empty
05.10.2021 10:53 PM
Mexico's third richest person Ricardo Salinas Pliego: buy and hold Bitcoin before it's too late

This image is no longer relevant

Ricardo Salinas Pliego, the founder of Grupo Salinas and the third richest person in Mexico, considers Bitcoin to be a unique trading instrument providing ample trading opportunities. He calls the cryptocurrency the golds of the 21st and 22nd centuries.

Salinas believes that fiat means of payment provoke scams and money laundering, while bitcoin has a lot of extraordinary features. According to the billionaire, bitcoin is a real financial instrument regardless of whether "the digital gold" is a currency or not.

According to Salinas, gold and other precious metals cannot serve as means of payment as you cannot use them to actually purchase any goods or services. You need to convert gold into fiat money, and only then make a purchase.

Meanwhile, bitcoin has many exceptional features such as simple transfers, ease of storage without counterparty risks, decentralization, which make Bitcoin the gold of our time.

Ricardo Salinas' capital is estimated at about $16 billion. Besides, he is the owner of Banco Azteca.

The billionaire recommends investors including bitcoin in their investment portfolios and holding it. "The digital gold" is an asset that is recognizable globally, has international value, and is easily traded with high liquidity.

Ricardo Salinas believes that the bitcoin shortage is a key factor that makes "the digital gold" so unique and different from fiat money.

Bitcoin is not profitable for governments, so they will do anything possible to get rid of it. However, they are unlikely to succeed, since bitcoin has already taken a firm position in the financial system.

Governments, the US Federal Reserve, and other financial regulators may claim that bitcoin is illegal, but it will not stop people from buying and holding the cryptocurrency.

Answering the question about what he would keep in the event of a collapse in 30 years, the billionaire said he would ignore any fiat funds or gold due to the storage issues, as it is very problematic to store gold bars.

So, if a global collapse, some kind of financial catastrophe, or political upheavals break out, then it will be much easier to run away with bitcoins than gold bars. Salinas said that bitcoins account for about 10% of his portfolio, and he recommends using this cryptocurrency.

The billionaire added his Banco Azteca would be the first bank in Mexico to accept Bitcoin.

Vitaly Kolesnikov,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on June 23

Bitcoin and Ethereum plummeted following speculation that Iran might block the Strait of Hormuz and begin bombing U.S. oil tankers in retaliation for American strikes. This triggered a massive sell-off

Miroslaw Bawulski 09:07 2025-06-23 UTC+2

Trading tips for crypto market on May 20 (North American session)

Bitcoin and Ether performed well today in terms of buying following a pause in yesterday's bear market. Demand has returned to the cryptocurrency market, especially after geopolitical tensions eased somewhat

Miroslaw Bawulski 16:20 2025-06-20 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 20

Bitcoin continued trading within a sideways channel, dropping to the $104,000 area yesterday before recovering to a more acceptable level of $104,500. Ethereum also showed no clear directional movement. Despite

Miroslaw Bawulski 09:24 2025-06-20 UTC+2

Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday June 20, 2025.

The Ripple cryptocurrency on its 4-hour chart appears to be moving in a ranging - sideways condition where it is currently stuck at the Support Bullish Rejection Block area level

Arief Makmur 07:45 2025-06-20 UTC+2

Technical Analysis of Intraday Price Movement of Doge Cryptocurrency, Friday June 20, 2025.

From what is seen on the 4-hour chart, the Doge cryptocurrency appears to be moving under a Bearish bias, where this can be seen from its price movement which

Arief Makmur 07:45 2025-06-20 UTC+2

BTC/USD Analysis on June 19, 2025

The wave pattern on the 4-hour BTC/USD chart has become more complex in recent months. A corrective downward structure formed and completed near the $75,000 level. After that, a fairly

Chin Zhao 11:07 2025-06-19 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 19

Yesterday, Bitcoin and Ethereum remained under pressure, failing to receive support from major players despite attempts to break through key resistance levels. After dipping to around $130,400, Bitcoin is currently

Miroslaw Bawulski 08:36 2025-06-19 UTC+2

Wave analysis of BTC/USD on June 18. Bitcoin to clear up its overall impulse

The wave pattern on the 4-hour chart of BTC/USD has become more complicated in recent months. We observed a corrective downward structure that completed near the $75,000 mark. After that

Chin Zhao 15:34 2025-06-18 UTC+2

Middle East Tensions and U.S. Involvement Trigger Crypto Market Sell-Off

Bitcoin came under significant pressure yesterday following the escalation of tensions in the Middle East. The likelihood of U.S. involvement in a military conflict has increased significantly, which puts pressure

Jakub Novak 11:41 2025-06-18 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 18

Bitcoin and Ethereum plunged following the latest escalation in the Middle East and the increasing likelihood that the United States will be drawn into the conflict. Bitcoin dropped from $107,600

Miroslaw Bawulski 09:46 2025-06-18 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.