Billionaire Ricardo Salinas: Forget Fiat, Buy Bitcoin Bitcoin Instead

Mexican billionaire Ricardo Salinas Pliego has always been a big proponent of bitcoin. The billionaire has numerous times told investors to invest in bitcoin over fiat given the potential of the former and how it can serve as an inflation hedge. He has once again openly shown support for the digital asset in a Christmas video where he has advised investors to steer clear of fiat and invest their money in bitcoin.

In the video posted on his Twitter account with almost 1 million followers, the billionaire gave out some important life and investing advice. His message spanned from asking his followers to not give in to jealously and to always believe in themselves when they pursue their freedom and innovation. He also gave some pertinent advice regarding investing in fiat.

Focusing on fiat money in general, the successful businessman gives his followers some important bits of advice regarding investing in fiat. In short, he asked them to not do it. He did not limit his advice to a particular fiat currency, instead, he says to stay clear of all forms of fiat currencies.

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“Steer clear of fiat money. Whether it’s the Dollar, the Euro, or the Yen –it’s all the same,” Salinas said. “It’s fake money made of paper lies. Central banks are producing more than ever.”

Salinas then gives out an alternative to fiat; bitcoin. The billionaire advised investors to instead buy bitcoin instead of fiat.

In another tweet, the billionaire reiterates his stance on fiat money. This time, comparing the price of things in 2020 versus 90 years ago. This argument has been made a good amount in inflation debates and how much buying power has depreciated over the last century, and Salinas puts this in perspective using two pictures comparing the purchasing power of $20 in two different centuries.

The tweet warned followers that inflation was a tool for the government to keep the masses scared and controlled, as well as stealing their money through taxes.

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“Central banks and governments use INFLATION to steal your purchasing power and keep you where they want to have you … scared, controlled, quiet and without freedom, they set your schedules, they put regulations on you and they keep your money through ‘taxes’.”

He signs off the tweet with a bitcoin hashtag hinting at the digital asset as being the solution to this.

Salinas has always been a bitcoin bull since 2013 when he had purchased his first bitcoin. In 2018, he referred to it as one of his best-performing investments and at one point said he had 10% of his wealth in the cryptocurrency.

Elektra, a Mexican retail chain owned by Salinas, recently became the first to accept bitcoin payments in Mexico.