Bobos & Wojaks

Get rich or die tryin

“The dollar as hard currency is a joke”, Says Mexican Billionaire

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Ricardo Salinas Pliego, Mexico’s third-richest man, tweeted to his roughly a million followers over the weekend, urging them to “just buy and carry on acquiring.” This is coming from someone who knows what he’s talking about.

He’s been a fan for quite some time. He declared in June that his bank was preparing to accept Bitcoin. During an interview at the time, he stated “For me, bitcoin is an asset that has extraordinary properties … All the advantages that bitcoin has, for me, make it gold for the modern world.”

He emphasized that you can’t just walk into a store and buy a computer with gold; you have to first exchange the gold for dollars.

Pliego, the owner of Mexico’s Banco Azteca, recognises the vulnerability of fiat currencies, which can be issued at will, and contrasts it to Bitcoin’s inherent scarcity. During his working life, he witnessed his country’s currency depreciate 1000-fold versus the dollar.

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“Governments don’t like bitcoin… it burns them so that people can get out of their fiat trap, because that is what fiat money is, a fraud… the dollar as hard currency is a joke.”

The guy is a goldmine of quotable quotes. Last November he described the US as becoming “more and more like any other irresponsible third world country”.

We can know by looking around that he is correct. And, as he puts it, “Life is to be lived without fear… we’re not going to make it out alive.”