit more and their asset depreciates.“
Yes, if the EIP-1559 proposal goes into effect, Ethereum will burn some ETH after each transaction (“burn”). Nevertheless, the daily emission will be much higher than the daily burns. And there will be no hard cap.
Wait: Who is Ricardo Salinas Pliego anyway?
For a quick characterization, we pass the microphone to Forbes:
- Ricardo Salinas Pliego heads Mexico’s second-largest TV station, TV Azteca, and retailer Grupo Elektra.
- His Elektra group targets lower-middle-class consumers who borrow money from his bank, Banco Azteca, to shop in Elektra stores.
- Elektra, listed on the stock exchange, was founded in the 1950s by Ricardo’s grandfather Hugo Salinas Rocha.
- Salinas appointed a new CEO for TV Azteca in January 2021, replacing his son Benjamin Salinas Sada, whom he had appointed in 2015.
- Among the billionaires in the world, Salinas Pliego is currently ranked 166th, according to Forbes.
Text credits: Newsbtc
Top Brokers for buying and trading cryptocurrencies
- Buy Real Bitcoin or Bitcoin CFDs
- Wallet and Exchange in one
- 14 + Cryptos
- EU regulated
- Over 40 cryptos on offer
- Fees rather in the midfield
Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.