Ricardo Salinas, the 3rd richest person and biilionaire in Mexico, has said that fiat currency is a fraud and advised investors to hold bitcoin instead.
In an interview, Ricardo said the problem with fiat is inherently based on the fiat system unlike bitcoin which has a finite supply that cannot be changed.
Ricardo has also said that ‘bitcoin is an asset that should be on every investor’s portfolio’ due to its finite supply. The Mexican billionaire is also working to have his bank, Banco Azteca, become the first bank in Mexico to accept bitcoin.
Speaking about the high inflation rates across the globe, Ricardo said:
“FIAT is a fraud. Look, I started my career in 1981. The Mexican Peso was 20:1 USD. Today, we are at 20,000:1.
And that is in Mexico. If you look at Venezuela, Argentina, or Zimbabwe, the numbers lose all proportions.
The fraud FIAT is inherently to the FIAT system and we can see it today in the USA. The monetary emission went to the moon, and you understand the Dollar as hard money is a joke.”
– 3rd Richest Person, Mexico
When asked what asset he could choose to hold for the next 30 years, without hesitation he said:
“No stinky FIAT for a reason. I would take bitcoin.” ~ Ricardo
Currently, Zimbabwe is experiencing one of the worst inflation rates in the world.
Prices of goods, from groceries to building materials, have all gone up in Zimbabwe in 2021 which risks pushing up inflation which slowed down in May 2021 from a decade high of 838%.
Inflation in Zimbabwe stands as follows:
- July 2020 – 838%
- January 2021 – 363%
- May 2021 – 162%
BitKE has previously reported on the growing adoption of cryptocurrencies in Zimbabwe and the Zimbabwean government’s attempt to regulate such.
Recently, LocalBitcoins also noted that Zimbabwe has the most number of bitcoin hodlers, or people who hold bitcoin for the long-term due to the tough economic conditions in the country.
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