One of Mexico’s richest men and founder of the Grupo Salinas group of companies, Ricardo Salinas Pliego, explains why the first cryptocurrency should be included in investors’ assets.
Here is a video of Mexico’s third wealthiest man explaining why he believes all fiat currencies are a fraud and he wants to hold bitcoin over the next 30 years.
Incredible to see this from @RicardoBSalinas given his historic wealth and success. pic.twitter.com/FDVPxgWfFj
— Pomp 🌪 (@APompliano) June 27, 2021
“I have spent a lot of time studying [Bitcoin] and I believe that it is an asset that should be part of every investor’s portfolio. It is a valuable asset with international value, traded with enormous liquidity on a global level. And that is enough for it to be in the portfolio for the long term,” the billionaire said in an interview.
Forbes оценивает Salinas Pliego’s wealth at $15.8 billion (as of writing). The businessman owns the retailer Grupo Elektra, aimed at lower-middle-class consumers, whose purchases are financed by his banking unit Banco Azteca.
In November 2020, Salinas Pliego said that 10% of his liquid assets constitute digital gold.
“Bitcoin protects citizens from government expropriation,” he said at the time.
In the interview the billionaire called fiat money a fraud, emphasising that money printing and inflation erode purchasing power for all consumers.
“I began my professional career in 1981. The peso was at 20 to $1. Today — 20,000 to $1. That’s all you need to know. And this is here in Mexico, because if we look at Venezuela, Argentina or Zimbabwe, the figures lose all proportionality. Currency fraud is inherent to the fiat system, and we see how it happens in the United States. As you understand, monetary issuance rockets to the Moon. The dollar as hard money is a joke,” said Salinas Pliego.
He regards the capped supply of 21 million coins of the first cryptocurrency as the key quality of the asset.
Earlier, Galaxy Digital founder Mike Novogratz stated that should allocate 2-3% of their portfolio to bitcoin. JPMorgan analysts called for a smaller share — 1%.