The billionaire believes that Bitcoin is the best way to preserve wealth fiat currencies are a fraud. He expects all Mexican banks to join those accepting cryptocurrencies to help people protect their wealth against the rising inflation.
In recent days, Mexican billionaire Ricardo Salinas Pliego supported Bitcoin and said that banks should accept it. He noted that the use of the pioneering cryptocurrency has been gaining strength among international investors.
The billionaire said that he would keep Bitcoin for the next 30 years as it is the best way to preserve wealth. He added that fiat currencies like the US dollar were a fraud, which led him to seek the crypto asset. He also recommended that investors should have Bitcoin as part of their portfolios.
The third-richest man in Mexico revealed that he invested 10% of his portfolio in Bitcoin last year. His fortune, which has gone from USD 2,800 million to USD 15,800 million, includes shares in retail, banking, and transmission businesses.
He argued that he considers fiat currencies a fraud and talked about the US dollar as one of the most prominent examples. He explained that inflation has caused the price of the US currency to rise from MXN 20 to MXN 20,000 since 1981.
Bitcoin Will Help Mexicans Protect their Wealth against Inflation
Although Salinas only referred to the current situation in Mexico, he said that countries like Venezuela, Argentina, and Zimbabwe were luckier. He added that the excessive issuance of dollars is a clear sign of fraud in the United States. Regarding investing in fiat currencies, silver, and gold for the next 30 years, he said he would buy Bitcoin instead.
Salinas expects that all Mexican banks will join the growing list of those accepting cryptocurrencies worldwide. Banco Azteca recently declared the pioneering cryptocurrency a legal tender, and other banks could follow its example. By saving cryptocurrencies, Mexicans can protect their wealth against the rising inflation in the country.
The price of Bitcoin recently rose by almost 7.3%, reaching around USD 33,578. In the last few days, it has declined due to what has been happening outside of China. The repression against these assets is starting to change the industry, seeking to prohibit services related to them.
The Use of Bitcoin Continues to Expand Worldwide
Over the past few years, the demand for Bitcoin has influenced other companies to seek a license to provide services involving cryptocurrencies.
In 2020, the state of Wyoming authorized Kraken to operate as a cryptocurrency bank. Thanks to this, it became the first cryptocurrency business to receive that charter from a US regulator.
At the time, the Comptroller of the Currency allowed FinTech companies to operate lending services without State supervision. According to the charter, Anchorage became the first crypto company to obtain the license in January.
Governments and financial institutions are aware of the relevant role that Bitcoin plays in the world economy. Ricardo Salinas Pliego is just an example of the many people who support the adoption of the pioneering cryptocurrency. He first bought Bitcoin when the crypto asset was worth around USD 200, and 10% of his portfolio is currently in Bitcoin.
By Willmen Blanco
