Mexican Billionaire Ricardo Salinas Endorses Bitcoin (BTC), Calls Dollar a Joke

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Bitcoin
Mexican Billionaire Ricardo Salinas Endorses Bitcoin (BTC), Calls Dollar a Joke

Mexico’s third wealthiest billionaire Ricardo Salinas is a bitcoin (BTC) permabull.

Fiat Is a Fraud, Buy Bitcoin

Ricardo Benjamin Salinas Pliego, a Mexican billionaire businessman, founder, and chairman of Group Salinas, a group of firms involved in telecom, media, financial services, and retail services recently went on record to call fiat currencies a fraud. The business tycoon added bitcoin’s finite supply is the key to its success.

Salinas stated:

“The fiat fraud is inherent to the fiat system and we can see it today in the USA. Monetary issuance went to the moon, you understand? The dollar as hard money is a joke.”

Adding:

“I’ve invested a lot of time studying bitcoin and I think it’s an asset that should be part of every investor’s portfolio. It’s an asset that has value, international value, that is traded with enormous liquidity at a global level and that is enough reason for it to be part of every portfolio, period.”

Interestingly, Salinas focused on BTC’s finite supply as the “key part” for the premier cryptocurrency’s success. In contrast, Salinas highlighted ether’s (ETH) infinite supply as a major detrimental to its success. Commenting on ether’s infinite supply, Salinas said:

“That’s why I say about ethereum, while they don’t have a finite supply, I don’t believe anything they do. For all I know, they emit more and your asset deprecates.”

Billionaires Warming Up to Bitcoin

Salinas is estimated to be worth more than a whopping $13 billion and as previously reported by BTCManager, the Mexican is speculated to have at least 10 percent of his liquid portfolio in BTC.

While there is no precise information as to what exact amount of his total net worth is tied to bitcoin, Salinas’ endorsement for the orange coin is one of the most vocal to date by an influential billionaire.

In similar news, BTCManager reported in May that Ray Dalio, the founder of Bridgewater Associates LP has officially gone on record to state he owns some bitcoin.

Further, Kevin O’Leary, the chairman of O’Leary Funds and executive producer of Shark Tank recently announced that while he is already long on bitcoin, he also believes that decentralized finance (DeFi) has a huge role to play in the cryptocurrency industry.

Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at crypto.news and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.