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Mexico\u2019s third wealthiest billionaire according to Forbes<\/a> is a Bitcoin fan. Ricardo Salinas Pliego sure did his homework, and he\u2019s here to make you see the light. The billionaire recently announced<\/a> that he holds 10% of his portfolio in Bitcoin. Why? Salinas Pliego knows a few of the reasons that make BTC the soundest money that the world has ever seen. <\/span><\/p>\n

The subtitled video arrives via podcaster Anthony Pompliano, who says, \u201c<\/span>Incredible to see this from @RicardoBSalinas given his historic wealth and success.<\/span><\/i>\u201d<\/span><\/p>\n

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Here is a video of Mexico\u2019s third wealthiest man explaining why he believes all fiat currencies are a fraud and he wants to hold bitcoin over the next 30 years.<\/p>\n
Incredible to see this from @RicardoBSalinas<\/a> given his historic wealth and success. pic.twitter.com\/FDVPxgWfFj<\/a><\/p>\n
\u2014 Pomp \ud83c\udf2a (@APompliano) June 27, 2021<\/a><\/p>\n<\/blockquote>\n
If you can speak Spanish and have eight minutes to spare, <\/span>the original video<\/span><\/a> comes from Jos\u00e9 Pimpo\u2019s YouTube channel.<\/span><\/p>\n
Related Reading | The Wall between US and Mexico May Work out Well for Bitcoin<\/a><\/strong><\/em><\/p>\n
The Reason Bitcoin Should Be Part Of Your Portfolio<\/span><\/h2>\n
According to Michael Saylor, you have to invest at least 100 hours studying Bitcoin before you start to get it. His Mexican counterpart here, Salinas Pliego, evidently put in the time. About Bitcoin, he says:<\/span><\/p>\n
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\u201cI\u2019ve invested a lot of time studying it, and I think that it\u2019s an asset that should be part of every investor\u2019s portfolio. It\u2019s a valuable asset, with international value, that\u2019s traded with enormous liquidity at a global level. And that\u2019s reason enough for it to be part of any portfolio. Period.\u201d<\/span><\/p>\n<\/blockquote>\n
Those are important reasons, but not something that can\u2019t be said about the Dollar. The US\u2019s currency holds international value and you can exchange it with ease for local money in any market. However\u2026<\/span><\/p>\n
What Does Salinas PliegoThink About Fiat Currencies?<\/span><\/h2>\n
The facts are the facts, money printing and inflation devalue the purchasing power of all the holders. There are no two ways about that. Or, as Salinas Pliego puts it:<\/span><\/p>\n
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\u201cFiat is a fraud. I started my professional career in \u201881. The Peso was at 20 x 1 (USD.) Today, we are at 20.000 x 1. That\u2019s all there\u2019s to know. And that\u2019s here in Mexico, because if we look at Venezuela, Argentina, or Zimbawe, the numbers loose all proportion. The fraud of fiat is something inherent to the fiat system, and we\u2019re watching it happen in the USA. The monetary emission went to the moon, you understand. The Dollar as hard money is a joke.\u201d<\/span><\/p>\n<\/blockquote>\n
It\u2019s worth noting that in 1993, Mexico phased out the Peso (MXP) and introduced the Nuevo Peso (MXN, \u201cNew Peso<\/em>\u201d.) One MXN is worth one thousand MXP. So, Salinas Pliego\u2019s numbers are correct.\u00a0<\/span><\/p>\n
Also, notice the casual mention of the \u201c<\/span>went to the moon<\/span><\/i>\u201d meme. This man clearly studies the crypto sphere.<\/span><\/p>\n
Why Is Ethereum Not A Valid Store Of Value?<\/span><\/h2>\n
Sorry, Vitalik fans. Ethereum has many qualities, but being a store of value isn\u2019t one. Salinas Pliego puts it in simple words:<\/span><\/p>\n
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\u201cBitcoin\u2019s finite supply, the 21 million, that\u2019s the key of the whole thing. That\u2019s what I was saying about Ethereum. As long as they don\u2019t have a finite supply, I don\u2019t believe them at all. For all I know, they emit more and your asset depreciates.\u201d<\/span><\/p>\n<\/blockquote>\n
And yes, when the <\/span>EIP 1559 proposal<\/span><\/a> comes into effect, Ethereum will burn some ETH after every transaction. Still, the daily issuance will be much higher than the daily burns. And there\u2019ll not be a hard cap.<\/span><\/p>\n
Related Reading | Bitreserve adds Bitpeso and Bitrupee to Support 8 Currencies<\/a><\/strong><\/em><\/p>\n
Who Is Ricardo Salinas Pliego, Anyway?<\/span><\/h2>\n
For a quick profile, we\u2019ll pass the mic to <\/span>Forbes<\/span><\/a>:<\/span><\/p>\n
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Ricardo Salinas Pliego runs the number two Mexican TV broadcaster, TV Azteca, and retailer Grupo Elektra.<\/span><\/p>\n<\/blockquote>\n<\/li>\n
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His Grupo Elektra targets lower middle class consumers who borrow money from his banking arm, Banco Azteca, to buy items at Elektra stores.<\/span><\/p>\n<\/blockquote>\n<\/li>\n
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Elektra, which is publicly traded, was founded in the 1950s by Ricardo\u2019s grandfather, Hugo Salinas Rocha.<\/span><\/p>\n<\/blockquote>\n<\/li>\n
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Salinas appointed a new CEO to TV Azteca in January 2021, replacing his son, Benjamin Salinas Sada, who he\u2019d appointed in 2015.<\/span><\/p>\n<\/blockquote>\n<\/li>\n<\/ul>\n
Among the world\u2019s billionaires, Salinas Pliego is currently at #166 according to the same magazine.<\/span><\/p>\n
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