Mexican billionaire Ricardo Salinas has issued another warning regarding traditional currency.
The third-richest individual in Mexico recently informed his audience that “fiat inflation is a hidden tax” and recommended purchasing bitcoin as a hedge.
Salinas—who founded Banco Azteca and previously served as the chairman of electronics and home appliance retailer Grupo Elektra—urged supporters to opt out and safeguard their financial reserves.
“Bitcoin changes one fundamental rule: no one can print more just because they want to,” Salinas stated in a video published on X on Monday.
“While you have to work to earn more money, the system can simply create more of it. Don’t be fooled: learn, protect your savings, and defend your freedom, buy bitcoin and hold it.”
This is not the first instance of Salinas cautioning his followers about government monetary policies.
Reaching millions of followers with nearly daily posts on X, he frequently critiques central bank money creation across tweets, video messages, interviews, and conference keynotes.
Over the past few years, the entrepreneur has intensified his critiques of state governance alongside his endorsement of bitcoin. Earlier this year, he revealed that he boosted his portfolio allocation in the digital asset from 10% to 70%.
Salinas’s strong support for bitcoin is rooted entirely in central bank monetary decisions. During the Bitcoin 2022 conference, he labeled conventional currency “the fiat fraud.”
“What they are doing is printing money out of thin air, and then making fake purchases,” he remarked concerning the Federal Reserve.
Additionally, the business tycoon has discussed his achievements in introducing friends and relatives to bitcoin.
“I convinced my wife to mortgage the house that she has and take a loan to buy bitcoin,” he proudly shared during a past interview.
Frequently Asked Questions
Who is Ricardo Salinas?
Ricardo Salinas is a Mexican billionaire, the founder of Banco Azteca, and the former chairman of Grupo Elektra.
What is Ricardo Salinas’s view on fiat currency?
He views fiat inflation as a hidden tax and frequently criticizes central banks for printing money out of thin air, referring to traditional money as “the fiat fraud.”
Why does Salinas recommend bitcoin?
He recommends bitcoin because its supply cannot be arbitrarily increased by anyone, making it an effective tool to hedge against fiat inflation and protect savings.
How much bitcoin does Ricardo Salinas hold?
He previously disclosed that he increased his portfolio allocation in bitcoin from 10% to 70%.
